A loan for opening a small business for individual entrepreneurs: where and how can I get it?
Starting your own business, even a very small one, requires financial investments, and, often, considerable ones. Most people who only yesterday worked in an ordinary organization and received the most ordinary wages, as a rule, do not have enough money.
In this case, you can apply for financial assistance to a bank that issues loans for targeted needs (in this case, to open a small business). How to do this, and how to minimize the risk of refusal to issue the necessary funds?
How can an individual entrepreneur get a loan to start his own business?
An individual entrepreneur can receive funds to finance his own business by contacting a banking organization. A loan issued for business development can be carried out in several ways:
Targeted loan
To obtain a loan intended for opening your own business by an individual entrepreneur, you will need to register the appropriate status with the tax office, and then prepare and submit the necessary information to the bank branch. The basic package of documents required for obtaining a loan includes:
- passport and TIN of the applicant;
- certificate of registration as an individual entrepreneur;
- business plan for starting your own business.
Based on the results of consideration of the submitted documents, the bank will decide whether to issue a loan or refuse to issue it.
Situations in which the bank makes a negative decision at the request of the entrepreneur occur quite often. The main reason for refusals, as a rule, is the fact that it is rather difficult to assess the solvency of a person registered as an individual entrepreneur.
If, upon receipt of a consumer or a borrower, it provides a banking organization with income certificates confirming its solvency, then it is rather difficult to assess the level of reliability of the business and the size of the future profit of its owner.
Many banks do not risk issuing funds to such entrepreneurs (especially if the business is at the start-up stage) and refuse to lend, or offer a loan with a high interest rate.
In the event that a future businessman was denied a targeted loan, it is worth trying to get a regular consumer loan.
consumer credit
For its registration, you will need to apply to the bank with an application for a loan on general terms. In this case, you will have to confirm the amount of income using official documents (in particular, certificates 2-NDFL). Funds issued under such loans can be spent on any needs, including starting your own business.
Loan secured by property
If the borrower is denied a loan to open an IP, and the level of income does not allow you to get a regular consumer loan, you can take the opportunity to obtain a loan secured by property. You can issue it at a branch of any bank, but it is worth remembering that if the debt is not repaid within the time frame established by the loan agreement, there is a risk of losing property that acts as collateral.
Despite the fact that banking organizations quite often refuse to issue a loan to novice entrepreneurs, you should not give up trying to get it. By compiling and preparing a package of documents confirming solvency, you can get a chance to approve the application by the bank. In the event that a loan is still refused, you can issue it on the security of existing property. However, in this case, it is worthwhile to first assess all the risks associated with obtaining such a loan in order not to lose property in case of failure in business.
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