Standards to Be Matched for Receiving Gas Station Loans
When there is a word out for sanctioning of funds to operate a gas station, lenders take a plunge to discover the condition in which the Gas Station is running, the revenue it can generate, the repairs that are necessary and the time span for which the station can operate. Depending on such factors, financers determine the amount that can be given out as loans.
Following are the grounds based on which Gas station loans Entrepreneurs. People who aspire to find fund-flow should match the standards as discussed below.
Tax Returns Complete for At-least 3 Years Duration - Business and personal tax returns should be complete for at-least 3 year duration. Lenders want to see their borrowers in a sound state and they should have completed all formalities as regards to tax returns. It is very obvious that people who care to make tax returns in time will also take care to make timely repayment of loans. Whatever may be the odds in front of them, they won't falter when it is time to return borrowed money.
Submitted Personal Financial Statement - The financial statement, complete in every respect, should be submitted by the station owner. This is mandatory and the owner has to do it within 60 days of applying for loans. The station owner should check out whether his statement meets all clauses and is good enough to stand up to the expectations of financiers. Only applications with sound personal statements find approval from lenders.
Supplier Agreement - The application should also carry a supplier agreement. This document should speak about the supplier's willingness to provide oil, gas, petroleum to the gas filling ground whenever required. When there is such a confirmation from the supplier's end, then it is for sure that the platform will be in a position to provide good service to its customers. When unhindered service is provided, then obviously, the filling-ground finds recognition and is trusted by lenders for they start to believe that it will flourish and make good profits.
Phase Wise Report - Lenders who give out small business loans to gas station entrepreneurs want to see phase-wise report of progress. The first phase report should indicate sufficient progress of the pump and should point to an equally satisfactory second phase report. The financer's mind should be put at ease on seeing the first report as then it won't impose any drastic steps. When the second report comes up it should be convincing and sufficiently satisfactory.
Land Purchase Documents - It is good to furnish documents of land purchase as they serve as relevant documents to be used as collaterals against the money loaned. The land purchase document should be transparent and should clearly indicate when the plot was purchased and to whom it has been allotted to. The land document gives the financier the confidence to give out large sums as funds to a station owner. Then the money can be used to either renovate or improve a gas re-filling ground. Land document is good security that in case there is default from the borrower's end, the lender will be able to get return of the lent amount.
Following are the grounds based on which Gas station loans Entrepreneurs. People who aspire to find fund-flow should match the standards as discussed below.
Tax Returns Complete for At-least 3 Years Duration - Business and personal tax returns should be complete for at-least 3 year duration. Lenders want to see their borrowers in a sound state and they should have completed all formalities as regards to tax returns. It is very obvious that people who care to make tax returns in time will also take care to make timely repayment of loans. Whatever may be the odds in front of them, they won't falter when it is time to return borrowed money.
Submitted Personal Financial Statement - The financial statement, complete in every respect, should be submitted by the station owner. This is mandatory and the owner has to do it within 60 days of applying for loans. The station owner should check out whether his statement meets all clauses and is good enough to stand up to the expectations of financiers. Only applications with sound personal statements find approval from lenders.
Supplier Agreement - The application should also carry a supplier agreement. This document should speak about the supplier's willingness to provide oil, gas, petroleum to the gas filling ground whenever required. When there is such a confirmation from the supplier's end, then it is for sure that the platform will be in a position to provide good service to its customers. When unhindered service is provided, then obviously, the filling-ground finds recognition and is trusted by lenders for they start to believe that it will flourish and make good profits.
Phase Wise Report - Lenders who give out small business loans to gas station entrepreneurs want to see phase-wise report of progress. The first phase report should indicate sufficient progress of the pump and should point to an equally satisfactory second phase report. The financer's mind should be put at ease on seeing the first report as then it won't impose any drastic steps. When the second report comes up it should be convincing and sufficiently satisfactory.
Land Purchase Documents - It is good to furnish documents of land purchase as they serve as relevant documents to be used as collaterals against the money loaned. The land purchase document should be transparent and should clearly indicate when the plot was purchased and to whom it has been allotted to. The land document gives the financier the confidence to give out large sums as funds to a station owner. Then the money can be used to either renovate or improve a gas re-filling ground. Land document is good security that in case there is default from the borrower's end, the lender will be able to get return of the lent amount.