Anyone who needs a loan for a secondary business is usually still in a permanent employment relationship, which is based on either a part-time or full-time contract. The higher the earnings in regular employment, the better the chances of getting a loan to finance acquisitions for the secondary trade.
Anyone who needs a loan for a secondary business needs a business plan
Should the secondary trade become the main source of income in the near future, the financing bank needs the same documents as for a loan that is used to start up a business. The documents include the business plan, a profit forecast for the first year or the following years as well as a complete cost statement of the required inventory. If goods, vehicles or machines are purchased to set up a company, these can be used by the bank to secure loans. Depending on the amount to be financed, it may be necessary for the borrower to name guarantors or to secure the loan for an ancillary business with property, such as real estate.
The state also supports loans for setting up a business
In many cases, founders of secondary businesses receive low-interest loans from the Lite Lender, LL for short. However, the amount of these loans differs because they are granted according to different criteria. Lite Lender divides the projects into programs that have different loan amounts, terms and interest rates. Depending on the project, the requested loan amounts can be paid out in whole or in part on request.
In order to receive a start-up grant, it is important to apply for it before the first investment is made. The borrower incurs no processing costs for most Lite Lender loans. The amount of the repayment amounts depends on the amount of the loan applied for. After the first payment, the loans are, depending on the purpose, free of interest and principal in the first few years.
A seminar can be very helpful for start-ups
In order not to have to refinance, it is advisable to get professional help. Before starting a business and before applying for a loan for a secondary business, you should either attend a coaching session at Lite Lender or inquire at the local adult education center whether a seminar for start-ups is offered. Here too, the founders are provided with a lot of information that simplifies the application for a loan for a secondary business.