For some entrepreneurs it is a concern: They urgently need a capital injection but cannot take out a business loan with the bank. The bank first wants to see annual figures and that is of course impossible for a starting entrepreneur or for companies that have been in existence for no longer than 2 years. In short: The bank only needs a good business plan. They want to see numbers!
Why banks don’t lend money without annual figures
Now the question is why a bank cannot lend money to entrepreneurs without annual figures? You must realize that banks use the savings of predominantly private individuals to provide loans. Banks always take risks, but investing the money in a start-up is too risky and in most cases they don’t.
Still want to get a business loan without annual figures?
The chance of success is nil but do you want to start a business or expand a business and do you need money for that? Then below are a number of tips that might help you convince the bank. Yes, you can take out a business loan even without having to provide figures. But again: The chance of that is zero.
Business experience and skills
The bank pays attention to a number of factors including of course your appearance (think of the way you dress, how you present a plan, etc.) but especially your business experience and skills. The banker tries to assess whether you are capable of running a business. Therefore, update your CV and make sure that you highlight certain skills and expertise that underline that.
Financial situation of your company
Make sure that you immediately take all necessary documents, evidence and papers with you for your conversation with the bank. These include your contact details and those of the company, your ID number, any current loans, but also proof of repaid loans, bank accounts, credit card accounts, and so on.
You also indicate that you are willing to invest part of your equity in the company. You thereby indicate that you yourself also see a lot of benefit in the project.