how to get a business loan in banks to start a new business? which bank is best in business loan?



Hi!

I need to start a new business in my hometown.
how to get a business loan in banks to start a new business?
which bank is best in business loan?
What are the documents required?

Thank you
Chandru
Hi!

I am 28 yrs old & working in a private company in delhi.
But i am interested in starting business in my hometown.(Salem, Tamilnadu)

Thank you

5 Replies to “how to get a business loan in banks to start a new business? which bank is best in business loan?”



  1. you can go to your local bank and see what type of small business loans they offer. another option is to visit your local small business administrative office and let them help you with a SBA loan. They can help you with a business plan and all the other documents you will need from start to finish.


  2. you can go to your nearest banks and check the loan offer what they actually providing. take that offer of such a bank who provide the loan in small installment .Another way to help from small business administrative office. hope you will get the success the loan soon for your business.And start your business soon.so best of luck.


  3. Getting a business loan is NOT easy – especially with the tough economic climate.

    You just don’t go to a bank to ask for a loan with only your business idea. Banks look at other factors not just your credit score when applying for a business loan. Banks want to see:

    – demonstrated ability of the business to generate revenues — businesses that are already operating and have at least 2 years’ worth of financial statements that demonstrate strong profitability. Business ideas are just ideas; not proven to generate profits

    – ability to repay the loan through collaterals and assets

    – solid management team: they want to know that the business will be run by someone who knows what they are doing

    – excellent credit history

    – your investment in the business: they want to see that you believe in your business enough to put down your own money into the business

    If you have the above, then prepare a business plan. – The business plan is NOT the first thing banks want to see. It’s important, but banks will need to see your ability to repay the loan. Sometimes, they won’t even bother to read your business plan if they know you don’t have any money. If you have to have a business plan, you need a good executive summary (as that is what they’re most likely read, if at all) PLUS solid, realistic financial projections/plans





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