Mika
VIP Contributor
Getting a loan for small business can be really difficult as banks do not trust small businesses. Even when a small business can find banks to lend them money, securing a loan can become difficult as collateral is necessary, which small businesses might lack. Consider savings and lending cooperatives or microfinance companies for small loans. These institutions operate on a smaller scale, offering small business and personal loans without requiring a lot of paper work and collateral. If you have an established business and collateral, obtaining a loan from banks can be relatively easy, but if you do not have collateral or have just started out or want to start small financial institutions can be good.
