10 Principles On How To Approach Financial Proposal
Today on Hkitnob, I Believe you will find this interesting, due to the fact so many persons in Africa most especially in Nigerian has the desire to become an entrepreneur to whom most of this people may not be privilege to access funds as loan.
Sometimes it’s due to some limit of not being aware on how to go about it, or not knowing what steps one should apply to access loans from banks or any financial institute set by governmental in favouritism to their very business need. Most often, any lender of funds would be concerned with the principle and interest repayments.
When a prospective borrower approach a lender, the approach is called proposer. Usually, proposals are written documents so that there is a clear understanding between the two parties. A lender will be interested in the following items in your proposal.
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1. Your idea of the business whether you understand the nature of business and the activities associated with it before you could be granted a loan.
2. Whither you have enough funds and resources to cover interest charges. Payment and other sudden financial obligation that may arise from the loan.
3. Your collateral and its value whether the collateral has been mortgaged to other loans. Your extra income capability.
4. The portion of your funds in the business. Your commitment as shown by your level of funds in the business especially in the purchase of the asset that is critical to the business.
5. Your personal credit history, integrity or record. This can reveal in level of experience in the business.
6. Your attitude during the interview to procure loan with the lender. You must not introduce emotions, religion or look beggarly. Loans granted are strictly for profit making by the lender just as the borrower.
7. Your ability to respond to questions. Your alertness to important questions by the lender may ask that are incidental to the loan.
8. Your crediting rate.
9. Your ability to be calm and be patience. To get approval for the loan in most times, approval of loan is given at the higher level to the manager.
10. Your ability to present information well articulate. Don’t give too much information for a little sum, except it is a very large sum. For example, a man on an income of 10,000 a month and wants to borrow 50,000 from the bank do not need to tell the bank manager that he built a house in the village the previous year hence he needs the money. Too much information. Any attempt to pressure the manager to approve the loan may look suspecting. At least expect a reasonable time for the manager to decide.
11. If you find this formation helpful to you please show appreciation by adding more point and share with Friends. Thanks!