If you are going to start a small business of your own or want to expand the existing one, it is natural for you to go for a loan which will help you as a kick starter for your business. You can get that loan for business easily from the banks.
The procedure how you can get the loan is described here in details:
• First go for obtaining a copy from all the credit reporting companies in your own country. It is important to make sure that your credit report is perfect for it will be checked at the time of going through your loan application.
• You will need to gather the important and valuable financial statements of last three years. The current financial statements should not be older than ninety days. The term of debt schedule is to be mentioned properly. But if you just need a loan for small business, your balance sheets and the statement of your income are to be presented.
• Whatever you have planned as the future of your business, it is needed to be written very clearly so that the organization to which you are applying for business loan, gets your points easily. It will be the best option, if you can project the profit and loss as per the standard of industry. If the industry standard is not that much well known to you, make your calculation is done in such a way that the lenders get your application more methodical.
• Ask the lenders for small business loan in the Philippines for the specific documents you need to provide. Then go for filling up the application and find out if there is any additional information the lenders require. Read the fundamental documents thoroughly and make them clear to you. Clear up all your queries by asking questions till you are not convinced completely.
• Then go for writing the executive summary, Write it down with proper attention since it will be the presentation of all your skills, experience, business background and also mention the amount you need as a loan and your plan to spend the amount. Once all these are written, your executive summary is prepared.
• Next assemble your business profile with the properly mentioned factors like your business basics, financials, and your business makeup altogether.
• Now write down a proposal for your loan mentioning the amount you need to lend and prepare an outline of loan repayment.
• If you are applying for SBA loans, fill up the form no.4 with the details of amount, its usage etc.
• Once you submit the application with all documents, your loan will be granted soon by the company.
Following the procedures rightly will help you to get loans faster.