Do you have a great business idea in your head that you think will succeed? Do you want to expand your existing company or invest? One way to do this is to draw a business loan. Entrepreneurs who are just getting started and entrepreneurs who have been on the market for a long time can get it.
It is they who know that cash flow, or the right cash flow, is a very important factor in helping to keep the company’s financial situation in shape. Experienced entrepreneurs will recognize that entrepreneurship is not a fast driving on the German highway without restrictions, rather an ordinary route II. class full of obstacles and holes. It is not possible to plan everything exactly in business and there are always unexpected expenses or promising opportunities.
In such cases, entrepreneurs reach for business loans. At Santoro, we’ll show you how to get the most out of money, even if you’re just a start-up business and what to look out for when choosing the right form of funding.
Are you looking for a small business loan online?
If you want to get a small business loan online, the basis is to visit oakpark financial`s official website.
Banks usually make the granting of credit conditional on security, which is assessed individually for each credit application. This could be, for example, inventory levels or company assets. It is also common to guarantee bills or personal property of the entrepreneur. Liability does not only concern the owner but also the wife. Any default on the loan could, therefore, have unpleasant consequences for the entrepreneur.
Business Loan – Use
The primary purpose of a business loan should be to set up and start-up or to develop an existing business. In Slovakia, we know several types of business loans, which are provided for specific purposes, or even without purpose.
- Operation financing
- Medium or long term investment
- Pre-export and export loans
- Automobile leasing
- Development loans
- Ordinary consumer loans for anything
If you want to succeed in the market, you need to invest to stay competitive and secure enough profits to re-grow your business. As mentioned above, business loans have a very wide range of uses, and by choosing the right type of loan, you can finance virtually anything within your company.
Even starting entrepreneurs, who have only an idea in their heads, have a chance to get a business loan for support for starting and starting a business. With today’s offer of banks, it sounds paradoxical, but the best start-up entrepreneurs will lend the state. The basic condition, in this case, is to be registered at the Labor Office as unemployed.
However, the contribution is not automatic; it must be approved by the Commission after all the necessary documents have been submitted.
Conditions: You must first be registered with the Labor Office for at least three months, complete compulsory training, create a business plan before applying for a subsidy.
Contribution: The amount of the contribution depends on the place where you do business and the unemployment there. The maximum subsidy (€ 4,228.96) can be obtained in districts with the highest unemployment rate, but in Bratislava, the subsidy is only half (€ 2,643.10).
Payment: After approval of the contribution, the money will be paid to you by the Labor, Social Affairs and Family Office in two stages – 60 percent when signing the contract and 40 percent after the year of running the trade. At the same time, you will undertake to do business for at least three years. If you quit earlier, you must return the corresponding amount of money.
Beginning entrepreneurs have relatively limited possibilities for drawing business loans. Almost all current loans are provided only to entrepreneurs who have been in business for more than a year and can thus document the amount of their income.
On the contrary, without a tax return for the past year and without proof of income, you will find it very difficult to succeed in this case. You pose too much risk for the bank.
Business Loan in 2019
For many of us, the beginning of 2019 is a new beginning that we have been delaying for so long. Some may be about to turn their business idea into reality and look for ways to do it.
A new alternative on the Slovak market is an offer for a loan for entrepreneurs from the non-banking company Spencer, which offers both long-term and start-up entrepreneurs the possibility to draw a business loan up to EUR 6500. This loan is not the highest, but in some cases, it can help start-up faster.
- Loan amount up to 6500 EUR
- Maturity 1 to 5 years
- Free of charge loan
- Annual interest rate from 19.44%
Business loans for anything
You can also finance your business with a classic consumer loan for anything. It’s much easier to get it and you can borrow up to € 30,000. If you choose to borrow through a regular consumer loan, you will have more options. You simply apply for these loans as a natural person, with proof of income from business and use the money to develop it.