How to get a loan for opening a small business

Many start-up entrepreneurs need a loan to open a business. At the same time, it is not easy to get money on credit in the small business system, because many of the banks consider it a very risky business to lend to non-working companies. However, if you select a bank more competently and provide all the necessary documents for obtaining a loan, a positive result is very likely.

Instruction manual

1

Determine the amount of loan that you need to get to start a small business. To do this, take your business plan as a basis. It is in it that approximate calculations should be reflected. Therefore, relying on it, make all the necessary calculations and start looking for suitable banks that can provide you with this amount of money.

2

Consult a specialist at your chosen bank for advice. It is best to write loan applications to several of the most suitable banks at once. As a rule, certain banks may not be right for you after the consultation, and you can safely submit documents to the rest.

3

Provide the necessary package of documents to the bank. Most often, to obtain a loan for starting a small business, you need to collect the following documents: - evidence of the implementation of the business project (business plan, license - if you have one); - a certificate of the borrower's positive credit history or its absence (this document is not required, since almost all banks will independently verify your credit history); - documents on collateral (this can be documents confirming your ownership of an apartment or car); - your passport, TIN.

4

Find guarantors. Please note that this will increase your chances of obtaining a loan. Best of all, if you find two reliable and stable working people.

5

Pay the most attention to the collected documents, especially the business plan. Indeed, in most cases, banks refuse to receive a loan precisely because enterprises are not able to positively analyze their current position in a future company and give a sufficiently clear answer about its future development. Your business project should show not only the ways to successfully open a business, but also all the possible risks and principles of overcoming such crisis situations.