hello. i am wanting to start my own business but i need you guys to enlighten me on how does the bank loan procedures work?
I think it depend on several factors...
age
qualifications
whether u are likely to owe money
how likely are u going to make profits
your past work experience
your background
your business proposal
criminal record
etc.
I think the bank do consider those factors i jus mentioned.
Not too sure.
Talk to the bank loans officer first.
Then it will always be "security, security, and more security".
Not your security interests, but the "security interests" of the Bank.
What have you to offer in collateral for the amount you intend to borrow ?
What do you need the loan for, your business plans, and period of return ?
Great insights guys. thanks very much. any others have their sayings?
Well... there's always a first for everything you do... all the best!