miercuri, 13 august 2014

7 golden rules of credit

Get the green light from the bank for a loan for the financing of a project is a time of high stress for entrepreneurs who can make a difference in the viability of a business. Prepare yourself before facing account manager and know the tactics to be successful.

1 Provide complete information to the bank

Trust is the basis of signing a credit agreement. Therefore, it is essential to provide the financial institution with the most complete and reliable information possible. All data that will be requested, even if you think you have little relevance must provide to the bank. The financial institution should know the company well, in order to present you with the most appropriate solutions. Furthermore, it should not feel that ignores relevant aspects.

2 business viable and strong balance sheet

The company's management is a key factor in analyzing the allocation of funding by financial institutions. For the company presents a lower risk to the bank is important that your business has a solid balance sheet and a balanced economic and financial situation. A condition that will allow the management to deal with more adverse economic and financial circumstances. The company business must be viable, which means that in the future, their survival must not be called into question in a difficult environment.

3 Activity and margin growth

The company's ability to distinguish the market where it operates is crucial to get the approval of funding by the bank. "We can point a company has lower risk, the following factors are present: good products and good customers, markets and diversified customers, their products or services have competitive advantages over their competitors; production units are modernized and technologically updated, the their managers have high market knowledge and experience in business management, "explained the official source of Santander business.

4 Sector exporter is privileged

With the subject to an adjustment program and all the difficulties that it has caused Portuguese economy, exposure to other markets has helped businesses grow. The reduced dependence on the domestic market has been seen as an advantage compared to companies who are completely dependent on the direction of the national economy. By contributing to a more balanced economic and financial situation, the export activity is well regarded at the time of loan appraisal.

5 Meet public support available

With very high rates of interest to the possibilities of many companies, should look at the market of subsidized lines of credit by the State to see if your business fits the requirement of each of these instruments. Although also not be for everyone, these lines have lower "spreads" as well as amortization periods and grace more extensive than the average of the banking market. Ensure that these lines are not to recycle credit, but actually serve to further investment to the economy.

6 Solve debts to the Treasury and Social Security

If you have debts to the state machine, notably Social Security and the IRS should address this issue immediately or at least start with these institutions to negotiate an agreement of payment that can be extended by time. This is a requirement that you must meet in order to gain access to bank financing. Sometimes just presenting the agreement enclosed with the state payment.

7 Compare offers from several banks

In certain periods or contexts, banking launches credit products more competitive against the usual offer specifics. Banks tend to compete with each other "spreads" and similar grace periods, but there are features that distinguish them. Look for offerings available in the market before heading to the institution of their choice. And if comparisons obtained to get more favorable terms.

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