Jefanie Genilla
You already have a business idea, a place where you want to set it up and the drive to start your own business, but you still lack capital. One of the biggest challenges you are about to hurdle is sourcing enough funds, but this should not stop you.With the many options you have right now, you can have the chance to be the entrepreneur you want.
Start small and dream big. Many banks, private institutions and even the government support budding entrepreneurs by lending them some cash for their startup. Here are some ways for you to get the capital you need:
1. Liquidate your assets
If you have worked hard for years and you already got assets, you can think about selling some of them to get the cash you need. For instance, you can sell your old car to put up a small shop, but it still depends on the amount you need. Look around your place and gather your valuable assets such as your jewelries, furniture or your gadget, perhaps. You can also consider liquidating your paper assets like portfolio investments.
2. Get a business loan from lending companies
Aside from banks and government agencies, you can also count on private lending companies like Easycash Lending Company Philippines and so many others. Expect to meet their eligibility requirements and submit the documents you need to qualify for the loan. Be sure to secure all the requirements immediately for faster processing of the loan.
3. Ask assistance from the government’s micro lending programs
The government now encourages Filipinos to be entrepreneurial. They help Filipinos in many ways, and one is through providing lending programs for SMEs or small and medium entrepreneurs. For instance, the GSIS Family Bank offers micro finance lending program open to individual borrowers. SSS also has a special financing program. You can ask their loans and investment office for more details about this.
4. Turn to banks
Banks are still a top source of funds for entrepreneurs but also one of the most difficult. You just have to do your homework and take time to check out their offers. Most of them offer small business loans. BDO offers SME loan where qualified borrowers can loan as much as PhP20 million. BPI offers short-term, long-term and franchise financing. Plantersbank also has attractive programs for SMEs, along with banks like PSBank and Landbank. Be ready to impress them with a good business plan. Ask your own bank about their business loan for they value loyal clients.
5. Apply for a personal loan
If you have not yet left your job, you can also consider getting a personal loan from banks and other institutions. Most lenders will require you to have a stable source of income simply to establish your capability of repaying the loan. It is easier to get loans now especially because some do not require collaterals. You can also consider government loans offered by SSS, GSIS or Pag-ibig. For faster loan processing, you can count on loansolutions.ph to match you with the right lender.
