Wednesday, October 5, 2016
Steps To Aid Quick Acquisition Of Business Loan
A business can easily keep start when the required capital is available. One of the means to raise capital for a business or an enterprise is through loan acquisition. In some cases, loan might become hard due to suspicion or any other related excuses.
Below are some sensible points that can make the acquisition of loan easy and quick:
1 The entrepreneur aiming to acquire loan should be realistic in terms of his/her proposed investment
2 The entrepreneur should provide the list of his assets and liabilities
3 The entrepreneur should give a brief history of the business if it has been in existence long before the proposed loan
4 The entrepreneur should state, if any, history of previous borrowing
5 The entrepreneur should give detailed proposed profit tendency of the proposed investment
6 The entrepreneur must mention how reliable the market for the investment
7 Theentrepreneur should also endeavor to mildly mention his proposed mode of operation
8 The entrepreneur should also state whether there might be plan for loan expansion
9 The entrepreneur should also state if he or she will be requiring a moratorium or a fixed repayment date in the future
10 The entrepreneur should also emphasize on the level at which his or her investment is legal.
A loan is sum of money or other valuable or consideration that individual, group or other legal entity borrows from another individual, group or other legal entity where the latter often being a financial institution, with the condition that it be returned or repaid at a later date often times with interest. The entity seeking loan must be willing to submit a collateral which could be either of the following: landed property or personal security, legal mortgage on quoted shares and stocks, life insurance policy, share certificate, etc.