Antonio, a leading merchant of Venice, is a wealthy, respected, and popular man. Among his many friends is a young man named Bassanio, who owes Antonio a good deal of money. Bassanio would like to repay his friend, but so far he has been unable to do so. However, he now feels that he may have found a way — but he will again need a loan from Antonio. In Belmont, Bassanio tells Antonio, there lives a beautiful and young and wealthy heiress. Bassanio feels sure that he can win her hand in marriage, but he cannot go courting "hands-hanging." If he is to make a good impression, he has to appear at least as well off as her other wealthy suitors. Antonio tells his young friend that he would gladly lend him whatever amount of money he needs, but at the present time he himself is short of cash. All of his money is tied up in his merchant ships, which are still at sea. However, Antonio will not disappoint Bassanio. He knows of a moneylender who will probably lend him the necessary amount, and Bassanio can use Antonio's good name as security for the loan.
At Belmont, Portia speaks to Nerissa, her confidante, telling her how tired she is of the constant stream of suitors, and how she wishes to be free of the perverse obligation of her father's will: Portia cannot choose her own husband; she can marry only the man who chooses the correct one of three caskets — one gold, one silver, and one lead; one contains her portrait and that one is the lucky casket. So far, none of her suitors has decided to risk choosing one of the caskets, which is all for the good, because Portia has no liking for any of them. However, when Nerissa mentions the name of Bassanio, a possible suitor, Portia's mood brightens. He was once a visitor at Belmont, and Portia was impressed with him.
