Yula.la News

When keeping your business afloat, a business loan surely is one of your options, whether you need it to enhance your product or services or you just need a backup for your business. Laos does have banks that allow you to take a loan for your business, especially small businesses.

Here in yula.la, we have a listing of banks that you can consider when you want to take a business loan. Check out the Yula.la finance page now and get your dream loan! 

If you are still curious about the business loan in Laos, here is the guide for you to start securing funding for your business.

1. Requirements

The lenders need to evaluate the borrower to calculate the risk, they usually look into your Credit score, Years in business (required at least one year), Annual revenue, and ability to make payments.

2. Specify your objectives and the amount

It is very important that you have a clear vision for your business, you need to convince the lenders that the loan will be invested for the better. You also have to specify the amount you want to borrow, this is the ensure that you have the ability to pay it back

3. Term loan

Take the lender’s loan term into your consideration, see how long the loan will last if you make the minimum payment each month. Don’t forget to look into any additional terms and conditions listed under the loan terms. Leave your choice open when you look into the lenders or banks since you need thorough research on the terms that will match your need.

4.Documents

Most banks in Laos, usually require you to bring:

- Permanent Address

- Copies of your business registration, latest Tax registration, and other relevant registrations.

- Copies of your identification documents (ID Card, Passport, Family Book)

- Business Plan (following the lender/banks form)

- Business financial statements

- A copy of the collateral certificate: Land certificate, bank account statement

- Have a regular and adequate income to cover household expenses and repay the bank

These are the bases that you need to keep in mind when taking for your business in Laos, visualize how your business will go, in what directions and how long can you keep your business going with the loan term. There are banks that offer business loan packages, so do check out our listing for business loans at www.yula.la/en/finance

Written By: Vanida Souvannavong