Do you know you can boost your income by boosting your capital with a loan? Many people always feel they can only get a bank loan if they have a landed property.
Here are a few tips to becoming eligible for a loan.
- Have a running business.
- Have a notebook where you record your daily sales, purchases and expenses.
- Have a mastery of the different seasons of your business. High periods and low periods.
- Have verifiable suppliers.
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Practice putting your daily sales into your account and not just your profits. You can withdraw whenever you want to restock.
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Be consistent in the business you choose to do and incase of diversification, have a clear record.
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Keep all your receipts of purchase, rents, payment of taxes(be it daily, quarterly or yearly).
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Have a clearly defined purpose for the loan you want to take and the intended duration of repayment. The loan amount should be atmost 1/3 of your current capital. If possible do a cash flow with projections.
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Always remember, if you don't believe in the business you are doing, you will find it hard convincing someone about it's potentials.
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You and your business are the major collaterals for any loan.
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When you get the loan, use it for the purpose for which it is intended, repay promptly and be eligible for a bigger loan.
Hope it helps!
Honorine Ambe
WhatsApp Chat 
