Consequences of the current economic situation

The coronavirus has the economy firmly in its grip. Many entrepreneurs will need help to overcome the crisis that threatens their existence. Politicians are promising help, but it is currently unclear how this financial aid will actually be granted. Easier access to credit is expected to be created. It is therefore advisable to contact your bank promptly and discuss the possibility of liquidity subsidies in good time. We receive numerous requests for assistance with this process; in particular, we are asked for advice on the necessary documents and information. We naturally provide our clients with the best possible support in preparing the documents; in particular, you should compile the following documents promptly:

Documents for taking out a loan

Last available annual financial statements / income statement, if possible certified by the tax consultant, but in any case signed by the entrepreneur
Economic evaluation of the previous year if the annual financial statements for the previous year are not already available
A current business analysis of the BWA should be accompanied by a development statement and a comparison with the previous year
Lists of totals and balances for the current year and the previous year, a list of accounts payable and accounts receivable should be enclosed
Creditworthiness documents from credit agencies, Creditreform, Schufa etc.
Statement of assets, the complete statement should include all assets and liabilities
Calculation of debt service including statement of liabilities
Liquidity and profitability plan for the current year and the previous year, including a reliable statement by the entrepreneur on the figures

Preparation of the bank meeting

Numerous other questions will await you in discussions with the bank. Even the assurance of political decision-makers to grant aid will not lead to banks granting loans indiscriminately. Of particular interest will be how you and your company will deal with the crisis. If you need help, please do not hesitate to contact us.

Documents for taking out a loan