Getting Finance from Banks for your Startups

To get financing from your banks, you have to have a good score on your CTOS and CCRIS. CTOS is a private company which provides credit reporting and is widely used by financial institutions to determine an applicant’s creditworthiness aside from using CCRIS, an acronym for the Central Credit Reference Information System. You can log in to check via the websites by googling for them and see your own credit scores. If you are in the green region, it means banks are after you to loan you money as it shows you are a good paymaster and pay on time.

However, if you are in the red zone, then good luck to you in getting financing from banks for your startups. Many milliennials prefer to be their own boss to escape the drudgery of working for a boss that pays you enough so that you won’t resign with plenty of work and long hours. How do I know? I have been in this line before working from MNCs to banks, schools, etc.

Startups need financing to be successful initially with higher chance of making it in the first 5 years of doing business. It can be in the IT line offering web designing or business consultation and even legal firms or medical clinics. You will need ‘bullets’ or cash to run the show and pay for bills, rental, staff salaries, etc. Hence it is pertinent to brainstorm carefully what your strengths are and passion to start a company with loans from the banks for any startups.