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What set of documents are needed while applying for a small business loan?
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1 Answers
Documents required for applying for a small business consumer loanâCredit score, the age of the business, annual revenue, personal debt-to-credit ratio, personal income, how the funds are intended to be used, and potential collateral. Bank statements, revenue statements, tax returns, insurance or collateral documents are also required. A compr
What factors determine the amount of loan one gets for his/her business?
Asked by unknown
1 Answers
The factors determining the amount of loan for starting a business areâThe personal and professional profile, potential of the project, financial capacity of the borrower, borrowers knowledge of the market, the industry to which the business belongs, and the risk and competition involved. There are banks that provide small business loans for w
Are secured loans better than unsecured ones for small businesses?
Asked by unknown
1 Answers
Secured loans are provided against collateralâwhereas unsecured loans are quickly processed and are simpler in nature. Both have its own advantages, so it depends on the type of business and duration for which the loan has been sanctioned. A secured loan is easier to get and holds lesser risk for the lender. It will also have lower interest ra