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 HOW TO GET A SECURED BUSINESS LOAN?
Loan

HOW TO GET A SECURED BUSINESS LOAN?

by Johnny Carter October 3, 2021 0 Comment

Currently, the need for additional capital for business of business units or start-up projects is very large. Therefore, the article below will show “How to get a secured business loan?”.

Loan to invest in equipment, machinery, factories, project investment

How to get a secured business loan?

6 Reasons to opt for a Business Loan Now! - Readytofind

  • Age: Individual customers must meet the age requirements prescribed by the bank, not exceeding 70 years old at the time of loan maturity.
  • Business registration: Customers have business registration in accordance with the law and have minimum production and business activities according to the time up to the time of borrowing business capital as prescribed by the bank.
  • Own capital: Customers must have their own capital participating in the business plan of at least 30% .
  • Credit history: No bad debt at the borrowing bank and other banks or financial institutions.

Collateral

  • Real estate has pink book, red book
  • The apartment has pink book, red book
  • Mixed land with pink book, red book
  • Means of transportation
  • Valuable papers

The collateral to borrow capital to invest in equipment and machinery at the bank must ensure separate conditions for different types of assets such as area, distance to the facade, term of use…

Borrowing business capital to supplement working capital

Customers who are organizations and businesses that need a working capital loan also need to meet the business loan conditions that the bank has issued. 

Conditions for loans to supplement working capital

  • Business registration: Having a business registration certificate and business eligibility license for conditional business lines.
  • Own capital: Enterprises must have their own capital participating in the business plan of at least 20%.
  • Credit history: The business has no bad debt at the borrowing bank and other banks and financial institutions.
  • Having an effective and feasible business plan and purpose in accordance with the provisions of law.
  • Have a stable financial source to ensure loan repayment.

Collateral

Enterprises themselves must have collateral to meet the conditions for business loans at banks. Enterprises must have collateral for the loan, including:

  • Real estate: Real estate with pink and red books; The apartment has pink book, red book; Mixed land with pink book, red book
  • Means of transportation
  • Valuable papers
  • Devices
  • Goods

Customers who are individuals or businesses who need a business loan at a bank need to meet the most basic condition, which is financial ability to ensure the ability to repay the loan within the committed period. At the same time, there is a feasible and effective capital use plan in addition to the conditions on individuals and businesses according to the bank’s regulations.

Firmly grasping the above basic conditions helps customers anticipate loans in accordance with their ability to pay to meet business capital needs in a timely manner. Hopefully, through this article, you have partly understood the current popular business loan conditions.

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