Being a member of a development cooperative has helped me a lot in my financial aspects. I have tried taking out a loan several times and I was so happy with the outcome. My main reason of investing some money in a development cooperative is to take out a loan for my business expansion. Three years ago I have a small internet café. My aunt encourages me on how it can help me in my business. There are different types of loan that a member can avail. Since I have a small business I applied for a productive loan. There is a loan policy for every member. The amount of the loan that can be approved depends on your share capital or investment, loan class standing and the type/ history of your business. It truly helped my small business in the expansion.
Advantages of taking out a loan for business
• The loan amount can be a great help for your business expansion. If you expand your business possibly your income will improve.
• You can use the loan amount for any additional products and services for your business. Aside from the additional income that it may bring to your business, there will be more happy customers for the additional products and services.
• If you take out a loan for your business, it may help you to become more eager to work hard to pay your loan in time and with that attitude you will find yourself earning more. It may lead you to become successful.
• Taking out a loan and paying in time is a good credibility that you can build with banks, development cooperative or any financial institutions. That means that if you plan to apply for loan, it will be easy for them to track your good record and get approved.
The Productive loan just like the Asset-Based Loans are some types of loans that may help an individual to pursue their business progress.
I am participating in a blogger campaign by Bucks2Blog in behalf of Celtic bank company and was compensated. However, the views and opinions are my own.