On a pragmatic note, the riots in Hong Kong created physical problems in conducting business due to street barricades and simple logistics of traveling to the office or to seeing clients. If instability from Hong Kong persists, there will be an increase in risk from the pragmatic as well as the technical side of commercial lending in great China. Under Chinese Rule, the Chief Executive Officer is still elected, but it is from a pool of three candidates that Beijing hand picks so you can see why Hong Kong is not happy. The current Chief Executive Officer of the Special Administrative Region of Hong Kong (aka Hong Kong SAR) used to be elected. In order to cultivate the smaller commercial lenders, there needs to be stability. Larger banks are the main source of factoring in Hong Kong and Asia at present, but their factoring services cannot be considered real invoice factoring. Although growing, factoring is still not a major source of financing for small businesses in HK so its growth could easily be derailed with political instability. Commercial lending has been the domain of banks in Hong Kong, but factoring companies do exist. Hong Kong has been a natural hub of competitive lending and liquidity for China through many well capitalized banks. This would be especially bad timing with the Chinese economy sputtering, high internal inflation, and their currency appreciation giving thought to many new companies to invest in other less expensive Asian and African countries. If President Xi pushes too hard against the separate system approach that China agreed to maintain when the British left, then commercial lending’s progress into the region may be derailed as well as many types of other new investments. In fact, it does and it jeopardizes many things because Hong Kong is still seen as the legitimate free market and financial gateway for China. Member Search: SFNet Annual Member Pricingĭoes Hong Kong’s instability jeopardize invoice factoring and trade financing in the greater China region.SFNet International Finance & Development Committee.Diversity, Equity and Inclusion Committee.SFNet Committee Articles, Data and News.SFNet Compendium of Secured Finance Law.Asset-Based Lending & Factoring Surveys.SFNet's Women in Secured Finance Conference.SFNet's International Lending Conference.SFNet Hall of Fame – Lifetime Achievement Awards 2022.SFNet Annual Convention 2021 COVID Statement. Am I Eligible for a Small Business Loan in Tampa?Īll small business loans are dependent upon the lender and loan type. Loans can be used for anything business related, including but not limited to: What Can Small Business Loans Be Used For? Some lenders do require collateral or cash flow depending on the loan type. Minimum credit score for borrower required is as low as 500. There is a minimum requirement for time in business of at least 6 months. Are Tampa Small Business Loans Hard To Get? Some of the most common industries we serve in Tampa include: Funds usually deposit into your business bank account in as little as one business day after signing all pertaining documentation.Īt Steer Financial, we provide small business loans to businesses in a number of industries. Once you agree upon loan terms, documents must be signed. Once your business is approved for a Tampa business loan, a loan specialist will present different options explaining loan terms, loan amount, and documentation needed in order to get funded. Some lenders from time to time tend to ask for business plans or future sales projections. Traditional bank lenders usually ask for full financial statements, tax returns, property or asset information, and business bank statements. The simplest credit applications are those of online alternative lenders than those of a traditional bank.Īlternative lenders usually ask for business and revenue information and the last three months of business bank statements. When applying for a small business loan in Tampa, small business owners must provide accurate information pertaining to both the company they are applying for and personal information on the loan credit application.
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