"x x x.
Some say that
business-minded people are bold and fearless. True, because every starting
entrepreneur needs to brace himself to the challenges of venturing into
business. When starting a business, the main concern would be where to get
money to manage it. You may have all the bright ideas and imagined outcome, but
capital must be prioritized to materialize all that you want.
Small and starting businesses are sometimes
turned down by banks and other institutions because of risk factors. But you
need not to worry, because loans in the Philippines are offering assistance to
Filipino entrepreneurs. All you have to do is prepare and be familiar with
them.
Before showing yourself
to banks that may offer loans in the Philippines, you need to have with you a
business plan. The business plan is a summary of how a business owner or
manager intends to organize an entrepreneurial endeavor and execute activities
necessary and sufficient for the venture to succeed. This means that your
business plan must assure the lender that he can expect a low-risk proportion
to your business. Naturally, banks want their money back. Take note of the
following questions that are usually asked by the lenders:
·
How much money do you need?
Be accurate in
answering this question to ensure wise investment. Loans in the Philippines
understand that it is not easy to establish small business in the country, so
request enough money.
·
What are you going to do with the money?
Be specific on where
each peso/dollar would go reflecting in your business plan.
·
When will you repay the business loan?
Explain briefly and
clearly how this loan will help you in the success of your venture and how you would
gradually repay it.
·
What will you do if you don't get the loan?
Tell the lenders that
rejection would never discourage you from putting up your business. Be
confident and positive in trying lender after lender until you get the loan
that you want. Loans in the Philippines can see optimism as a good sign of
success in an entrepreneurial activity.
After familiarizing
yourself with the common questions, bear in mind the following main
requirements in getting your business loan:
·
Your personal credit history
·
Business plan
·
Experience
·
Education
·
And possible success rate of the business you are starting or expanding
Lending institutions
assure themselves by asking for collateral and loan guarantees. So better have
a recent appraisal available for review by the loan officer.
Also, be careful in
choosing the banks and institutions for business loans. Make sure that these
are legit and reliable. See to it that your loan option suits your needs.
Indeed, business
endeavors require a lot of patience, determination, and confidence from
starting entrepreneurs so better bring with you an upbeat and positive attitude.
Be proud of your own venture. Learn from your mistakes and use it to improve
your craft. Then, be ready for success in business.
Maricor Bunal has been a Project Manager and Content Writer for a
long while. Her passion in writing is her main drive in crafting articles that
are engaging, informative, and meaningful. Her partnership with Loan Solutions PH has given her a whole
new opportunity to take writing to a whole new level.
x x x."
