How do you get a loan for company founders?
Usually, an entrepreneur does not have enough capital to put the financing of his business idea into action. As a rule, he needs a loan for company founders. There are several ways to get credit for company founders.
Here, the company founder has two types of loans to choose from – the Intrasavings bankstart-up loan “Startgeld” and the Intrasavings bankstart-up loan “Universell”. The entry fee is limited to a credit line of 100,000 euros and the credit universal on a credit line of 10 million. The annual percentage rate of interest here is 3.71%, depending on the amount of the loan. Basically, the application for these loans is made through the house bank. Requirements for these loans are that the entrepreneur is not self-employed for more than 3 years.
Self-employment, which was hitherto only practiced on a part-time basis but should be transferred to full employment, can be financed through the Intrasavings bankstart-up loans. It is important for these loans that they are used exclusively for the financing of resources and investments, so they are earmarked by the borrower to use. The start-up loans also give the borrower the opportunity to repay the loan in the first few years in order to put the newly-founded company on a solid footing.
The term of these loans is usually between 5 and 10 years. For the application are primarily a credit bureau information and a credit check required. Other prerequisites for obtaining this loan for company founders are a coherent business and investment plan. In addition, both a well thought-out liquidity forecast and a plausible profitability calculation for the credit for entrepreneurs are required. A big advantage of the Intrasavings bankstart-up loans is that the risk for the respective house bank is very low, because 80% of the loan liability of the loan amount is covered by the Intrasavings bank.
Under certain circumstances, it is also possible, especially for small sums, to get a installment loan from the house bank. However, for this credit for entrepreneurs, the borrower usually has to deposit collateral such as a life insurance or provide a guarantor who can provide sufficient liquidity for the loan amount.
Without the collateral listed above, it is impossible to obtain credit for entrepreneurs, because founders are one of the largest risk groups for lending to financial institutions. Here, for example, the annual percentage rate of interest varies between 4.74% for Targo Bank and 5.99% for easy credit, depending on the loan amount and the term of the loan.
Overall, a company founder should always use expert assistance for his project. A good accountant can be a great relief here.