How do I apply for a KfW loan?
Prepare loan application: Enter your first data in the KfW online form. Attention! Filling out the form is not binding and does not count as an application. Then, you need to prepare documents:
BWA (business administration statement):
If you have not yet received the BWA from 2019, submit the BWA from 2018 and the latest BWA from 2019.
With this, you assure that your company complies with the definition of “micro, small and medium-sized enterprises” (SME) and is not linked to other companies. KfW has drawn up a simplified self-declaration.
A document that shows how the crisis is affecting your company and what investments you need to make to overcome the crisis. A financial plan for the next 24 - 36 months and/or a small business plan are suitable for this.
Find your house bank as a partner: It doesn't have to be your own bank, but it has to be a KfW partner.
More important than ever: Submit your documents in full if possible so that your request can be processed quickly - and in the best case scenario you can get your money soon.
You can find detailed information, partner banks and current forms to download on the KfW website: www.kfw.de.
Do I have to repay the KfW loan or is it a grant?
You have to pay back the entire loan plus interest.
When do I have to repay the loan?
If you opt for a term of 5 years, there is no repayment in the first year, i.e. you only pay the interest. The repayment of the loan then begins in the second year.
Can you apply for a loan directly to KfW if your house bank does not cooperate?
No, it is not possible to apply directly to KfW. If your house bank doesn't play along, you can try another partner bank.
For loans, KfW refers to the house bank and "usual bank securities". A company (such as mine) that already has no more orders will then not meet these conditions in advance. What can I do if I really am suffering from the loss of booked work due to Corona?
Do not worry! Thanks to the current special regulations, you only have to prove that your company was not in trouble by December 31, 2019. Your current order situation does not matter at first.
My company is less than 3 years old. Can I get a KfW loan?
Yes, but your house bank then has to bear the full risk. The federal government is constantly working on new measures, so it remains to be seen what further support will be made possible. Most recent extensions came into play as of 01.01.2020, with program extensions announced through to June 2021.
The good thing is that these loans can be used not just to secure liquidity but to also assist in investments to sustain or grow operations during this time, which could be useful if you have had to adapt your business to meet the moment. We hope we have been able to provide useful information as you prepare for the 2021 business year.