It is quite easy to obtain a business loan in Azerbaijan. As long as you have a sound business plan — and you are creditworthy — it shouldn’t be too hard for you to obtain a business loan. There are banks that specialize in issuing business loans: which means that you will have an easy time applying for, and eventually obtaining the business loan. This is the case, even if you are an Azerbaijani national who has been out of the country for a while. It may be the case, for instance, that you spent some time in the USA. Even if you were a Walmart1 worker (that is, a Walmart associate) — which means that you had to go through the Walmart1 login page to get your paychecks — you can still get a loan to set up a business back in Azerbaijan. The specific steps you need to follow, while seeking to obtain a business loan in Azerbaijan include:
- Undertaking a business survey: the objective here is to figure out what sort of business you can set up in Azerbaijan. So this is a needs assessment exercise, where you try to find a niche where you can set up a successful business.
- Developing a business plan: this has to be a sound business plan – one that will persuade the lender to advance the business loan to you.
- Identifying the lender to borrow from: this should be a lender who (based on track record) is likely to give you the loan you need.
- Approaching the lender with a request for a loan: here, you just hold a preliminary interview with the lender, aiming to convince him to give you the loan application forms to fill in.
- Filling in the business loan application forms: the most important thing here is to ensure that you provide all the required information, and that you are truthful in the details you provide. Remember, the information you provide is likely to be counter-checked.
- Waiting for the loan decision: how long you will have to wait depends on the lender you are working with. With some lenders, you get a decision (as to whether you will be given the business loan) within a couple of days. With some other lenders, you have to wait for a couple of weeks, or even for a whole month, before a decision on whether to give you the business loan is arrived at. The most important thing here is to be patient, but keep on following up.
- Having the funds disbursed to your account: if the loan decision that is made is favorable to you, the loan funds will be credited to your account. You can then use those funds to finance the business you had in mind. The most important thing here is to ensure that you use the funds prudently, knowing that you will soon be called upon to repay the business loan.