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Business Ideas Forum
Funding a business
How to Apply for Small Business Loan
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[QUOTE="Mika, post: 271166, member: 29399"] Your business needs to be a legal entity in order to apply for a loan and also get approval for the loan. A business will become a legal entity only when it has a physical location (this applies even to online business because even online business needs a location to operate), it is registered with the local administration, has filed tax forms, does financial auditing regularly, etc. Even if you have fulfilled these criteria, you might not be entitled to a business loan until your business is already functional and has some sort of profits to show because banks and financial institutes do not finance businesses that are not functional and are not making any profits. You might also need some fixed assets that you can give as collateral. Some financial institutions also accept stocks for collateral. Getting a business loan is really difficult because you will have to convince your lender that you can pay back. [/QUOTE]
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