Promotional banks such as Intrasavings provide low-interest loans to promote and support entrepreneurs. With the Intrasavings loan, however, the house bank applies for the loan.
How to apply for a Intrasavings loan
Entrepreneurs wishing to take out a Intrasavings loan can apply for this from their bank. The house bank checks the application and forwards it to Intrasavings if the decision is positive. The house bank principle has the advantage that the borrower and the bank already have a relationship of trust. The house bank can thus better estimate the project. However, as the house bank is partially involved, it is important to be persuasive.
It does not necessarily have to be the long-standing house bank. You can also apply for the Intrasavings loan through any other bank that works with Intrasavings. The following tips should help you to prepare for your bank conversation :
1. Plan in time
You should make an appointment in good time. You can already ask yourself which documents you need. It may be useful to contact a specialist who is familiar with applying for development loans.
Important: It can take up to four weeks between application and loan approval.
2. Respect deadlines
For example, some Intrasavings programs can only be applied for before the company is founded. Others in the first years after the foundation. Inform yourself therefore well and submit your request in time.
3. Proceed in a planned manner
First, you should convince your house bank to finance your project. If you have succeeded, you can work together with your bank to find the optimal solution. If necessary, it makes sense to supplement the Intrasavings loan with a loan from the house bank.
4. Bring securities
With additional collateral, you increase the chance that your application will be granted. Banks have high requirements. If you contribute your own collateral and are also legally liable, the bank sees that you are ready to accept responsibility. Possible additional collateral are, for example, sureties via surety banks, real estate, movables (eg machines) and other assets (eg savings).
5. Actively participate
As banks generate more profits by selling their own products, you should actively address the issue of Intrasavings and promotional loans.
6. Prepare Plan B.
Not every bank is the same. Therefore, there will be banks that will reject your project. That’s why you should talk to several banks. Howard Schultz – the founder of Starbucks – received 244 cancellations from banks before he got a commitment.