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| SME-Part A-Lecture 7-ageconbd.com |
The previous lecture was about the Bangladesh Council of Scientific and Industrial Research(BCSIR).
a. Deciding a decision
b. Form of Business
c. Type of Business
d. Name Clearance
e. Location of Business
f. Trade license and other documents
g. Bank accounts and business team
a. Deciding a decision:
One has to decide what he is to be-employee or businessman.
b. Form of Business:
3 forms of business are sole proprietorship, partnership, and corporation. One has to pick a form of business.
c. Type of Business:
3 types of business are service business, merchandising business, and manufacturing business. One has to choose a type of business
d. Name Clearance:
One has to clear one's company name as a business name. One has to register the company name in the Registrar of Joint Stock Companies and Firms(RJSC).
e. Location of Business:
The traffic system is related to the location selection. Good traffic system gives smooth transportation facilities, customers' and suppliers' convenience. The service business is especially dependent on the traffic system.
f. Trade License and other documents:
A company has to pay a certain amount of money to the government for getting a trade license for the company.
g. Bank account and business team:
A company has to open a bank account for various purposes. For instance, bank transactions occur during the import and export of raw materials, machinery, etc. The business team is responsible for running the company.
Considerable prospectus about SME Loan Process:
1. Tracking and Preparing of Business Information
2. Recording sales records as well as inventory
3. Key Buyers
4. Application Process
5. Import and Export Registration Certificate
6. Nominee in deposit and guarantor in loan
7. Showing Memorandum and Articles of Association Certificate
1. Tracking and Preparing of Business Information
One has to query for which documents are necessary for a loan. Mandatory documents and special documents for special business is required for the loan. For instance, a trade license is a must for any kind of business. Drug license is a must for the pharmaceutical business. BSTI license is required for the food-related business.
2. Recording sales records as well as inventory
Bank management considers money back for a loan. For this purpose, the bank asks recording sales records as well as inventory.
3.Key Buyers
Buyers' information is required for a loan.
4. Application Process:
Bank gives an application form and a checklist exists in the application form. The checklist includes:
a. Trade license
b. Bank account
c. Drug-license
d. BSTI license etc
5. Import and Export Registration Certificate
It is required for a loan because a bank checks the import and export registration certificate.
6.Nominee in deposit and Guarantor in loan
Bangladesh Bank runs the Credit Information Bureau(CIB).In the case of a loan, Bangladesh Bank checks the list, loan condition of borrowers, amount of borrowing money, number of borrowing days, existing running loan, etc.
7. Showing Memorandum and Articles of Association Certificate
The Memorandum of Association is a document and it establishes a company. The Articles of Association determine how the company is run, governed, and owned. A bank checks the Memorandum and Articles of Association Certificate in considering a loan.
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