Guide on the Requirements for Security Bank Business Express Loan Offer for Application
REQUIREMENTS FOR SECURITY BANK BUSINESS EXPRESS LOAN – Here are the documents needed in applpying for the loan offer.
The Security Bank is one of the banks in the country with business loan offers. One of the offers is the Business Express Loan which was crafted to help address the short-term needs of businesses. It has a high maximum loanable amount, a maximum loan term of up to 36 months, and is non-collateral.
To be eligible to apply for the Business Express Loan offer of Security Bank, there are conditions and eligibility requirements set for the company or business and the business owner for application. You can check on the table below:
| The business must be… | The business owner must… | Every SME loan must be tied to the primary owner of the business; if partnerships/corporation… |
| a uly registered to operate as a business in the Philippines | have an existing account with Security Bank | an owner with simple majority must provide details and sign off on the loan application form, and ultimately be the signatory in the surety agreement prior to loan booking |
| operating for at least 3 years, and profitable for the latest 1 year | be a permanent resident in the Philippines | If simple majority is shared across multiple owners, only (1) of them is required to sign off on the loan |
| having no outstanding debt that exceeds 40% the company’s monthly income | at least 21 years old upon the loan application but not more than 65 years old upon the end of the loan term |
Aside from the eligibility requirements for the Security Bank Business Express Loan, there are some documents needed in applying for the Business Loan offer of Security Bank.
The documentary requirements for the Security Bank Business Express Loan offer for application varies if the loan applicant is a sole proprietorship or a partnership or corporation. You may check on the lists below:
For Sole Proprietorship Loan Applications:
- duly-accomplished and signed Security Bank Business Loan Application Form
- two (2) valid IDs with photo from primary applicant / owner / authorized signatory
- latest (1) year Audited Financial Statements
- latest Income Tax Return (ITR) with BIR stamp
- latest 6 months bank statement
- valid DTI Registration docs
- valid Business or Mayor’s Permit
- List of customers/suppliers and details about their dealings
For Partnership/Corporation Applications:
- duly-accomplished and signed Security Bank Business Loan Application Form
- latest ITR with BIR stamp
- valid DTI/SEC Registration documents and GIS
- copy of 2 valid IDs with photo from primary applicant / owner / authorized signatory
- latest (1) year Audited Financial Statements
- latest 6 months bank statement
- Partnership / Board Resolution
- List of customers/suppliers and details about their dealings
- Continuing Suretyship Agreement
- valid Business or Mayor’s Permit
To apply, go to a branch of Security Bank and submit your documents for the application. All loan applications are subject to the approval of the bank.
Aside from the business loan offer, the bank also offers a cash loan. You may visit – Security Bank Salary Loan: Minimum & Maximum Loanable Amounts You Can Borrow.