Borrowing requirements and procedures vary from bank to bank. But the procedures described here will illustrate what can generally be expected when an entrepreneur approaches a bank to obtain credit, i.e. get a loan.

It is important for you, the borrower, to take note that getting a loan approval starts from planning well.

The steps that follow include preparations which you, as an entrepreneur, must do by yourself, before approaching a financial institution, or even before deciding to borrow.

• Evaluate whether you are in a position to borrow.
• Estimate accurately the amount that you need to borrow.
• Choose the bank to approach.
• Go through the loan application process of the bank you chose.
• Get ready for an ocular inspection of your plant/workplace as well as the property being offered as collateral.
• Be prepared for a credit investigation.

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Are you ready to apply for a loan?