In recent years, the number of startup companies seems to grow exponentially. Newly-established Filipino entrepreneurs, regardless of their age, are venturing out and trying their hand in running their own enterprise.

These people have inspired and sparked the interest of many. A few now want to follow in their footsteps and try their luck with having with own business. Of course, this entails many challenges that they have to conquer including getting enough finances to jumpstart their company.

As a result, they end up submitting an sme business loan online application. They hope that their loans will get approved so they can finally begin their business ventures.

Want to go this route but unsure how to do so? You don’t have to worry because we’ve laid down some steps that you can follow.

Shop for a business loan

This is important for you to know which business loan is best for you. Go ahead and find out where you could get a great deal—are you planning on getting your loan from a bank, a registered online lender, or somewhere else?

If you’re having trouble answering that question, then perhaps you should look into what they are offering in terms of the best rates, the loan terms, and the quality of their service. Then, check if you are eligible to get the loan.

Get to know yourself as a borrower

Before applying for a loan, it’s a good idea to learn your strengths and weaknesses as a borrower. The best way you can do this is by reviewing your credit history, checking all your financial documents, and considering your regular income. You also need to take into account the available assets you have in case your chosen lender ask for a collateral.

If possible, try to use a loan calculator; this will give you more information regarding getting a loan.

Submit a completed application form

The next step is basically completing and submitting all the necessary paperwork and documents needed by the lender. Here are a few tips you should remember during this stage:

  • Disclose all of the needed factual information
  • Attach required documents (Business Permit, BIR forms, etc.)
  • The fee needed for the loan process (if there is one)

Now, before you submit all these, be sure to triple check them! You wouldn’t want to get rejected simply because you missed a document or forgot to fill up something.

Get ready for a thorough verification

After submitting your application, be sure to have your phone lines ready in case someone from your lender gives you a call. When this happens, they would surely ask you a few questions to verify all the information you sent.

Here are a few reminders:

  • Be honest when answering their questions
  • Give your character reference a heads up
  • Don’t hesitate to ask questions too

Takeaway:

There’s really nothing to worry about getting a business loan. Just make sure to follow the tips listed above and, in time, you could become one of the successful Filipino businessmen in the country!

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