ECCB Highlights Steps for Applying for Small Business Loans

Small and medium business owners who wish to apply for loans to expand their businesses have been given some clear steps to ensure that the process is seamless and successful.

Speaking on this week's episode of ECCB Connects, Senior Manager- Retail Banking at the Bank of Saint Lucia Limited, Arleta Rate Mitchel, explains several steps that are needed. She encourages business owners to ensure that their establishments are registered in their country of operation and to establish an operating account for the business. She notes the importance of keeping proper records in terms of income and expenses which helps business owners to understand what happens in their business on a daily basis.

Mitchel also points out that a business plan is a critical requirement when applying for a loan. In addition, a cash flow statement is also needed to support cash projections. She highlights that the absence of financial statements is one of the prevalent gaps when small business owners apply for a loan. "These documents are very important for lending institutions when deciding if a business qualifies for a loan" she says.

View the full discussion on the ECCB's social media platforms, using the handle ECCB Connects.

Media Contact: Shermalon Kirby, Director, Corporate Relations Department

Phone: (869) 465-2537 | Fax: (869) 465-9562

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