A bank loan allows you to realise your plans to raise capital for investment, home purchase, construction, renovation or expansion, among other needs.
Our goal is to prepare you so that when you apply for a loan, you know in detail the requirements that you need to prepare yourself before submitting your application to the financial institution of your choice.
Many banks today offer very competitive interest rates and various options are available to suit your needs. You can pay them back in the short or long term, they can be taken in local currency or in US dollars.
Applying for a loan is a financial alternative you can count on, if you manage it well and plan ahead, it can bring you very beneficial results. To do this, you need to measure your current financial status, identify your financial goals and the steps you need to take to reach the next level.
Every loan starts with filling out an application to a banking institution, which will carefully review your data, including your credit history, the constituent documents of your company, the amount requested and the guarantees you offer. Based on the information gathered, they will decide whether or not to approve you.
If approved, they will explain the specific terms of the loan, including the amount or limit of money that will be provided, the amounts to be repaid, repayment frequency and interest rates.
Usually the bank or lender will send you a statement or invoice, which you must pay on time as agreed, thus avoiding penalties and maintaining a good credit history.
Each banking institution may have its own list of requirements for a company to apply for a commercial loan, but they can be summarised as follows:
For Companies:
– Assembly of incorporation of your company
– Last ordinary assembly
– RNC
– Latest balance sheet
– Registration at the Chamber of Commerce
– Bank current account and credit card statements
– Identity documents of major shareholders
– Authorisation to persons to enter into the bank loan contract
For Individuals:
– Identity card or passport
– Second personal photo ID (for foreigners)
– Last tax return
– Letter of employment or Certification of income
– Bank references
– Last 4 months of bank movements
– Bank current account and credit card statements
In any case, our main recommendation when applying for a bank loan is to analyse exactly your level of financial needs and go to your bank of confidence to request personalised and professional assistance from an account executive.
To analyse the proposal of the different banks in the Dominican Republic we recommend you to visit www.bancosdominicanos.net
