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Thread: Business Loan.

  1. #1
    Registered User Devan's Avatar
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    Default Business Loan.

    I am hoping to start a small business, and is suffering the theft of some cash required, So can i apply for the business loan through home ownership OR what will be the guideline to get the business loan?



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    Registered User luke1's Avatar
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    Yes you can apply it. About the guide lines, for every country has different regulations. But, the most important thing, you have to see about the Interest Rate, and the Penalty fee.
    You better consult to the guy from the bank first, and as I know it is free to consult.

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    Registered User shahzadjie's Avatar
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    Unless you have won a patent, knows a bigshot, or is talked about by the media, venture capitalists and angel investors will not deal with you. Your best shot are those who you know and knows you in your community or family

    Getting a business loan is NOT easy – especially with the tough economic climate.

    You just don’t go to a bank to ask for a loan with only your business idea. Banks look at other factors not just your credit score when applying for a business loan. Banks want to see:

    - demonstrated ability of the business to generate revenues -- businesses that are already operating and have at least 2 years' worth of financial statements that demonstrate strong profitability. Business ideas are just ideas; not proven to generate profits

    - ability to repay the loan through collaterals and assets

    - solid management team: they want to know that the business will be run by someone who knows what they are doing

    - excellent credit history

    - your investment in the business: they want to see that you believe in your business enough to put down your own money into the business

    If you have the above, then prepare a business plan. - The business plan is NOT the first thing banks want to see. It's important, but banks will need to see your ability to repay the loan. Sometimes, they won't even bother to read your business plan if they know you don't have any money. If you have to have a business plan, you need a good executive summary (as that is what they're most likely read, if at all) PLUS solid, realistic financial projections/plans

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    Registered User zubairismail's Avatar
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    I heard once that there are also online companies that offer loans to the webmasters to continue or grow their buisness if they ran out of money.Is this true?If is true then plz list some here

  6. #5
    Registered User challs12's Avatar
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    Quote Originally Posted by shahzadjie View Post
    Unless you have won a patent, knows a bigshot, or is talked about by the media, venture capitalists and angel investors will not deal with you. Your best shot are those who you know and knows you in your community or family

    Getting a business loan is NOT easy Ė especially with the tough economic climate.

    You just donít go to a bank to ask for a loan with only your business idea. Banks look at other factors not just your credit score when applying for a business loan. Banks want to see:

    - demonstrated ability of the business to generate revenues -- businesses that are already operating and have at least 2 years' worth of financial statements that demonstrate strong profitability. Business ideas are just ideas; not proven to generate profits

    - ability to repay the loan through collaterals and assets

    - solid management team: they want to know that the business will be run by someone who knows what they are doing

    - excellent credit history

    - your investment in the business: they want to see that you believe in your business enough to put down your own money into the business

    If you have the above, then prepare a business plan. - The business plan is NOT the first thing banks want to see. It's important, but banks will need to see your ability to repay the loan. Sometimes, they won't even bother to read your business plan if they know you don't have any money. If you have to have a business plan, you need a good executive summary (as that is what they're most likely read, if at all) PLUS solid, realistic financial projections/plans
    Good basic requirements explained here.

    My opinion,

    1. Consult few banks personnel in your country, or any government agency that deals with development of new business or small medium industry, or government business loan scheme. Get info about what their requirements in order to eligible for funding. You also can ask people who work as business consultant who giving service preparing business proposal to get some basic idea what to do.

    2. Make your business plan/proposal/idea paper work. You must story tell inside it :-
    a. The main business you want to do. It could be product or service. How the business will run.
    b. The SWAT analysis (Strenght, Weaknesses, Advantages and Threat of/to your business idea).
    c. The 4 P's analysis (Product, Price, Place and Promotion of your business idea).
    d. 5 years budget accounts for profit and loss accounts and cash flow statement.

    Better for you to prepare some documentations like recommendation or support letter from politician at your area or district officer, company registration documents, bank statement of your new company current account (6 months, this can be done easily by opening current account with bank, then deposit your salary every month to it and use your check book to withdraw the money every month), letter offer of credit from your supplier, letter of agreement to purchase from you from your potential customer, etc. All these documents will support your loan application.

    In your Executive Summary, you must express the idea that your business to the community a lot.

    Well, hope this can help. Good luck.

  7. #6
    Registered User monyitomon's Avatar
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    In our country you must have a colateral if you want to loan in bank because if you don't have colateral then you can't borrow money. More and more people are deciding to build their own business even it's only small business.

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    Registered User challs12's Avatar
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    Collateral or pledge or security is usually ask by the bank when we apply for big amount of loan. Usually amount bigger than $50k. But small business usually require lower that amount. I have a word when one bank officer asking such security when I ask for a loan, I will told him if I have some assets, I will sell it to finance my legit and profitable business idea. I won't bother them. That's why, before we plan to do business and go for financing, we must confirm to ourselves that the business will return a profit. Otherwise, forget about it or think of something else that will definitely give us profit.

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    Registered User Ofejiro20's Avatar
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    Before asking for a loan for whatever purpose,you must be sure the business will be profitable enough to sustain your business and most especially to pay up your debt,else you might end up losing your collateral.As a borrower,that should be your No 1 perspective PAY YOUR DEBT.

  10. #9
    Registered User challs12's Avatar
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    You are right. The business we plan must be able to generate income to pay back loan and to feed our stomach. Loosing collateral is no big deals cause we already got the money maybe 60% of our collateral market value when we make loan. But it should be avoid. You name will become bad in the financial institution if you fail to pay back loan. The court will liquidate your assets and you will be placed under insolvency status. That is very bad cause you cannot entitle any assets or business, cannot have bank accounts and of course you cannot make a loan anymore until you clear all your debts.

  11. #10
    Registered User davido's Avatar
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    Getting money for doing business is not good for any one, but since you don`t have any money with you to start the business and you trust your self that when you do the business you will get success you can go ahead and borrow the money to do the business.

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