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What do you need to get a business loan?
A business loan is a loan that is solely intended for business purposes. This loan can be acquired in banks, government funding companies or in any lending companies. The processing of application for this loan may vary from each company but these are what you need to get a business loan:
This is the list of the general requirements for personal identification document:
- A completely filled out application form from your selected company
- Two(2) valid IDs (preferably government issued IDs)
- Marriage Contract if married
This is the list of requirements for financial records documents
- Business Permit
- Last Two(2) or Three(3) years Income Tax Return
- Proof of Billing (water, electricity, post-paid)
- Photocopy of Audited Financial Statement for the last three years
- Bank Statements for the last six months
This is the list of requirements for collateral document
- Copy of Transfer Certificate of Title and/or Condominium Certificate of Title (Owner’s Duplicate Copy)
- Certificate of Placement
- Vicinity Map/ Location plan/ Lot plan and Bill of Materials (if for construction)
- Updated Tax Declaration
The requirements listed above are the common and important requirements needed to get a business loan. There are other requirements needed for those who are just about to start their business and those who already own a business. It is important to personally go to your selected bank, government funding or lending company to learn more about what you need to get a business loan.