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To start with, let me remind you what creditworthiness is all about. This is your ability to pay the entire financial liability, along with its additional costs, within the time limit specified in the loan agreement. Each bank, regardless of whether it grants credit to a natural person or an enterprise, always carefully analyzes the creditworthiness of its client.
Credit analysis is used to assess creditworthiness. Depending on whether the applicant is an economic operator or a natural person, various factors are taken into account. For individuals, quantitative, qualitative and point analysis are used to calculate creditworthiness. The main factors that the bank takes into account when assessing the customer’s creditworthiness are: the amount of income, its sources and all its liabilities.
The assessment of creditworthiness includes not only “hard data”, but also the personal characteristics of the potential borrower, such as: age, number of dependents, marital status, property and housing status, and – what is very important – credit history. You can estimate your credit standing yourself using our credit calculator.
Banks have a completely different approach to credit analysis for companies that apply for funding. The key factors to assess the creditworthiness of an enterprise are its assets (most often referred to as assets), capital structure, sources of financing activities, as well as the amount of revenues and costs of conducted operations.
Using credit analysis of companies, the bank may also consider the company’s competitiveness, whether qualified managers and crew. The company’s creditworthiness is also influenced by selected factors from the environment, independent of the company itself.
Creditworthiness and company seniority
In the case of conducting business activity which is the only source of income, the bank will want to present the net income achieved in the last 12 months. What if you run a business less than a year? Some banks may refuse to grant credit because of the “uncertainty” of the young enterprise. However, you can’t give up – keep looking!
Lack of experience and unstable market situation is conducive to an increase in credit risk. High credit risk is a low chance of receiving additional cash, regardless of whether you are taking a business loan or a consumer loan for a private purpose. In this situation, you can consider a quick loan. Look for the promotion first loan for free – then you have the chance to pay the commitment without additional costs.
Do entrepreneurs who run a company for less than 12 months have a chance to get a mortgage?
Of course! As in the case of financial solutions for startup companies, it is possible to enter into a commitment at the very beginning of the entrepreneur’s career. Do not expect, however, that solutions for owners of companies with little experience will be just as attractive as for companies with an established market position for many years.
Banks, after all, look much more favorably on borrowers employed under an employment contract of indefinite duration than on self-employed persons or owners of enterprises from the SME sector. Most often, however, a six- or twelve-month business internship is required on the market. Sometimes banks do not stick to these guidelines as long as the activity is a continuation of work for the previous employer. This can reduce the time required to run a business to up to one month.
Does the method of accounting with the tax office affect creditworthiness?
When analyzing a loan application, banks take into account whether the entrepreneur pays taxes, social security and health insurance as well as other obligations of the company (commercial, employee) on an ongoing basis and on time. There must also be no enforcement classes on the company’s accounts. Then the entrepreneur’s taxation is taken into account, i.e. the tax scale, flat rate, flat rate and tax card.
Those required to report to the tax authorities by the tax scale or flat rate may have trouble getting a loan if their company generates high costs. Although they reduce the amount of tax payable, they also reduce the entrepreneur’s income. The bank takes into account the income less costs. So it may turn out that such an entrepreneur has low creditworthiness.
Entrepreneurs who chose a lump sum as a form of accounting for the tax authorities pay tax at specific rates, excluding tax deductible costs. Banks determine the capacity of such companies, assuming that the flat-rate income does not exceed 20% of its revenues.
The creditworthiness of entrepreneurs settling on the basis of a tax card, in turn, depends on the amount of tax they pay, multiplied by the multiplier set by the bank.
An entrepreneur running a sole proprietorship should look for offers for himself in at least a dozen banks. Thanks to this, he will be able not only to compare the terms, but also to find out in which bank he has a chance to get a loan. You will find the best loan offers for business owners in our comparison engine.
Funds for the company’s development and credit standing
During the company’s development, it is often necessary to take a loan for current expenses or for the company’s investments. Before the bank grants such a loan, it checks its financial results. The size of indebtedness of both the company and its owner as a private individual is also taken into account.
Before applying for a loan (especially for a large amount), it’s a good idea to close all credit cards and cancel your account overdraft, which will increase your credit standing. In addition, the bank also assesses the idea for further development of the company. Fledgling companies should prepare a good business plan that will convince bank advisors to grant the loan we apply for.
Running your own business can be a big challenge and a lot of fun. However, the fact is that it’s a heavy piece of bread. It is worth noting, however, that the entrepreneur’s ability increases if he employs employees and carries out larger jobs than just those that he can do alone.
Company loan – what documents?
Below you will find a list of the most frequently required registration and financial documents. Of course, depending on the bank you choose, you may be asked to complete this list.
The most frequently required registration documents (depending on the legal form):
- natural persons conducting business activity – certificate of entry in the business register, certificate of REGON and NIP, consent of the spouse to incur obligations (or a judgment on property separation), company agreement (additionally in the case of a civil partnership),
- general partnership, partnership, limited partnership – excerpt from the National Court Register, agreement or status of the company, certificate of REGON and NIP, consent of spouses (partners) to incur liabilities, ruling on property separation,
- commercial law company – excerpt from the National Court Register, contract or status of a company, resolution on incurring liabilities, certificate of REGON and NIP;
Financial documents required by the bank depending on the form of taxation:
- for simplified accounting – PIT-36 / PIT-36L with PIT / B attachment for the past year, KPiR summary, depreciation tables or printouts,
- with a lump-sum tax on recorded revenues – PIT-28, the last page of the records of revenues for the past year, records of revenues, list of fixed assets, intangible assets,
- tax card – income tax decision;
- full accounting – balance sheet and profit and loss account for the last two years and current period (additional information, statement of changes in capital – if prepared), forecasts for the period indicated by the bank, PIT or CIT declaration;
Additionally, you may be asked to provide company account statements held at other banks for the last six months.