Company founders face major challenges that demand a lot. Many questions need to be answered in advance and important decisions made before a company can start successfully.
This applies in particular to financing, because company founders can rarely finance everything from their own resources. However, start-ups are associated with risks, and risks make banks very skeptical about lending.
The question arises in advance as to which conditions the bank associates with a loan and, if these cannot be met, where alternatives for a loan for company founders can be found.
Careful planning is half the way to getting a loan
Before banks grant a loan to company founders, they want to ensure that in the future, as likely as possible, an income will also be generated with which the loan can be repaid.
A key criterion here is the applicant’s qualifications and professional competence. It is therefore checked whether he has the relevant qualifications or professional experience that enables him to run a company. Vocational training can be just as helpful as an academic degree.
The bank should also be able to easily recognize that the applicant has given sufficient thought to his project. Specifically, this manifests itself in the existence of a business plan, which should also contain a corresponding financial plan. The latter gives information about which funds are needed where and when in the company.
Based on the information provided in the business plan, certain key figures can then be calculated, which also allow conclusions to be drawn about how the loan service can be planned. Sales figures and cash flow play an important role, for example, but can only be estimated at first.
It will only be possible to provide specific figures after the loan has been granted, which is why it is not uncommon for the bank to reject a loan for business founders.
Cheap promotional loans for company founders
As an alternative to the house bank, a loan for company founders can also be taken out from a lending company, which should even be given higher priority given the conditions. Because lender not only offers comparatively low interest rates, but also attractive conditions such as repayment-free start-up times, which can make the start-up phase much easier for the young company.
The lender entry fee, with which investments in fixed and current assets can be financed with up to 100,000 dollars, is ideally suited for this purpose. With a five-year term, the effective interest rate here is only 3.71%.
In addition, there is an 80 percent exemption from the house bank’s liability, which considerably simplifies access to the loan and does not require collateral and own funds. The application for this loan for company founders can be made directly at your own bank.