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Saturday, 28 January 2017

How to get bank loan for your export business

How to get bank loan for your export businessHere are some basic requirements for export loan in any bank:

1.      Export license: you need to have an export license; you cannot be in export business without one. You will find requirements and procedure to get your own export license here.

2.      Business feasibility plan: you need a business plan to show the long/short term feasibility of the business.
3.      A certified true copy of Certificate of Incorporation
4.      A valid export contract: This is to show that, yes, you have a buyer for the commodity you intend to export.
5.      Acceptable payment instrument: A payment instrument is a guarantee that you will get your money at the end of the transaction. Among the various payment instruments available, Letter of Credit is more acceptable.
6.      Bank financial statements

7.      Evidence of previous exports 
To recap, for you to apply for and get export loan, you must have been in the export business for a while. But how do you raise money for your very first export trade?

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