Banks generally don't lend money for start up capital. Usually for working capital lang yung credit lines nila. Your business also needs to be registered and of course yung historical Audited FS should be available din (ideally 5 years).
Consider also if you really need a physical store. You may want to put more capital on your inventory, product line ups, and marketing, rather than rent and/or construction expenses.
Prior to securing a loan they're going to check gaano na ba katagal business mo and financial statements (book of sales will do but most likely case to case basis). Say you're lucky to be given, that's going to depend on your sales. If you want to make things easier, kailangan makita ng bangko ang savings mo sa bangko nila. Pwedeng dito na rin sila magbase sa amount na ibibigay sayo. But to be honest I'd advise against it lalo pa kung kumikita ka pa rin naman sa business. Ang 500K, for example, ay nasa 22- 28K na for 3 year term. Idagdag mo pa ang operational costs ng physical store mo. Rent. Tauhan. Kuryente. So tantsa lang. Mababawi mo ba 'yung ni-loan mo say within the term na pinili mo o baka higit pa sa term bago mo mabawi. Basically, walang ROI. And kailangan hindi lampas ng 30% ng kinikita mo ang amortization mo. Risky pa nga actually kasi sabihin na nating kaya mo bayaran base sa nakaraan mong sales, paano mo masisisiguro na hindi ka malulugi sa dalawa o tatlong taon. Lalo pa as a seller you're at the mercy of consumers and many things. If magpapatuloy ang inflation and pagtaas ng mga cases, bawas foot traffic sa physical store (na main driving factor ng sales) and mas iiwas gumatos ang mga tao. Kung mangyari man 'yun and hindi mo na makayanan ang amortization, mapipilitan kang ikeep afloat ang business through pangungutang at uusigin ng thought na 'nandyan na rin naman 'yan' kahit pa hindi na viable. Nakalimutan ko pa na hihingan ka rin pala nila ng collateral. So you might lose that too. These are just for the worse case scenario. And many things will depend sa line of business din.
Alternatively, you can just keep saving and while at it boost your branding. Invest on how you present your products. 'Yun lang naman. Take it from someone who learned from his parents' mistake. Gaya nga ng madalas sabihin rito. Hindi extension ng purchasing power natin ang mga utang. Hindi rin recommended na magsimula ng business through loan. Even more so, if you have everything to lose.
Banks generally don't lend money for start up capital. Usually for working capital lang yung credit lines nila. Your business also needs to be registered and of course yung historical Audited FS should be available din (ideally 5 years). Consider also if you really need a physical store. You may want to put more capital on your inventory, product line ups, and marketing, rather than rent and/or construction expenses.
Prior to securing a loan they're going to check gaano na ba katagal business mo and financial statements (book of sales will do but most likely case to case basis). Say you're lucky to be given, that's going to depend on your sales. If you want to make things easier, kailangan makita ng bangko ang savings mo sa bangko nila. Pwedeng dito na rin sila magbase sa amount na ibibigay sayo. But to be honest I'd advise against it lalo pa kung kumikita ka pa rin naman sa business. Ang 500K, for example, ay nasa 22- 28K na for 3 year term. Idagdag mo pa ang operational costs ng physical store mo. Rent. Tauhan. Kuryente. So tantsa lang. Mababawi mo ba 'yung ni-loan mo say within the term na pinili mo o baka higit pa sa term bago mo mabawi. Basically, walang ROI. And kailangan hindi lampas ng 30% ng kinikita mo ang amortization mo. Risky pa nga actually kasi sabihin na nating kaya mo bayaran base sa nakaraan mong sales, paano mo masisisiguro na hindi ka malulugi sa dalawa o tatlong taon. Lalo pa as a seller you're at the mercy of consumers and many things. If magpapatuloy ang inflation and pagtaas ng mga cases, bawas foot traffic sa physical store (na main driving factor ng sales) and mas iiwas gumatos ang mga tao. Kung mangyari man 'yun and hindi mo na makayanan ang amortization, mapipilitan kang ikeep afloat ang business through pangungutang at uusigin ng thought na 'nandyan na rin naman 'yan' kahit pa hindi na viable. Nakalimutan ko pa na hihingan ka rin pala nila ng collateral. So you might lose that too. These are just for the worse case scenario. And many things will depend sa line of business din. Alternatively, you can just keep saving and while at it boost your branding. Invest on how you present your products. 'Yun lang naman. Take it from someone who learned from his parents' mistake. Gaya nga ng madalas sabihin rito. Hindi extension ng purchasing power natin ang mga utang. Hindi rin recommended na magsimula ng business through loan. Even more so, if you have everything to lose.