Our company needed a business investment loan and started researching commercial banks of Mongolia. We met with many banks during this time, but the interest rates and lending terms were not suitable for our business.
TransBank, however, was able to provide competitive interest rates and flexible terms, ideal for our needs. Our experience of working with TransBank has been very positive. Their staff has been very responsive, and their fast service has helped us to save time.
I think there are two critical things to do when it comes to getting support from financial institutions.
First, it is important that the documents meet the loan requirements and the bank's terms and conditions. Then you have the opportunity to seek financial support and a loan. The bank, of course, has its eligibility criteria, and without meeting those criteria, it is impossible to get financial help.
Second, the company should have an excellent business plan and strategy. Also, it is necessary to demonstrate that your company has the financial discipline to manage its loan funding prudently. While good collateral and expertly written contracts are essential, the bank must, first of all, have complete confidence and trust in the borrower.
Since our partnership started, our business has been expanding day by day.