Short Of Funds To Realize Your Dream Of Business Prosperity? Loans For Small Business Can Help!
When entrepreneurs have businesses going, no matter how small these are, they would eventually dream of expanding their enterprise. If good fortune smiles on them, big orders could start coming in. However, the profits may not yet be enough to make the plans of expansion a reality. In this case, loans for small business enterprises can be very helpful.
What Are The Requirements In Loans For Small Business Ventures?
Most lending institutions would only accept loans from qualified individuals. The basic loan application requirements are the following: 1) the borrower is of legal age; 2) the business has been already operating for at least a year; 3) permit for business operations; 4) the latest – at least three months’ worth – of bank statements, usually a current or savings account passbook; 5) appropriate documentary stamps; 6) a legitimate landline number; and 7) proof of address, such as electricity bill.
What Is The Process For Approval Of Loans For Small Business Ventures?
The processing time for loan approval for small business ventures usually takes between five to ten working days. Moreover, the loan terms would usually be from three months to one year, depending on the type of loan.
A credit investigation may be necessary for loans for small business. Once the entrepreneur is found to have satisfactory credit rating and possess a reliable character, the loan is approved.
What Are The Types Of Loans For Small Business?
There are two types of loans offered for small businesses. One type is the short-term loan. This is the type usually offered by lending institutions. The term of repayment would be between three months and twelve months. The other type of loan is for small business is the long-term one. This type of loan is usually granted on a case-to-case basis.
Capital is really necessary to make a business prosper. In times when an entrepreneur is short of funds to realize the plans of expansion, loans for small business can be a really great help.