Business loans for SMEs

Can I borrow money for my small business?

The short answer is yes! For many years, it has been a challenge for small and medium-sized businesses to get help to finance their business. But the entrepreneurs have spoken and there has been listening!

How long do I need to have had my business to apply for a loan?

There are lenders that help self-employed people start a business, but the vast majority require to see bank statements for 6-12 months. In other words, you must have been operating your business with revenue for at least 6 months.

Which industries can get a business loan?

As a rule, you can apply for a business loan regardless of the industry in which you operate. A decisive factor in whether you are approved for a business loan is whether the lender considers that it is sustainable for your and your company's finances.

Business loans for major investments

The loan can be used for personnel costs, production machinery, fixtures, IT equipment, equipment upgrades and so much more. In principle, there are no restrictions on what you can use your business loan for, as long as it is for business purposes.

How do I find financing for my small business?

When you record a loans in your sole proprietorship, you are personally liable for the loan. On your part, it is therefore important that the purpose of the loan is a good investment. Is it essential for:

• Can you open the store tomorrow?
• that you can match a growing demand?
• that you survive the off-season?
• that you can continue production?
• (Insert yourself an essential function for his business)

Borrow money from family or friends for sole proprietorship

The advantage of borrowing from a friend or family is that it can be done with low interest or completely without. The downside is that conflicts can arise and that it can create problems for your private relationships. Always be sure to create a loan document in which it is clearly stated:

• Loan Amount
• Loan period
• Interest rates, if any
• Can the loan be terminated?
• Etc.

Bank loans to SMEs

Traditional banks often offer loans for professions. However, this can be particularly difficult for small and medium-sized businesses.

The advantage of borrowing at the bank for your business is that they can offer lower interest rates.

The disadvantages of applying to a bank are that there may be a long processing time of the application, high requirements for documentation, several financial years with positive results, etc.

Why Choose Qred Bank?

Our mission is to provide entrepreneurs with a banking experience that is different from the one they often get at traditional banks. Traders build the future and we support theirs.

Access to capital can be crucial to whether you can say yes to more clients or get hired for a larger project. Therefore, we have made sure that the money is paid out within 24 hours after you have signed your loan agreement.

At Qred Bank, we have chosen to operate with a fixed monthly fee. This means that you are content to pay installments on your business loan and a fixed monthly fee. In addition, you will avoid unpredictable interest rates or hidden fees.

It can happen to even the best. Sometimes expenses pile up and that can make it hard to pay on time. Call us as soon as you know you can't pay on time and we'll do what we can to find a sustainable payment solution.