When do you make the first payment on a business loan? - first time business loan
A friend and I want to establish our own business and change $ 225,000 for construction and operating costs. If a bank wants to repay your loan? It will take some time for enough customers to pay the expenses, salaries and payment of the loan. How does it work? Do you have a bank loan payment epect really from day one? Do you increase your loan request to have cash reserves to make loan payments and other expenses?
Thank you for any help!
Saturday, January 9, 2010
First Time Business Loan When Do You Make The First Payment On A Business Loan?
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2 comments:
It depends on what kind of loan you have. You could do negotiations with the bank to pay in the first six months of 30,60,90, or even an entire year. You really need to look at your loan agreement and know when, or even better, if you have a loan, but then negotiate with the financial institution to find out when. It helps to make a good business plan or proposal with you in detail, should explain what type of revenue, and have, how often and what methods to use to attract customers.
What type of business you run. If you accept credit cards, it's just that the tree could take years, and then you take your line of credit against their credit card transactions. It will save lots of money at interest and may want to always be accessible. Hope this helps.
Depending on the conditions of the loan, usually begin payments within 30-45 days.
Some loans are written for the annual payments, some have a delayed start.
Must be used as part of the loan package negotiated.
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