5 steps on how quickly and easily get a business loan

If you´re doing business in Czech republic, you have many options on how to secure financing. Besides possibly using normal mortgage you can also apply for a business loan. The only condition for getting a business loan is to have the Business idenfication number (ICO) with an authorization for doing a business in Czech republic. Business loans in high demand and we have put together five main steps on how you can quickly and easily apply for a business loan. 

Firstly, you should decide, whether you want to negotiate business loan yourself  or if you will use the services offered by an financial advisor.

THE ADVANTAGES OF GETTING A MORTGAGE THROUGHOUT A FINANCIAL ADVISOR

If you´re not sure which bank is the best for getting your business loan or you just don´t have enough time to compare all of the offers on the market, we highly recommend to contact a financial advisor. These people have the overview about all the offers on the market. Moreover, they are capable of negotiating much better terms and conditions then you would recieve from a bak that does not know your credit history. You´ll definitely save time because they will handle all the associated bureaucracy and the communication with and the communication with banks.

If you choose to contact a financial advisor, below is the process of getting a business loan. 

Step 1 – Basic information

First of all,  loan brokers need to know all the pertinant information about you and your company so they can calculate your loan. These information includes: the purpose of the loan, loan amount, your company name, commercial ID and your contact info, etc.

Step 2 – Parameters for calculating the amount of the business loan

After doing a basic calculation you need to give your loan broker three important documents. Latest Profit and Loss statement, recent tax return and your current balance sheet. All the documents should cover at least the last year. From these, the loan broker can contact the banks offering the best conditions and he can start negotiating, comparing the offers and choose the one which will best meet your needs.

Step 3 – Negotiation

In this step you have to meet your financial advisor. With him/her or his representative you will be negotiating with banks about the interest rate and other loan terms and conditions. You may need to provide additional documents, such as the statement of account and recent property evaluation if needed. Once the bank has the relevant documents it will start the approval process.  

Step 4 – Signature

The last step is to sign the loan documentation in the bank and you can begin to use the proceeds of the loan. So after you provide the necessary documentation and conditions, your financial advisor will take care of all the corresponding paperwork. You just wait until you get the money in your account. 

Step 5 – Additional services

There are many things that may change during the time you have your business loan, for example you may decide for an early repayment option or you may opt to change of financial institutions. In this case, you can also ask your loan advisor for an assistance and he will be happy to work with you to meet your new requirements.

Getting a business loan is not a complicated process as it may first seem. Our specialist are ready to assist you. Loans may take a few days, but it´s always better to be prepared that it can take a few weeks in case of some more complicated loans. If you want to see how easy this process is with our financial specialist, click here.