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How do small businesses choose loans?

Time: 2016-09-23         Source: Oriental Morning Post         Author: Oriental Morning Post

How do small businesses choose loans? Liu Bo, who is engaged in food business in Shanghai, currently has three façades in the small business district of Zhoupu. Recently, due to the shortage of liquidity, Mr. Liu has sought to help with loans. Originally thought that the type and duration of loans were the same. When we heard that Tyrone Bank's loan types were rich, the period could be divided into 3 months, 6 months, 9 months, 12 months, and can be accompanied by loan guarantees. When the approach was very flexible and varied, Liu boss was extremely surprised and glad that he had found the right type of loan.

From the above case, Tyrone Bank's experts suggest that small business owners who want to apply for a loan should choose the type of loan that suits their needs, based on their own nature of the industry and their own repayment conditions. According to the nature of the industry engaged in the selection of loans. The business of the food industry, such as Liu Boss’s business, is a period of best-selling food every year before and after the holidays and the Spring Festival. Therefore, he has more time to stockpile the goods and the return of funds is faster, which is more suitable for short-term loans of 3-6 months. However, if it is a small business owner engaged in the stone business, due to the long construction time and the complicated follow-up procedures of the project, the funds will be withdrawn slowly, and loans with longer duration will meet their needs.

How do you consider the characteristics of the industry and find loans?

First, it is necessary to consider the loan of the enterprise itself. Some small businesses have small scales, few fixed assets, and insufficient collateral, but can provide effective guarantees and guarantors. They can choose banks that do not require collateral to carry out "unsecured" loans. Some small businesses have difficulty in securing loans. They can choose loans from banks such as Tyrone Bank that can use "guarantee", "assurance", and credit guarantees. For small enterprises with certain fixed assets and effective collateral, applying for mortgage guarantees from banks is also a more feasible way.

Second, choose loans based on different loan products from banks. In the selectionBank loanWhen products, small business owners may wish to address different loan requirements and loan terms for various loan products.Repayment, Interest rate fluctuations to understand more, analyze more and choose the loan products that are beneficial to you. Other financial institutions focused on financial services for small businesses have also created some loan products for small business owners. For example, in the case of Tyrone Bank, in order to meet the financial services needs of small and micro enterprises, the financing channels for small and micro enterprises will be broadened, and loans and bank card services will be used.Financial managementThe business and other areas actively explored and continuously innovated, and introduced small-business loan special products such as “finance e-loan”, “zero loan repayment”, and “electricity business loan”.

The relevant person in charge of the Tyrone Bank Shanghai Branch stated that for small businesses engaging in different industries and with different loan requirements such as loan term and loan method, Tyrone Bank will insist on differentiated product setup and tailored for small businesses. Different financial products with different time limits and different amounts are dedicated to providing more convenient, efficient and quality services for small and micro customers.

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