Sterling Bank Business Loans — How To Apply & the Requirements You Must Prepare

Guide on Sterling Bank Business Loans Features & Application

STERLING BANK BUSINESS LOANS – You can check here a guide on how to apply for the loan offers and the requirements.

No matter how big a business may be, there are instances when giant businesses also need additional fund resources. That is why business owners turn to business loan offers provided by the different entities. One of the trusted entities with multiple loan offers is the Sterling Bank of Asia.

The Sterling Bank of Asia actually has multiple loan offers. Aside from the Sterling Bank Home Loan, the Sterling Bank of Asia Personal Loan, and the Sterling Bank Auto Loan, the bank also has multiple loan offers which you can check below.

Here are the Sterling Bank business loans and their special features:

Short Term Loans

Under the offer, you can boost and meet your working capital requirements like the inventory and the receivables by availing a short-term cash loan. The maximum loan repayment is up to one (1) year.

Trade Check Discounting

This is a “loan versus the post-dated checks issued by the borrower’s customers”.

Developmental Loan

This loan is extended to real estate developers for the development of real estate properties which may fund the costs of excavation work, construction, and infrastructure building.

Standby LC or Bank Guarantee

Also one of the Sterling Bank business loans is the Standby LC which is a contingent loan “used to guarantee the borrower’s performance to a third-party beneficiary on a domestic contract obligation”.

Term Loan

In case your company is in need of some money to fund its capital expenditures, you may apply for the Term Loan with a longer maximum loan repayment. The loan can be repaid between five (5) to seven (7) years.

Domestic LC/ TR

The Domestic LC works like the Import LC with a slight difference in terms of the suppliers. Under this business loan offer, the suppliers are within the country.

Import Letter of Credit (LC) & Trust Receipt (TR)

According to the bank, the “LC is a contingent loan used to guarantee payment to foreign suppliers”.

Who are qualified to apply for the Sterling Bank business loans? The Sterling Bank of Asia has set some eligibility requirements for qualification to the loan offer. A company must meet the following qualifications set by the bank:

• Major principal owner/s must be a residing Filipino Citizen
• Major principal owner/s must be at least 21 years of age at the time of application and not more than 65 years of age upon maturity of the loan
• Must be duly registered to operate as a business in the Philippines for at least 3 years;
• Must have profitable operations in the past 3 years
• Must have no adverse credit findings on the company and its principals

With regards to the documents required in applying for the Sterling Bank business loans, there are varying requirements among single proprietorships and corporations. Here is a guide on the documents required by the bank for application: