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It is crucial to weigh your options if you are looking for a way to finance your business. One of the most effective ways to do this is through a business loan. You can acquire the funding you require through a business loan to expand and enhance your company's performance. The loan can boost your earnings, lower your need for working capital, assist you in managing cash flow problems, and help you create a long-term growth strategy.
Types of business loans
Robinson bank has two business loans: Go! mSME and Go! Small Biz.
- Go! mSME. It is a credit program for micro, small, and medium-sized businesses (MSME) in the service, manufacturing, and agricultural industries. You can only apply for an mSME loan ranging from ₱300,000 to ₱2,000,000 and repay it in 6 months to 2 years. You do not require collateral, but the bank will keep 20% of the loan proceeds as security until your loan is paid off. As a result, the mSME is ideal for enterprises experiencing financial difficulties. It is also suitable for a new business that is not yet making much money because no collateral is required.
- Go! Small Biz. The business credit facility is available to both individuals and businesses. When starting a business, an individual can apply for this loan. They could use the loan to fund business expenses or as capital.
On the other hand, an enterprise can use the loan to fund additional projects, buy more inventory, or cover overhead expenditures. You must have a profitable business that has existed for at least three years to qualify for this business loan. Individuals must have worked for their current employer for at least one year and at least three years.
When applying for this loan, unlike the Go! mSME, you must provide collateral. You can utilize other property or your bank deposits as collateral. You can then borrow up to 90% of your peso deposits and 80% of your dollar deposits using your collateral. Using the property as collateral, you can qualify for 80% for residential, 70% for commercial, and 60% for industrial. After your loan is authorized, you can request a loan of ₱500,000 to ₱20,000,000, payable over 1 to 10 years. You will also obtain a one-year credit line.
How to apply for a business loan?
- You must go to a Robinsons Bank branch to apply for a business loan.
- Request for a banking agent and explain what loan you are seeking.
- Check that you have all the required and up-to-date paperwork since missing or out-of-date documents could cause your loan application to be delayed or rejected.
- Fill out the form completely and accurately as the bank will need to verify it before approving your loan.
- Wait for Robinsons Bank to process your application and provide you with updates on its status.
Requirements for a business loan
- You must produce you business documentation of its operation and profitability for at least three years.
- You must have appropriate government-issued identification.
- You must submit business papers and a business permit, such as registration with the Department of Trade and Industry (DTI) and the Securities and Exchange Commission (SEC).
- Provide the latest proof of billing, like a utility bill or a credit card bill.
- Provide the list of at least three major suppliers and customers.
- Collateral documents include a copy of your company's TCT, CCT, tax statement, and a location plan or map.
List of some of the acceptable IDs
- Tax Identification Number
- Barangay certification
- GSIS e-Card
- SSS card
- Unified Multi-Purpose ID
- OWWA ID
- OFW ID
Pros and cons of a business loan
Business loans can be a great way to get your business off the ground and keep it moving forward. However, they are not without their downsides.
Pros
- You can use the loan to purchase equipment or other resources that will be used in your business.
- You can use the money for your company's growth expenses, such as marketing or office space.
- You will be able to make investments that will help the economy grow and create jobs for people who need them.
Cons
- You have to pay the loan with interest over time, which may make it difficult for you to get out of debt quickly.
- You might have trouble paying it back, especially if you're not sure about your business's financial health or if you don't have a good credit score.
- You will pay more interest than you would with a personal loan or line of credit as business loans have high-interest rates.
How to repay a business loan?
Log in to your RBank Digital Account to repay your business loan online. Click Payment, Make a New Payment, and correctly fill out all the details. Then click Continue and then Pay. The app will send you a confirmation message after you complete the transaction.