There are many loans that you can use. But getting a yes for your loan proposal is not an easy thing to do. There are many things to consider, remembering business loan are high risk but it's needed for your business. You have to keep trying to get the loan. Here are the tips for you to get your loan proposal agreed.
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Make a Research
You must understand your footing before you can make a good loan proposal. Research can be a good thing for you to know what you need and what can you do to make loans. Usually, a lender will need to see if your business models are right and that it's a potential business. So, you have to really work on those points before actually bringing you loan proposal anywhere.
Learn about your lender too, you can give a proposal to more than one lender. Make sure that their administrative criteria are done before you meet them about your loan too. You can also find banks to do it, or you can use the fintech P2P thing to help you find a good and fast lender. You must also remember that the loan needs to be paid. Take loan with good tenor and low monthly payment too so you can repay everything with ease.
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The Purpose of Your Business Must be Clear
Before saying yes to the loan you proposed, the lender usually will ask you to offer them a good business plan and model. The lender wants to make sure that their money is going to be given to the right person anyway. So it's not a surprising thing if they ask about many things before they say yes to the loan proposal.
A good business plan consists of money report from the first time you start your business, and you have to add the business purpose in the future. You can also give extra elements such as product description plus your company profile, market analysis, and your business strategy. This way will make the lender can trust you even more with their money.
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Tell Them How Much You Need
You can't ask "you can just give me anything" to the lender since they need the exact amount of money to be lent. By creating a number, you can see if you're really fit the loan. Also, the loan proposal to be accepted will be higher than if you didn't tell the exact number to the lender.
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5C: Capacity, Capital, Collateral, Conditions, Character
One of the tips that you can use is using the 5C principal. This 5C consists of Character, Capacity, Capital, Condition, and Collateral. By using 5C, your business will appear more solid and broader but not too much, making the lender trust in you.
The character is all about your personality. Are you a good person? Can you be trusted? You have to make sure that the lender sees you as a trustable person. Capacity is all about your ability to run a financial need for your business. Can you avoid the bankruptcy? Are you a person that spend more or spend less? Can you make savings? These small things can help them decide
Capital is about the financial asset that you got right now. This factor is used to determine if you're worth it to be given loan or not. Collateral is about the guarantee that you can give them before they say yes to your loan proposal. And the condition is about the overall financial condition. Not only about yours, but the country.
Use these tips to make sure that you will get a loan for your dream business. If you prepare everything in a good way, you will get it even though you have to try more than once to do it. Don't expect to get the result by one-time try. One of the lenders that you should try is Danamon Solusi UKM. Small businesses like your business can get a loan from Danamon with competitive interest and tenor.