Requirements To Borrowers

To receive a business loan anybody the bank will impose mandatory requirements. Let’s consider them one by one that in case of visiting bank you wouldn’t have any surprises.

First, it is necessary to provide rather exhaustive information about yourself. All of us understand that bank dealing with the borrower goes on certain risks. Therefore wants to fix complete and most exhaustive information on the borrower, the sphere of his activities and profitability of business. If it is more specific, except a standard packet from the passport, identification code it will be certificates of turnovers on accounts and absence of credit debts in other organizations. Also, most likely the borrower will need the business plan or feasibility study.

Your credit history will be the second very important indicator for bank. If you already had a negative experience with any bank you can forget about the credit. Most of all have chances those who cooperate with bank where tries to take the credit and more than a year has received before and successfully repaid credit.

The third is experience and good indicators on profit of your enterprise. If your business is at the beginning, most likely the bank will refuse to you in credit granting as it considers it rather risky for them. Clients who are for a long time in the market are more preferable to the bank and the field of clients’ activity should be in the profitable sector such as production, construction, trade.

The fourth is the duration of your business activity. It is not a secret that banks often lay down a condition that it cannot be less than a year. However, there are some exceptions.

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