When we plan to open a business, surely we come to mind the difficulties that its opening entails, especially if the initial outlay and the costs arising from the implementation of it, refers. That is why in this post we want to tell you what are the loans to open a business now- here are the findings.
Previous questions to ask for a loan to open a business
Before asking for a loan to open a business, it is necessary to ask a series of questions that will be vital for the survival of the business, especially if it is still on paper. These fundamental questions would be the following:
What are your previous experience and that of the rest of the promoters?
At the time of requesting a loan to open a business, one of the factors most taken into account by the entities (of loans between individuals, also known as crowdlending, or banking entities) is the experience and shooting that the project partners have in mind. the sector in which they want to develop the activity. The reason for this is clear: entities relate the experience to lower risk, so it will always be more reliable to grant a loan to open a business to partners with experience in the sector, than to partners whose experience is non-existent.
What will be the location of the new business?
It is important to study the location of the business to the millimeter, both in the sphere of online and offline (since we have to know that physical businesses have certain limits that online businesses do not) and in the costs that the opening of one or the other it carries derivatives. So, if we opt to develop an online business, we have to know that the costs derived from its opening are much lower than those of a physical business, but nevertheless, the expenses derived from marketing will be much greater – since it is known by everyone that competition within the Internet is much greater and reaching the specific target that the company is interested in entails a series of efforts.
What is the economic-financial structure of the new business?
Although many times companies insist on defending that the idea of the project is the driving axis of everything else -yes, it is a very important part since without an idea, surely there is no business-, we should not ignore the economic structure -financiers (relationship between expenses and income, sources of financing, etc.) of this position that will be consolidated as the fabric of the long-term project. It is important to make this structure forged well since it will also be helpful when requesting a loan to open a business, so it must be a fundamental part of the business plan.
How do we plan to organize the human resources of the new business?
One of the fundamental factors when opening a new business is the human factor, which many companies leave forgotten at the start of their project. It is very important to have a motivated team, not so much from the point of view of extrinsic motivation (monetary rewards, although recognition by others if the worker correctly develops his work), but from the point of view of intrinsic motivation (self-realization and personal growth).
Can the Unique Selling Proposition be defined in a few words?
The Unique Selling Proposition (USP) or the also known as a competitive advantage in Spanish, is something that any company that is going to request a loan to open a business, must have clear in its head and must know how to transmit to the rest of the world. A poorly defined competitive advantage can make a good business idea not give the results that were originally sought. Why you and not the rest? Put special emphasis on this and define your competitive advantage in no more than one line, it is BASIC!
Sources of financing in which to apply for a loan to open a business
Now, we already have the fundamental questions necessary for the request of a loan to open a business, and what we want is to take the next step: Ask for a loan to open a business! Let’s get down to work:
If you are under 40 years old and you want to request a loan to open a business …
In this case, if you are a young entrepreneur looking to apply for a loan to open a business that does not exceed 24 months of age and the project includes innovative aspects of any kind, you can access the Young Entrepreneurs Line, which offers up to € 75,000, with a four-year maturity and a six-month grace period. Of course, this financing has intrinsic a series of conditions such as that the company is located in Spanish territory, that there is a percentage of self-financing greater than 15% of the loan to open a selected business, and that financing is directed to the acquisition of fixed or circulating assets necessary for the development of business activities.
Other sources of financing in this case are the loans to open a business offered by different financial institutions (which require a series of very strict factors) and alternatives such as loans with endorsement by the Reciprocal Guarantee Companies that are managed by through MytripleA, given that we are the only crowdlending platforms that collaborate directly with these companies.
If the loan to open a business corresponds to a project whose company is not yet created …
Here we can use the Entrepreneurs Line (which will grant loans between 75,000 and 300,000 euros) with a maturity of six years and a two-year grace period. Again there are requirements, in this case, the business has an advance in new products, processes, and services, or the substantial improvement of existing ones.
At the same time, we can find other sources of financing such as business angels or venture capital that intervene directly on the social capital of the new project.
If the loan to open a business corresponds to a sustainable project …
In this case, you can access the Social Entrepreneurs Line or financial alternatives such as crowdfunding whose objective is to promote the development of projects of character, above all, social.