Credit Scores, Cash Flow and Collateral: Upping the Odds on Your Business’s First Bank Loan
Prasarn has reassured that, although the country is indeed experiencing an outflow of cash, it is not considered to be insurmountable or worrisome; but rather a steadily outflow. In regard to financial services to be provided by the BOT and the Siam Commercial Bank (SCB), Mr. Prasarn assured that all branches are in normal operation, with sufficient link funds at all their ATM booths. Mr. Prasarn added that the BOT has a contingency plan in case of an emergency in http://www.elevationgroup.com/ which it has already communicated with the SCB.
But having capital makes them a stronger candidate for receiving a loan. For first-timers, collateral can be personal. Davidson stresses that any assets owned by business owners must be attached as liens to any bank loan. Its got to be identified in the application process and offered as collateral. Most people dont understand that in the eyes of the bank the entrepreneur and the business are one and the same. Why should the bank take a risk with its money that the entrepreneur is either unwilling or unable to take him or herself? Relationships Are Key Davidson says the best case scenario is for an entrepreneur to approach a loan officer with whom she already has a relationshipbut for first-time founders that can be quite a roadblock, not least of all because of the changing nature of banking.