Minimum Requirements for Small Business Loans ~ Pinoy Reviews

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Friday, May 23, 2008

Minimum Requirements for Small Business Loans

If you’re trying to apply for Small Business Loans but don’t know what the requirements are, here are just some of the minimum requirements required by most banks in the Philippines.

  1. If your business is a single proprietorship (owned only by one person), you should bring your DTI registration
  2. If your business is a Partnership or Corporation, you need to have a SEC Registration, Articles of Incorporation/Partnership, and if you’re a corporation, a board resolution allowing your company to borrow
  3. You also need to bring the Mayor’s Permit or Barangay Permit
  4. Latest Income Tax Return, preferably one submitted recently to the BIR
  5. Latest Audited Financial Statements, some banks would require you to present your financial statements for the last three years
  6. And sometimes, some banks require that you bring your bank account statement

If the loan you’re applying for requires that you have a collateral, you should also bring:

  1. Certificate of Title
  2. Tax Declaration
  3. Building Plans

Take note that these are just the MINIMUM requirements that some banks require. These requirements vary from bank to bank but if you’re already planning to apply for a loan then it’s a good bet that you should have the above documents ready and then call the bank for more information.

Or you could just avoid the hassle of putting up collaterals, and long processing times and just try to apply for a business loan online. Try or other similar sites, however, your chances of getting approve would be higher if, of course, you’re a US citizen.