She may use the milk from goats or eggs from chickens to both nourish her family and sell to others in her community. In case a lending company engages in other businesses, it shall maintain separate books of accounts for these businesses.
If you're hoping to make money on your loan, you may want to consider lending to young go-getters who lack the credit history they need to get a conventional loan.
Lending companies are also synonymous with lending investors. STEP 3. You will need only three employees if you are just starting and each of them has a critical role.
For business loans, you may start from Php 50, Just lend smaller amounts with short payment terms. Once you entered your e-mail address, you need to login to your e-mail account and click the link to confirm your subscription.
Study your target market. Maintenance of Books of Accounts and Records Every lending company shall maintain books of accounts and records as may be required by the SEC and prescribed by the Bureau of Internal Revenue and other government agencies.
A small sum of money may buy her enough for a few animals, which she can then raise to provide for her family.
For-profit institutions may charge a high rate of interest to mitigate financial risks should the borrower default on their loans. Ask them about their business plan, and look to see how much effort went into their model.
Know the current legal requirements.