In addition, 70% of the credits for SMEs to start a business are not granted. And yet the volume of loans that banks offer to large multinationals has a growing trend.
This demonstrates once again that access to credit for SMEs is vital to revive this economy, and not only offer credit for those companies that are already active, but also for those new businesses that need an initial amount of money to start your activity. However, when applying for a SME, a loan to start a business has to be very clear about all the factors that implies.
What do I have to consider loan to start a business?
First of all you have to stop to think if really requesting a loan from the bank is the best option to start your business. Consider the following features:
- The interest rates of SME loans to start a business : If we request a loan with very high interest rates, they can tighten our business activity to the point of swallowing all the profits that initially, as SMEs we can obtain, if this occurs in a very continuous way in time can make our new business disappear.
- The amount of the SME credit to start the business : You have to elaborate in a very detailed way a list in which you can quantify what are all the goods and resources you need to start the activity and based on it calculate the total amount that all that could Cost. Remember that if you ask for a loan of € 15,000 and in fact the credit to start your business was enough with € 8,000, the interest you will be paying for the credit will be much higher because they will be over € 15,000 and us over the € 8,000 that you really have spent. That is why a business plan will be key when making an estimate of the money you need.
- The term of return of the credit for Pyme to start a business : Whether a requested credit has a too long term or if it is too short, this can be a great barrier to the growth of your business. Therefore, it is important to estimate as closely as possible how long we can repay the loan to start businesses and set a limit, not extend too much because the longer in the long term the interest is normally higher, and if at any time we want to repay it early banks charge a high commission for it. In the case of Good Finance, this does not happen, since we do not charge for early amortization, neither total nor partial.
Tips to increase your chances when receiving a credit to start your business
- Having a good credit history : That you have previously requested loans does not have to be a bad sign, in fact if these credits have been paid in the established term it can be a good signal for those who decide to finance your idea.
- A detailed business plan that transmits business efficiency and confidence to the person or entity that decides to finance you.
- Achieve back your debt with a reliable guarantee . This will give greater security to people who lend their money in the case of Crowdlending.
- Getting a contract with a client , this will depend on the type of SME company you are going to set up, but it will always give greater confidence to have the guarantee that someone will demand your products or services.
Credit to start a business
In addition to the types of credit mentioned above, there are countless ways to get a loan to start a business.
Among the existing sources of financing to get a loan to start a business, the following stand out:
It is a public “bank” that offers lines of credit, of which some of them are exclusively for entrepreneurs. This public bank depends on the Ministry of Economy and Competitiveness.
It is a public company that dedicates its activity to giving credit to start a viable and innovative business.