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Apply for start-up loans – that’s how it works

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Once you have decided to start your own business, in most cases you will quickly be looking for support programs for start-ups. As is known, there are various options available that start-ups can use, but unfortunately, the application for public federal funding is often relatively complicated.

The most well-known federal promotional loans

The most well-known federal promotional loans

Include the Good Credit entry fee, the ERP capital for start-ups, the Good Credit entrepreneur loan, and the Good Credit entrepreneurial capital, because, with the help of these promotional programs, things like operating resources, warehouses and property, plant and equipment or fixed assets can be financed. Among other things, the purchase of real estate or costs for operating and office equipment is promoted.

An application for a federal promotional loan must always be submitted before the start of the project or the planned investment. Accordingly, the self-employed should neither commission services nor order goods or even sign a sales contract if the financing is not yet secured. However, it is not a hindrance to a promotional loan if the business or freelance activity is already registered with the tax office or the trade office.

Companies that are in financial difficulties or represent a restructuring case are excluded from the subsidy. Accordingly, no refinancing or debt restructuring can be realized with a federal subsidy loan.

The application for a promotional loan

The application for a promotional loan

It is always made to the respective house bank, regardless of whether it is a savings bank, a bank or the Good Finance. You should have an account or business account with the relevant bank, although this is not a prerequisite for applying for a promotional loan.

The credit advisor or bank advisor usually helps to fill out the loan application, but it is necessary for the applicant to bring all the necessary documents with them when making the application.

The necessary documents include the business plan, the investment plan, a sales forecast, a list of all debts and assets, a tabular curriculum vitae, an overview of existing collateral and a liquidity plan on a monthly basis.

It may be necessary to have an equity component for the granting of the promotional loan, for example in the case of ERP capital for start-ups of 15% (10% new federal states).

First, the house bank examines the loan more closely and decides in this context whether the application will be forwarded to Good Credit, whether the overall financing project will be rejected or whether it will offer the applicant its own loan. There is no obligation to forward the application, but should the bank decide to forward it, Good Credit-Bank will re-examine the loan application, which can take 14 or 21 days.

Since the funding is always earmarked

Since the funding is always earmarked

The entrepreneur or self-employed person must first submit the corresponding invoice or the order for the planned investment; only then does the house bank arrange for the funding to be transferred to the business account of the recipient.

In addition to various types of collateral, some promotional credit programs require the presentation of Credit Bureau information, including entrepreneurial capital – ERP capital for start-ups, Good Credit entrepreneurial credit with exemption from liability, the ERP innovation program and entrepreneurial capital – Good Credit capital for work and investments.

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