Start Your Small Business this Holiday

Some people may want to wait for their 13th-month pay or bonuses to start their businesses, but by then, they may already have the opportunities passed. If your money at the bank is not enough to finance your business, you have financing options to choose from, like the ones below:

Borrow money from friends and family.

This requires no collateral aside from a good relationship with your friends and family. As long as you pay them back based on your agreed terms, there should be no problems.

Use your credit card.

If you have a credit card, you can do a cash advance transaction for your small business. No need for a lengthy loan application process. Just take note of the terms to avoid high penalties and interest rates.

Avail of a personal loan.

Though it is called a “personal loan” no one is stopping you from using it for your business, as long as you know how to manage your finances. A personal loan is offered by banks to individuals with a good credit history, so be sure you have one.

Pawn your assets.

If you have assets that you are willing to let go temporarily, like jewelry or luxury bags, you can pawn them and get them back once your business earns profits.

Avail yourself of small business loans.

Esquire Financing Inc. or EFI provides loans to small businesses. EFI offers no collateral loan in the Philippines with flexible loan terms and only minimal documentary requirements. Borrow up to P10 million, which you can claim in 7 days or even less.

Source: www.esquire.com.ph