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Take out a merchant cash advance? Then you have plenty of choice in Belgium. Because there are several lenders from that you can choose it. You may try ACFA lender for a merchant cash advance.
Strict requirements for starters
Generally, the starter or existing company opts for standard bank credit. So that is just a business loan that you take out through the bank. The advantage of this: As a starting entrepreneur or existing company, it is possible to deduct the interest from the tax. Taking out bank credit is not for everyone.
The starting entrepreneur, in particular, must meet an extensive set of requirements. For example, they must present a good business plan, have sufficient equity, find someone who wants to guarantee the business loan, etc.
Types of corporate loans
Standard bank credit is also simply called a business loan or business credit. There are a number of types of corporate loans that you can choose from. One is cash credit. Do you want to make a few purchases but do you have insufficient capital for that? Then the cash credit is a good solution. It is actually a money reserve.
Investment credit is a business loan that companies use for long-term investments. For example for a company building or company car. You can perfectly match the duration to the life of that object.
The traditional form of borrowing money remains the most popular
Nevertheless, the traditional form of borrowing money remains the most popular option for companies with the installment loan. This business loan is suitable for those who want to borrow a smaller amount. The maximum duration is usually 72 months and a fixed monthly amount is repaid. This includes interest.
Cost of a business loan?
What business loan costs depend on a number of factors including the interest rate. At the moment, interest rates are historically low, so you can borrow cheaper. But it also differs per loan form and per duration. Do you opt for a longer duration? Then you usually pay a higher interest rate. The bank will also prepare a risk profile and make a proposal based on this. Tip: Use comparison sites and compare the offer based on the same conditions.