Taking out a business loan

Business credit
Where can you best take out a business loan? The major banks Rabo, Across Lender and ABN AMRO also dominate the Dutch market in corporate loans. However, a few challengers have emerged who are gaining market share. KNAB, Triodos and Bunq bank are the new names that more and more freelancers are switching to.

KNAB (a reversal of the word 'bank') is a 100% subsidiary of insurer Aegon and is attracting more and more customers. The biggest advantages of KNAB are the low bank costs, good customer service, reasonable interest on savings and the handy tools. For example, with smart alerts, people are immediately aware of certain credits and debits. Transactions can be updated directly in the accounting package. It is therefore not surprising that many freelancers and small companies choose KNAB.

Bunq bank
Bunq is a newcomer and unknown to many Dutch people. The company received its bank license in November 2015. Banking at Bunq usually takes place via an app on the smartphone. A bank account is free and a bank card costs less than 10 US dollars. Bunq also has to earn money and they do this, among other things, by charging money when you withdraw cash (4 cents) or withdraw money at a PIN machine (80 cents).

Across Lender
Across Lender and Rabo bank are the market leaders in the Netherlands. Both banks set high standards for taking out business credit. SMEs and freelancers must present solid figures if they want to be eligible for a business loan. Across Lender requires start-ups that forecasts in the business plan are certified by a recognized accountancy firm.

Other providers
You can also take out a business loan with B2Business Loans, Fund Oval, KDR Credit, Atlantis Financiers and Topsnap. These financiers all have their own method. Annual figures are not always required to apply for a business loan. Sometimes there is also no BKR assessment. If you have solid turnover figures and / or good collateral, this is a good starting position for a business loan.

According to research, many entrepreneurs remain loyal to their old bank because it is also their bank for private affairs. There is a switching service between the banks themselves, but entrepreneurs make far too little use of it while they can actually save money with it. On the one hand, it is laziness, but there is also cold feet fear of switching. However, the switching service procedure is simple. The customer downloads a transfer form, fills it in and sends it by post to the new bank. A switch to another bank does mean that you will receive a new bank account number. Debtors and creditors must be informed that the bank account number has changed.

Tags: take out a business loan, KNAB, business credit, Bunq, Across Lender, borrow money with collateral