The BWA, if it has a professional structure, can help overcome the Best banks hurdle. The article deals with what needs to be considered when creating the BWA.
Credit with BWA – quality software improves credit opportunities
The BWA loan is often refused or approved at higher interest rates and under additional conditions. Many self-employed and freelancers have suffered from a credit crunch since the Best banks agreement was concluded. The problem is not as easy to solve as it seems at first glance. Business software can now be obtained inexpensively. The BWA can be called up at the push of a button with any inexpensive software.
If you think so, you will almost automatically encounter a credit problem. Credit institutions look very closely at the BWA data. Among other things, the accrued expenses and inventory changes are checked. Likewise provisions, loans and depreciation as well as the residual book values. A closer look is also taken at the burden of interest and repayments, defaults and other company data.
Good credit opportunities are paid dearly
Many will still think that they have no fear of a problem with the BWA of their software. The respective stands are recorded and evaluated annually.
It’s still not that simple. Annual levels are no longer sufficient for easy lending. Only the very latest numbers that come from recognized software are really accepted. SAP or Good credit company could be mentioned as examples of manufacturers of such software solutions. The cheap software from the supermarket cannot provide the necessary data preparation.
We have roughly calculated the costs of such a software solution for you with the Good credit company offer. The investment in the basic software for the smallest company sizes already costs at least 274 USD. The running costs make it really expensive. The use of such a professional software solution costs at least 398 USD per month. The working time for continuous data entry is not yet recorded.
Alternatives to the expensive loan preparation costs
It may be possible to reduce the costs somewhat through another established software provider or through the tax consultant. Even so, for small businesses, this way of getting credit is probably unprofitable. The requirements set out in the Best banks contract pay off from a company size of around 500 employees.
Smaller companies that still work on call would probably lose their competitiveness if the software was used consistently. The on-site decision from the gut is the strength of smaller companies.
A credit alternative from the commercial credit system could come from Nice Bank. It targets its loan offering to the self-employed. For information on current interest rates and conditions, please refer to the credit comparison calculator. Only the last two income tax assessments are required to apply for credit.
In addition, the loan offers from private donors could be used. A good business idea, convincingly presented and backed up with data from any BWA is recognized. Trying a loan on one of the major portals costs nothing. The somewhat higher interest costs are negligible compared to the investment required for the BWA loan.