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It is widely known that running your own business is associated with large financial outlays. Usually, small companies have their own production or business activity from their own resources, without using bank financing. Unfortunately, this is because many business owners simply have trouble getting financial support from a financial institution. There are also companies which suggest payday loans online same day cash, just go to OakPark and try for free.
Therefore, it is worth considering what formalities and requirements must be met to be able to get an online loan for small business?
The fact that we will need funding from the bank is worth predicting early – at the stage of creating a business plan. You also need to prepare regularly for this. Unfortunately, years of experience show that obtaining a bank loan for a company is much more difficult than for a private individual.
Verifying the company’s financial standing is the most complicated. Banks most often make the granting of a loan depends on many factors, which may include, for example, the industry sector or the period of the company’s activity. Most often, banks require a minimum annual enterprise experience.
Without this, the entrepreneur does not even have to bother and apply for a loan.
Cooperation with the bank
It is worth considering what a business owner can do to increase his chances of getting the loan he has longed for? Undoubtedly, the history of his previous cooperation with the bank is of great importance. In addition, the bank closely monitors its current turnover and transactions on the account, and what banking products it has used so far.
Therefore, it is important to generate the highest possible turnover on the company’s bank account, by constantly making all transactions on it.
A good solution here may also be to deposit money received from contractors straight into your account. In this way, the entrepreneur creates a history of the company account. Then, based on your account history, banks will be more likely to provide even small financial support in the form of a small loan.
In addition, it is worth remembering that if we plan to take a larger loan for the company in the future, then such small loans should be used quite often. One should also remember their regular and timely repayment. In this way, we are building a positive financial history of our company.
Positive financial history
Of course, not all company loans can be obtained quickly and easily, only thanks to a positive financial history. The borrowed amount undoubtedly has the greatest impact on a positive credit decision and the prices at which we want to use the borrowed money. In addition, as mentioned above, the company’s seniority in the local market is also important.
Of course, there are banks that easily lend money to entrepreneurs quickly, even without the required collateral, but usually, it is unrealistic or unprofitable because such loans are much more expensive than those with collateral.
Before we apply for a loan for a company, we must be aware that we are facing the proverbial “path through torment” regarding the presentation of many documents and certificates. Without it, we will certainly not receive any support for the company from the bank.
Therefore, it is worth thinking about it in advance and starts to complete all the required documents and certificates already at the stage of preparing the loan application. Here, you must remember, above all, to enter in the CEIDG or KRS, assign REGON number, NIP, or the articles of association.
In addition, financial documents, certificates from USD and Tax Office are important. Sometimes the bank may require the entrepreneur to present a financial statement. What documents will be required from the entrepreneur depends primarily on the bank, its regulations, and procedures related to testing the company’s financial standing.
Document the company’s revenues and revenues
Undoubtedly, each bank will require the owner to document the company’s revenues and revenues. Most often, copies of tax returns for the previous year or a printout from the book of income or income are required. In addition, the bank often requires the submission of a certificate from the Social Insurance Institution (USD) and the Tax Office (UUS) on non-arrears with insurance premiums and taxes.
Fortunately, many banks are slowly moving away from this procedure and only require the entrepreneur to make a declaration of non-payment of contributions and taxes. On the other hand, some banks require USD and US certificates only when the entrepreneur’s application is verified.
Declaration of financial interests
Unfortunately, banks often require a business owner to submit a property statement that will contain information about their financial liabilities and personal property that could be used as collateral for a bank loan. It is difficult to get a loan without it.
Unfortunately, many entrepreneurs do not have such security, especially since it must be much higher than the value of the loan itself.