The Perfect Loan To Scale Your Business
About 600,000 new businesses open every year. Of these businesses, only half make it to the fifth year and even less gets past the tenth year. Running and operating a business can sometimes be stressful and most of the time more costly than expected. One of the main reasons why these businesses fail during the infancy stage is due to cash shortage.
Lack of additional working capital makes it challenging for business owners to compete with the giants of their respective industries and, at the same time, stay relevant to their existing and potential customers.
This is where business loans are beneficial. Business owners can use the monetary inflow to take advantage of the opportunities that the market is offering without risking one’s assets.
To ensure business continuity, SMEs and business owners in general lean towards EFI’s business loan with no collateral. This is mainly because there is less to no investment needed — applicants do not require the declaration of existing assets as collateral or security for their loan application to be processed — and the requirements are fairly minimal compared to the other financing companies. Another factor that most business owners are seriously considering is EFI’s 7-working days application turnaround time.
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Here are several factors that you should be taking into consideration before applying for EFI’s non-collateral business loan:
The purpose of the business loan should be clear. If you’re planning to use the funds that you will be receiving for non-business-related activities, you may want to think it through.
Getting a high approval amount can be tempting for some. Going back to the purpose of the business loan can help you stay on the right track.
The duration or the number of months that you will be taking the business loan is worth looking into. Term loans or short-term loans can be helpful for covering temporary cash deficiencies like payroll, payment for utility bills or buying additional inventory.
- In connection with the duration of the loan, the monthly amortization should also be looked into as well. Ensuring that you’re able to pay your monthly amortization in a timely manner will increase your creditworthiness and help you avoid incurring any charges.
That being said, applying for EFI’s non-collateral business loan is fast — receive an update in 7 working days after submission of all the necessary documentary requirements — and hassle-free — minimal documentary requirements such as EFI’s fully filled out application form, DTI or SEC certificate, valid government-issued IDs, and the latest 3 months banks statements. It’s the perfect loan for you to scale your business and ensure business continuity.
Are you ready to get the additional working capital that you need? Allow us to help you take your business to greater heights. Visit www.esquire.com.ph and apply now.