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Business Ideas Forum
Funding a business
What banks look at before funding a business
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[QUOTE="Mika, post: 245922, member: 29399"] In order to fund your business through a bank loan, you will have to fulfill a lot of criteria. However, once you have fulfilled the criteria, you will be eligible for the loan, and it can be very rewarding for your business because banks have low-interest charges compared to private lending, you also get a flexible loan repayment, which is almost absent when you get a loan from private lenders. In order to become eligible for a bank loan, your business needs to be a registered entity, your business should be registered with local authorities, and you need a physical location for the business (you need a contact office even when your business is completely an online business). Your business also needs to be operational, you can not get a loan for a business that you have not started yet. You also need collateral to secure a bank loan, if you don't have collateral, you might not get a bank loan because collateral tries to minimize the risk for the banks in case you cannot pay the loan. You also need to prove your income source, either your personal income or a business income. If you already have a loan from other banks, you might not be able to get a loan again. [/QUOTE]
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What banks look at before funding a business
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