Thinking of putting up a small business? You can get a chance to open your store and earn from selling goods. To have a capital, one of your potential option is through a borrower account.
Options for Funding
A sari-sari store loan in the Philippines involve putting up a store, buying the supply inventory and establishing an advertisement medium. You can choose any of the following options when you apply for an account.
Financial Apps
How can I apply for a sari sari store capital to get started? One way to fund your business is by borrowing money from e-wallet apps. If you have a verified account, it would be much easier to file. Simply proceed to the Gloan or Gcredit and specify the amount.
Maya has a similar option where you can borrow up to Php 30,000 if you are qualified. The Maya Credit button and apply.
Credit Card
Another way to have a capital for the store is through a credit card. If you have an existing one, a cash advance may be initiated within your credit limit. On the other hand, you may have a special arrangement with another person who is willing to lend you through his or her card.
Some credit cards have ongoing promos where you can apply for a loan with no documents required. You can avail up to Php 20,000 with a minimal interest of about 0.75% add on.
Banks
Do banks offer lending for small business? While it may not specifically involve a store as the point of lending money, you can convert a personal loan to whatever type of spending you will use it. In this regard, you have to formally apply for by submitting the requirements.
There is no guarantee that you will get an approval. It is best to gather all the documents required and evaluate yourself whether you qualify at a minimum.
Payment Terms
Depending on your capacity to pay, the usual duration of payment starts from 6 months to 36 months. Remember that the higher the amount of borrowed money, the longer it may take to be repaid.
Also, the length of payment will affect the overall interest that you will have to consider. Sari-sari stores may take longer to get return of investment depending on the number of customers. Consider having the term within your means to return the initial investment.
Store Expenses
To help you estimate the necessary capital, here are some of the expenses that you may consider.
- Location (owned or rented)
- Utility bills for the store like electricity and water supply
- Inventory supply from softdrinks, snacks, canned goods
- Establishment of e-load business as a supplement
Having an additional source of income is a good way to live a comfortable life. With a small store, you may experience a sense of fulfillment by doing the thing that you love while earning on the side.