You must have come by several private bodies offering credit facilities. You may even be benefiting from such credit facilities now. Banks and some lending houses are well involved in this. Aside these private bodies, there are also some government bodies that are well involved in providing credit facilities. This means you can get credit facilities from government agencies the same way you get it from private bodies. The federal credits can be used for setting up any business you desire. But before you can benefit from the credit facilities made available the government, there are some criteria you are expected to meet. These criteria will be highlighted below.
How old are you?
Only adults are permitted to participate in the federal credits program. You are expected to be up to 21 years old before you can ever apply for the credit facility. A teenager or someone younger than 21 is rarely considered for the credit facility. At 21, you should have graduated from college and be able to take up responsibilities. Someone younger than 21 is considered as immature for this credit facility.
What is your source of income?
Anyone applying for the federal credits is expected to have a means of livelihood; he is expected to have a job with which he can repay the money he is taking as loan from the federal government. A jobless person is therefore not counted worthy of this offer; since such a loan may become bad debt. You are expected to provide information on your means of livelihood before you can be given the loan.
What is your tax status?
Do you pay tax consistently or you are a tax defaulter? If you belong to the later group, you may never be able to benefit from the credit facility. Before you are ever considered for the federal credits, you are expected to provide your tax report for the current financial year.
What is your credit standing?
Those with poor credit standing may never be able to benefit from the federal credits. You are required to submit your credit report. The appropriateness of the documents will determine if you are eligible for the credit facility.
