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3 tips to get that loan to start your business

Having the right mindset can boost your chances of getting your start-up loan approved.
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Starting a business is difficult, but getting a loan to start your business is simply terrifying. In the previous years getting a loan involved the loan application, the interviews, and the volume of paper work that one has to do that was just overwhelming for a startup entrepreneur.

But banks now have relaxed a lot of the requirements for loan applications. But before we discuss the requirements, let us do a quick run through on three characteristics that you must possess when you apply for that bank loan.

Cedoy Reyes, vice president and head of the Commercial Loans Division of BPI Family Savings Bank, shared with Entrepreneur.com.ph some of the things they look for in loan applicants.

a. Develop the right mindset for entrepreneurship. Starting out a business is a growing responsibility and it takes the right kind of attitude and discipline to make it work.

b. Have a plan. Embarking on the business – whether you are starting from scratch or opening up a franchise– will require you to have a game plan. Thinking about the business versus putting it in operation are two different things. You need to consider how you can drive people into your store, how to keep your employees happy, how best to manage your time and money on a day to day basis, among others.

c. Make sure you have your source of funds all figured out. Before you start your business, make sure you have a start-up fund to work with – whether you source it from your own pocket, get a loan from family and friends, or from banks and other institutions. Unexpected expenses can crop up along the way and you need to have a partner in your business that can essentially harness your finances when you need it.

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