What are those techniques or tips of marketing system, legal system and etc…Kindly pls. It is a strategy used to combat poverty particularly in the rural areas. There are several approaches to engaging in microfinancing. Partnering with these organizations will provide you logistics, knowledge and support in pursuing this endeavor.
This venture, if properly run, is very lucrative as the demand for cash is present in almost every community. People and small businesses go to micro-lenders even if the interest rate is higher than banks. The first and most important reason is the difficulty in obtaining small loans from banks.
Secondly, when the need is urgent, banks cannot beat the instant availability of cash offered by micro-lenders. Third is that micro-lenders usually do not require collateral, while banks generally need to have collateral before they release the loan.
If you are going to start your own lending company, here are the steps to take: Comply with registration requirements. You will need a minimum of one million pesos paid-up capital. Know the current legal requirements. Note that there are other laws that should be complied with.
Study your target market. This is essential to guide you on where to locate your business, your renovation expenses, marketing and other matters. Know where there are the best opportunities and the least competition.
Even the way your office looks would have to be in accordance with the income bracket of your target market. Your study of the market would also be very useful to determine the type of loans to offer. Hire the right employees. You will need only three employees if you are just starting and each of them has a critical role.
There must be a loan application processor, collector and bookkeeper. Your loan processor and bookkeeper must have a meticulous personality. A single mistake and you may be unable to recover your loan or, in the case of the bookkeeper, get you into trouble with the regulatory agencies.
Your collector must have both patience and firmness at the same time in dealing with your clients. Remember to be careful in selecting your employees because it will be almost impossible to change their personality if you find them unsuitable for the position.
Learn how to screen and collect from clients. This is actually the core competence that you must develop in order to be successful in money-lending. Know what borrowers you must avoid and how to detect them.
In the matter of collection, it is vital to know what you can legally do to avoid complications. Recently, the small claims court was established for loans whose principal is not more than P, This may save you money because no lawyers are allowed in the proceedings.
Micro-lending can be your passport to riches, but like all ventures, you need to know how to operate the business. To know more about this business, BusinessCoach, Inc. Contact 0202or visit www.Bank of Makati (A Savings Bank) Inc. said it is leveraging on the positive outlook for the motorcycle industry in the Philippines as it steps up efforts to become the bank of choice of micro.
Starting Your Own Money Lending Business. comments; 6 expert advice; I am interested of starting a money lending business here in Philippines. can you provide me some template for our SEC registration? he is willing to send you all the steps in the process to do yourself and the small business plan all for US$ to cover his.
Start Your Own Micro-lending Business. A micro-lending business is one that lends small amounts of money, usually to individuals or micro businesses. This venture, if properly run, is very lucrative as the demand for cash is .
The Individual Loan Assistance Program (ILAP), on the other hand, offers loans from PPhp 50, to Php , to small entrepreneurs who want to expand their business.
They have branches all over the Philippines but the main headquarters is in Antipolo St., Guadalupe Nuevo Makati City. How to Start a MicroLending Business. PB; Business Ideas; 2 Nov, ; 40; can u send me business plan thnx.
mark says: 01/16/ at pm. Magandang business ang food trucks. I think Bontella offers Customized food trucks for low cost! Anyone here has a single proprietor of micro lending business please email me.
. Aug 27, · How to Start a Money Lending Business. If you want to start a money lending business, you will need to decide what kinds of loans you want to make—payday, mortgage, or installment loans. You may choose to start a lending business using o 94%().