Most banks consider that the income of small businesses is too low so that the security for the credit is missing. Despite all this, there are opportunities to take out a loan for small businesses on fair terms.
Short info Small business – take out credit
- Loans for the self-employed with low turnover are hard to come by
- You will find the matching loan comparison with the tax assessment, the BWA and private
- Quickly check for yourself what your personal credit opportunities look like
- For this, you apply – preferably right now – without obligation your credit needs from the comparison offer
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Small businesses are those who are self-employed or self-employed and earn less than € 17,500 per year. There is no sales tax, which is a great relief for those affected. Since they do not have to collect taxes from their customers, they can make cheap prices, which can be seen as a competitive advantage. Banks, however, do not focus on this advantage.
They rather see the disadvantages that the small business brings with it. Because the revenue is low, so that larger reserves and thus collateral can not be formed.
If a loan for small businesses is to be included, it must, therefore, be seen how this blemish can be compensated.
Which options exist?
It is not imperative for a trader to take out a loan for small businesses if the loan is not needed directly for the trade. If the money from the loan is used for the private sector, it is worth selecting a corresponding personal loan.
Especially when financed directly through the dealer, this is very easy. The dealers are not really interested in the source of income. Of course, if the loan for small businesses is needed directly for the company, a personal loan does not work. Then a special loan for the self-employed must be taken up.
The lender then demands a close look at the bookkeeping, wants to see revenue and expenses to determine how much the profit is. In addition, information must be provided for the purpose.
Tax returns or a BWA should therefore always be at hand.
What about promotional loans?
Especially young companies rely on the help of development loans. Anyone who founds their company fresh and needs capital for it can also take out the loan for small businesses in the form of a start-up loan.
If there is a business plan that accurately describes the company and the associated project, the chances of such a loan are quite good. However, the prospect should be aware that even this loan is not easily given away.
A good credit rating must be present despite all this. In addition, the project, which goes along with the business start-up, must be handy and comprehensible. No bank invests in a company that has no future.
This is what a good credit rating looks like
Even self-employed and freelancers can have a good credit rating. This starts with a thoroughly positive credit bureau. There are also profits from the company, which is operated. If the profits are not enough to create a good credit rating, a guarantor can be called in as support.
When the guarantor should, however, be considered that this is liable for the credit. And in full. Furthermore, the guarantor should at best be able to show a permanent job and not be self-employed.
Apart from that, he would also have to submit very extensive documents in order to prove his creditworthiness and to support the loan for small businesses.