Are you finding it difficult applying for a business loan?
It may seem challenging, but it’s actually easy with little professional advice.
We will be sharing with you steps on how to apply for a business loan.
HOW TO APPLY FOR BUSINESS LOANS IN GHANA
Incorporate Your Business
To access a business loan, it’s advisable to have your
business registered with the Corporate Affairs Agency.
This gives your business a legal status. No investor
will give you money when you are not legally structured.
a corporate, you can be sued and sue. It also helps to
protect you as an individual.
This is one thing banks will
look for when they are considering putting their money in
Know How Much You Need
You must have an exact knowledge of how much you need.
Don’t go seeking for capital investment without knowing
how much you need. It shows you are a novice and a bad
grown to invest in.
Have A Business Plan
This is crucial. It gives you business process and
A well designed business plan will explain the
profitability of your business, which attracts investors.
is one document all investors will seek from you before
investing in your business.
If you don’t know how to write a
befitting business plan, seek professional assistant.
Open A Business Account
Open a current account in the name of your business.
is very important. The banks are not dealing with you as an
individual, but your legal business.
Approach Financial Institutions, Friends
& Families and Investors
You must go looking for them. Go to the commercial banks
Visit the Microfinance bank as well. Talk to
friends & families, someone among them may have what
you are looking for. Talk to people.
Use social platforms
that connects you to investors, Use all mediums available to you.
Lots of banks are now helping small business owners.
Ask Intelligent Questions On Grey
Be smart and professional. Don’t be blind to very important
clauses. We remember a lady we were selling Credit card to
when we were still in the banking sector.
She requested to go
read-up on the document. It’s okay to seek professional
Never be in a hurry to sign, just because you need
Ask about the loan’ duration, the possibility of a
moratorium, the interest rate and more.
Seek Professional Advise
Whatever you find difficult to understand, talk it over with a
business consultant or an account. It’s paramount.
Learn To Cope With No’s
You will hear a lot of no’s. Get ready for this. Don’t let a no
Move on to the next institution or person.
Compare The Offers & Chose The Best
It’s okay to look out for the best offer. Compare the interest
rates, the durability of the loan, moratorium possibility and
other vital clauses.
Chose the offer that is more friendly to
Pay Up On Time
This gives you better chances of enjoying future financial
Don’t default. It’s bad for your business. Create a
good credit worthiness.