How to get a loan or loan for a company

The beginnings of your own business are usually very difficult and involve higher fees than we could have assumed. It can very quickly turn out that we can not afford the full development of our enterprise. Then, one of the most convenient solutions seems to be to take advantage of a loan or business loan offer.

Corporate loan in the bank

Corporate loan in the bank

Loans for companies are available in most banking institutions in Poland. Some of them even specialize in providing services to enterprises, so getting to know these types of offers should not be a problem. However, it is necessary to pay attention to the terms of granting such co-financing. Very often, the loan will not be given to the company immediately after starting its activity. Usually it is a product for entities existing on the market for at least 6 months and sometimes even a year.

The decision to grant the loan itself is based on the documents provided by the borrower. First of all, it will be a business plan, in which we present the company’s development program and indicate what the requested money is needed for. In addition, we file a copy of the register of entrepreneurs and a certificate of no arrears with fees to ZUS and Tax Office.

On many occasions, the bank expects to additionally indicate the security of the loan granted. Among entrepreneurs, the most common is security on the company’s assets. A third party surety, promissory note or mortgage is also acceptable. However, if we are unable to provide the bank with any collateral, then the possibility of obtaining a loan will decrease significantly, but it will not be excluded. Some banks agree to grant a subsidy to the company, even if it is not secured. However, this amount may be significantly lower than we expected.

Of course, the bank will also check the applicant’s creditworthiness. Depending on the form in which the activity is conducted, the institution will verify us, or possibly our partner, or only the subject of commercial law, which is a capital company.

It should also be remembered that the cost of the loan may consist of a number of burdens related to insurance attached to it by the bank, including a life insurance policy, property insurance or company property that is collateral.

Loans for everyone?

Loans for everyone?

For those who can not count on a company loan an alternative is a non-bank loan for companies. At some points, it may become the only form of rescue, in particular for heavily indebted enterprises. When applying for this form of co-financing is definitely less formalities than in the bank. Usually, we will deal with everything online, without any certificates or security. Unfortunately, there is one important ‘catch’. A non-banking loan is often several times higher than the interest on a bank loan. You can also find offers on the market of financial institutions applying the anti-usury law, protecting customers against horrendously high interest rates, but here verification procedures are also more meticulous than in other loan companies.

A very attractive form of business support is the start-up loan offered by the First Business Program – ‘start-up support’ of Banki. It is possible to obtain a low-interest loan (0.44% per annum) for people who do not work and do not perform other gainful work of school and university graduates (up to 4 years from the day of graduation or professional title), last years students and registered students unemployed. Loans are granted for a period of 7 years with the possibility of an annual repayment deferral. The maximum amount of such a loan is twenty times the average wage in the country, that is over 85,000. Golden.

There is also the possibility of obtaining loans from the same program for the creation of jobs by entities conducting economic activity, agricultural producers, nurseries and children’s clubs, as well as private schools and kindergartens. They can count on a loan of six times the average wage in the country, or more than 25,000. for a period of 3 years. In addition, in both cases, those who have obtained loans will receive an offer of free training and counseling.

The last option for debt-stricken companies may be consolidation of loans, which will help reduce monthly costs while also helping to gain additional funds. However, if it does not lead us straight, we will have to face the bankruptcy of the company. Therefore, if we take a company loan, we should also think about how we intend to repay it.