A CREDIT TO LAUNCH OR EXPAND YOUR BUSINESS

FAQ

• What could be the purpose of microcredit?

  The purchase of stock, machinery, vehicles or other equipment

  Working capital requirements and to support rental costs for the first few months

  Financing the administration costs associated with starting a business

  Meeting cash flow requirements

  Carrying out market research: test a business idea

  More information is available on our microcredits page

• Is my application likely to be accepted?

  Your application will be presented to the credit committee. The committee will evaluate/analyze your application on the basis of the following criteria:

  • Your experience in the field / as a self-employed person
  • The feasibility of your business plan
  • Your environment and network
  • Your relationship to money and your possible debts
  • Your attitude

  The credit committees are held weekly. It is the committee members who decide whether or not to grant the credit.

• What documents do I need to collect to apply for funding?

  For a credit application, we will ask you for the following documents

  From you:

  (Copy of) Identity card

  Bank card

  The document from the National Bank's Central Individual Credit Register OR the PIN code of the identity card¹

  Personal and professional bank statements for the last 3 months

  Proof of income (depending on your situation: certificate of unemployment, warning from the roll, pay slips)

  Proof of domiciliation (invoice, an extract of the identity card)

  ​From your guarantor:

  (Copy of) identity card

  Bank card

  The document from the National Bank's Central Individual Credit Register OR the PIN code of the identity card1

  Proof of income (depending on your situation: certificate of unemployment, warning from the roll, pay slips)

  Proof of domiciliation (invoice, an extract of the identity card)

   

  We don't necessarily need a business plan. All you need is a concrete idea of the key figures of your business. However, if you have a financial plan, you can always bring it to the appointment.

  ¹ You can consult the document from the Central Credit Register on the nbb website

• Do I need a guarantor for my loan?

  Yes, at microStart we always ask you to have someone you know who is responsible for 50% of the loan amount. The guarantor can be a family member or a close friend, for example, who is not in financial difficulties. 
  If you really cannot find anyone who believes in you and your project and who can act as a guarantor, we may, in certain situations and under certain conditions, be able to offer the alternative of guaranteed savings (in discussion with your credit advisor). This is a deposit equivalent to 25% of the amount of the loan, the origin of which you must be able to prove, and which will remain blocked for the entire duration of the loan in a guarantee savings account. You will get this amount back once the entire loan has been repaid.
  Please note: your application is always presented by your credit adviser to a credit committee, which decides whether or not the loan can be granted. An application with a guaranteed savings will be considered more risky by the committee and will potentially have less chance of being granted than an application with a guarantor.

• What should I do if I need more than 25.000€?

  microStart works in partnership with organisations that offer co-financing. In some cases, they can complement your initial financing needs. For more information, do not hesitate to contact one of our agencies.

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