More information about the Starterslift Bridge Loan
When your busy developing a knowledge intense startup, you can be affected by the current economy. This economy is under great pressure thanks to Corona virus. This can cause problems for your business. Starterslift Investments offers a Bridge Loan which you can use to keep giving a valuable contribution to your society. The province of North Brabant and the Municipality of Breda have made the necessary funds available for entrepreneurs in need. The Municipality of Tilburg is investigating whether it will make the same contribution. We would like to tell you more about this loan and what steps you should take to apply.
To apply for this Bridge Loan, your startup need to meet certain conditions. In this article we will tell you more about this specific conditions. The financing will only be provided as a personal loan, which means that the loan must be repaid. Even when your business turns out the be not successful.
Counselling by the business developers
You can only receive this loan when you get counselled by one of the business developers from Tilburg University, Breda University of Applied Sciences, Avans Hogeschool, Midpoint Brabant of Rewin. Before you apply for the SOL, you will need to get in touch with a business developer from one of these organisations.
- Student entrepreneurs declare their presence at the business developer from their educational institution.
- Startups from the centre of Brabant can get in touch with Midpoint Brabant.
- Startups from West-Brabant declare their presence at Rewin.
Chamber of Commerce (Kamer van Koophandel)
To make a chance to get the SOL fund, your startup needs to be registered at the Chamber of Commerce (Kamer van Koophandel). When this is not the case, you will need to have a plan to register your startup in the near future.
The age of your startup
To stand a chance of receiving the SOL fund, your startup can’t be older than six year. We see the registration at the Chamber of Commerce (Kamer van Koophandel) as the starting point of your company.
Knowledge intense startup
Besides the right ambition and proper skills you will need to have (plans for) a promising and innovative idea to stand a chance the get the SOL fund.
Central and West-Brabant
To be eligible for the SOL, you must be registered as a student at Tilburg University, Breda University of Applied Sciences or Avans Hogeschool. Employees of these educational institutions can register for the SOL too. If you are not a student or employee of these schools, your startup must be located in region Central and West Brabant.
Cost reducing measures
We may require you to implement cost reduction measures in your company. Think of cutting unnecessary costs or lowering your management fee.
We think it is important that you can demonstrate that you have tried or are already using other government regulations concerning the Corona virus. The business developer will check this with your application.
Features of the SOL
The SOL has special features that you will need to take into account before applying for the bridging loan.
- The maximum loan amount is € 50,000 if your startup has more than one owner or shareholder.
- The maximum loan amount is € 35,000 if you are the sole founder of the startup.
- The minimum loan amount is € 5,000 in both cases.
- You are obliged to put the entire amount in your startup. You may use it for additional cash (it is not intended to repay other credit facilities or loans). And you can use the SOL for both investments as working capital.
What does the SOL look like?
You can apply between June 3 and October 31, 2020. It is redemption and interest-free until December 31, 2020. After that, a monthly collection will be made for the repayment during 24 months. The interest is 5% on the outstanding amount that is still there on December 31, 2020. Since it is a personal account, you are liable for the refund. The payment of the loan is made on the basis of an upfront payment to a maximum of 50%. The remaining amount will be paid after consultation of expenditure certificates, also known as copies. If you want to pay off in between, this can be done without penalty. In addition, interest will only be charged on the withdrawn amount from 1 January 2021.
Providing supporting documents
Proof of any expenditure must be submitted. That is why one of the conditions is that we must receive all proof of the expenditure of the entire loan by 15 December 2020. If we miss supporting documents or if the loan has not been fully used, the amount that has not been invested in the startup must be refunded immediately. If this is not met, the loan is immediately due and claimable.
Apply for a loan
Do you want to use this Bridge Loan from Starterslift? Apply for it immediately and start working with your own business developer. Do you have any other questions about this loan? Get in touch with a business developer by clicking the button below. This will be without any obligation, they are happy to help you.