Credit still in the account today
The balance on the account today. Can the lender even look at the client’s account movements before lending? Only when the account is deleted, the Credit Bureau deletes the current accounts. Applying for a loan has never been so easy – the best thing is to try it today.
Of course, the financial position also plays a significant role in setting up a start-up. Arnas and Till tell us today what they have to do besides account and credit. But why would someone set up an account with you, what makes you different than other EB? Arnas: Three reasons: Until the first round of funding start-ups have little to do, the donors often have to save from savings and everything must be very meager.
For this reason, we do not charge any fees for account maintenance in the first year. Also credit card payment for start-ups is an important point: in most cases, when opening an account, we can also provide an in-house corporate credit card. With nearly 200 years of history as the market leader in Berlin, we naturally have connections in all conceivable areas of this metropolis – in companies, universities and customary start-up lenders such as business angels and venture capital funds.
We all know that our start-ups are very good and know where they are and what their current tasks are. So if we have read something important in blogs, news, social networks or cooperation partners, we pass it on or contact the founders. You have not said anything about credit, how come?
Also a very significant part of our job
We also lend start-up loans, which is also a very significant part of our job. If it goes beyond a small giro loan or a card for start-ups, we mainly use promotional loans from public development banks such as Intrasavings bank or Infra Bank. It is important that the start-up product has reached market maturity, ie no residual risk occurs.
The personal guarantee makes it clear that the founders are convinced of their recipe for success. Arnas: For many founders, the development loan is therefore not the appropriate financial instrument in the start-up phase. Venture capital prices in but with a loan we can deal with fewer defaults because we are no longer involved in the company’s success.
Therefore, financing is usually meaningful at the latest when an A3 or B2 series is charged. In the meantime, also for working capital, in which the founders do not want to dilute their shares in addition. You score with your personal network, events, a start credit card, start-friendly account conditions and the opportunity to receive a subsidy loan later on.
Arnas: Well, and besides we have no tie and mostly in jeans and are just two nice guys. Highly motivated and competent young people with great product ideas and even more courage to enforce them. We would also like to provide feedback, because we talk to many company founders about their business models.
If someone needs the opinion of an outsider, then we are gladly there for you. If we lead the donors through their first years as a house bank, we experience unique successes …. and many failures.