Do you need a business loan soon? For many entrepreneurs it is still quite difficult to borrow money. Sometimes it’s like looking for a pin in the haystack. You have to meet an enormous number of conditions at most banks if you want to be able to take out a business loan or credit. We have selected things for entrepreneurs and found that you can view your application faster through a smart system.
At banks and many lenders, you end up in a time-consuming procedure if you, as an entrepreneur, apply for a business loan. With Bank Loan, however, you have the guarantee that your application will be assessed at lightning speed. They use a system that they call the ‘credit scoring system’. All applications from entrepreneurs are in fact automatically analyzed with which an expert ultimately assesses them. This has the advantage for you that you may be accepted much faster and therefore can use your business credit faster.
Borrowing business money appears to be very difficult
More and more often we hear reports from frustrated entrepreneurs that they can’t borrow money anywhere. It is difficult for many freelancers and SMEs to convince banks and lenders that they can meet the obligations associated with borrowing money. It is traditional lenders and banks in particular who have difficulty in lending to businesses.
Difficult for the self-employed
Small self-employed people or new companies in particular can usually shake it. Still very strange, especially when you realize that the Dutch economy is dependent on freelancers and SMEs in everything. They are the engine of the economy. Did you know that sixty percent of entrepreneurs in the Netherlands are looking for corporate finance? And that a large percentage ultimately fails? Bank Loan does not think this is possible. With them, the chance that you will be accepted as an entrepreneur is much greater.
Lower interest with Bank Loan
We discovered that the chance of low interest rates is greatest at Bank Loan. Compare their interest rates with other banks. You take out flexible loans with them with a maximum of € 250,000. You could use this amount as a bridging loan. Build up a product stock or purchase goods (such as machines, company cars, etc.) that you need to further expand your business. The minimum amount to be requested has been set at € 10,000.
Conditions that you must meet for business credit
The conditions for companies and entrepreneurs to borrow money are often stricter than for private individuals. For example, you must always hand over your annual figures for the past 2 years (if you do not have one, you cannot borrow), be registered as a company in the Netherlands and have had your company for at least two years. These conditions also apply to a business credit that you request from Bank Loan. You must also have a turnover per year that is not lower than € 200,000. Finally, you must have a Dutch business account.
Applications in three steps
However, you can arrange everything online with them and the number of details you must enter is limited. You have to go through three steps in total.
1. Register on the Bank Loan site.
2. Submitting the most recent tax return.
3. Linking a business payment account to this account. You will be informed within a few minutes whether your application can be accepted or not. This can take days at other banks / lenders.
Bank Loan has a Dutch branch which is located in Amsterdam. This makes contacting or asking questions a lot easier. You can simply ask the questions in your own language that you would like answered.
Which credits are possible
There are 6 different credit options that can help the entrepreneur who is looking for a cheap credit:
Where it is difficult to have your company financed by regular banks, this is clearly arranged at Bank Loan. You do not have to prepare a forecast or business plan, it only looks at your past performance. If these performances are good and you meet the other conditions, there is no longer any obstacle to applying for a business loan with a low interest rate.
Suppliers often require an advance payment when they are going to deliver goods. Certainly in a period when many companies go bankrupt, these suppliers want to limit their risk as much as possible. However, if the goods have to be paid for immediately, it may be that you on the other (selling) side only receive your money months later. To solve this problem you can opt for working capital financing. No guarantee or personal security is requested for this form of financing.
Current account credit
The advantage of a current account credit is that interest only has to be paid when it is used. See it more as a buffer for unexpected business expenses. For example, VAT can be a good argument for using this credit. After all, when you write out an invoice, you pay the VAT directly. If you have a creditor who pays much later than agreed, you have already paid the VAT, but on the other hand have not received it back.
Different loans can be stacked well at Bank Loan. It means that the financing can come from different angles and up to 1 credit is issued. This includes online credit, factoring, crowdfunding and leasing. If you wish, you can take out an approved credit within 1 and 3 months at no cost if there is no withdrawal.
Pre-financing has a somewhat more precise objective than the aforementioned overdraft facility. This form of credit is suitable for paying for goods and inventory, without this being charged to one’s own working capital.
For the purchase of stock that you cannot pay at the moment, there is the stock financing. This allows you to achieve your objectives by purchasing stocks. Note that this is a short-term credit, so that is not a long-term solution.
It may just be that you and your company are entitled to one or another subsidy. Before you start borrowing business money, this is of course a reason to figure this out well. A reason for subsidy can be when you do business internationally. Another subsidy option arises when you are concerned with the environment and then mainly with the reduction of emissions of harmful substances. Investing in reducing energy consumption can also be rewarded with a subsidy.