Then read further at the rules of them applied for the so-called start up. 3 years in operation. Can a 3 year old company be called a start up? If I can manage my business for 3 years, it probably cant be in the start up stage, otherwise it means the company is doomed. And the time when a start up needed fund must be right at the start of the venture, the bank want to wait 3 years to see if u survive and then come in as a white knight?
By then, you probably have taken some black market fund if u needed money, or u have done so well to survive the 3 years and ignore the bank's offer. Afterall, after 3 years, I would qualify myself to other sources.
These are some weird rules that I always observed in Thai banks. Companies with good track record and profits would be the least to need your facilities. The bank should be less conservative and look at the business feasibility of the company instead for financing.
I once had a trade deal that everything was tied up and it generate some good profit. I need a turn round facility, after I presented my business plan, documentation to the deals and even a confirmation from customer with a trade L/C, the banks here turned me down because my company was less than 3 years old. At the end, I had to turn the deal to a bank outside Thailand and the bank said it was a easy task for them.
Today I had managed the recurrent deals for more than 2 years and the bank is pleased that they facilitated me earlier. At my stage, the Thai banks came knocking on my doors to offer me facilities and I politely told them, when I need you most, you turn me away; today i dont need you anymore because I found the right bank for myself.
What I find baffling is that if you have any foreign directors, you can't get a loan or a company credit card. So no bridging finance, borrowing money against you receivables or paying for anything on line.
Oh wait, what I really find baffling is how our administrator can deposit a cheque made out to me into the company account.
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