How to Finance Your Business
Are you a business owner looking to expand your enterprise, or simply an entrepreneur with an idea? Do you have a business plan you are looking to finance? There are several methods to fund your venture. A viable way is to apply for a business loan from a bank.
Banks in Lebanon offer a variety of loans to independent professionals and small businesses, which are not only vital to the national economy but are the essence and life of each and every neighborhood. New ventures equate to job creation, etc. A solid and innovative idea could get you the proper financing.
To go from an idea to a solid proposal you can present to a local bank, the road can be long. First of all, you need to create a business financial forecast and conduct a feasibility study for your business. Not an easy task. Bnooki.com can guide you with these steps.
To sort out the different credit offers from Lebanese bank and compare loan characteristics you can consult bnooki.com. Below is a list of composed characteristics.
The minimum and maximum loan amount you can apply for
The long term repayment periods
Flexible financial methods
Low interest rate
The required guarantees
The Grace period
The eligibility of the business model
Compulsory insurances: Life insurance, etc.
Fees and commissions
We will help you weigh in the different options that will allow you to settle for the best choice.
Itemized below is a list of required documents that you are required to provide.
Official documentation: audited financial statements for the last two years
Financial projections for the period of the business loan: business plan or feasibility studies showing the viability of the proposed business activity, business projection, cash flow
Life and fire insurance policies
List of fixed assets and owned properties
Banking references and Commercial references
ID and Legal papers
On one hand, it is not an easy task to come up with all the necessary plans, and studies. On the other hand, selecting the appropriate loan to finance your business can be taxing.
Bnooki’s team of experts is available to assist and help you with your business plan, feasibility study, and financial projections.
You can also check bnooki.com to compare business loans, benefit from the team of experts that is available to provide you with the adequate business loan advice free of charge.
