Financing for the construction industry

Krea exposes more than 30 banks and lenders to competition for business financing. The following actors have the opportunity to give you offers on financing on our platform.

Business loans
Marginalen Bank, Froda, Svea Bank, Aros Kapital, Capcito, CapIQ, Capitalbox, Corpia, DBT, Euro Finans, Fedelta, FINQR, FundingPartner, Kameo, Leasio Finans AB, Mynt, OPR, Qred, SBL Finans, Svensk Företagsfinansiering och Treyd.

Factoring
Ikano Bank, A.B.S Global Factoring, Svea Bank, Invoier, Alfa Finans, Billecta, Capcito, CapIQ, Euro Finans, Finansia och FINQR.

Real estate loans
SBP Nordic, Kameo, Svea Bank, Froda, Aros Kapital, Corpia, DBT, Euro Finans, Froda, FundingPartner och IMH Finans.

Business leasing
We cooperate with Nordic Finance and Marginalen Bank, among others.

For larger financing solutions, Krea collaborates with all relevant banks and lenders, including most larger banks, for example Nordea and SEB.

To apply for financing with Krea you are required to have signing rights for the company. That means that you need to have a leading role in the company, such as a CEO or board member. The company also has to be registered and active in Sweden.

Should you not have signing rights but have an economic or other role in the company, you can always contact our customer service, kundservice@krea.se for assistance with your application.

Private individuals cannot apply and neither can shell corporations, shelf corporations or branch companies.

Yes, newly founded businesses can apply for business loans and factoring.

Since a newly started business has limited historical data we recommend that the application includes the following documents:

• Business plan, here you can find a template for creating a business plan.
• Budget, here you can find a template for creating a budget.

For factoring applications, there are fewer requirements for the applying company. Remember to include your businesses' latest accounts ledger
or copies of the invoices you would like to sell in your application.

Limited companies ("aktiebolag"), sole proprietorships ("enskild firma"), general partnerships ("handelsbolag") and limited partnerships ("kommanditbolag") can apply for financing.

The interest rate is individual for each loan and is based on historical data from your business, current prerequisites and future ability to repay the business loan.

How much the monthly cost will be is also depending on what amortization plan you choose for the loan - longer repayment time means a lower monthly cost but usually a higher total cost. In order to estimate the total cost, it is important to consider eventual fees (such as starting fees and early settlement fees). When you receive proposals from lenders with Krea, we will help you compare the total cost through providing you with a "comparable interest rate".

You can improve your application by adding more information and thereby improve the interest rate that you are offered. According to our analysis, the most important information is collaterals as well as your profit- and loss statement and balance sheet, especially for the current year. We also offer you the opportunity to add information from your bank account in order to give the lenders a perception of your business current repayment ability.

You can also add collaterals as such guarantors, property- and floating charges in order to receive better terms.

By comparing business loans you will receive several alternatives to choose from. At Krea, we are here to help you find the best choice of financing for your business.

Factoring solutions usually has no interest rate. However, a commission is deducted from the invoice value. If you sell an invoice for SEK 100 and the commission is SEK 2 - you get paid SEK 98 and the rest can be considered the cost of the service. In addition to this, there are usually handling fees per invoice and start-up fees. It is also important to think about possible costs for reminders and debt collection that you need to pay if the invoice recipient does not pay on time.

To compare costs between factoring and business loans, we also show a “comparable monthly interest rate”. Factoring, however, has some advantages that are not visible in the comparable interest rate. For example, with factoring, you can sell the credit risk to the bank or lender (if you sell invoices without recourse), and the buyer takes care of all administration - so you do not have to do so.

You can choose to sign an invoice discounting agreement where the invoices are sold with or without recourse.

Invoice discounting without recourse means that the buyer takes over the entire credit risk after the invoice purchase. As a seller, you can expect to always get paid regardless of whether the invoice recipient is late or does not pay the invoices.

Invoice discounting with recourse means that unpaid invoices are returned to you under certain circumstances. There is usually a time limit, commonly 30 days, when the bank or lender tries to collect the debt unless the invoice has been paid. The bank or lender also verifies the process with you as an invoice discounting customer and ensures that the relationship with the end customer continues to be good.

At Krea, you can compare business loans completely free of charge. For every mediated application through Krea, we receive a commission from the lender. This means that there will be no extra cost for you as an applicant, as the lender carries the cost.

To apply for a business loan is non-binding and we do not receive any payments until you have found a business loan and received the payout on your account. We are on your side in the negotiations until your business has found the right business loan.

At Krea, you can apply for a business loan and factoring up to 4 million SEK. Our lenders examine your application to learn about your company's financial situation and to assess the company's future ability to repay the business loan. Based on this, each lender decides what loan amount they can offer, as well as other loan conditions such as the interest rate and repayment period.

Most often, companies are able to borrow 10% of the annual turnover (another rule of thumb is 1x to 4x of operating profit). If you want to borrow more, it is important to add the right information that will allow the lender to assess your repayment ability.

For factoring, the options depend on the value of your accounts receivable (invoices) that you can sell. Lenders can in most cases buy your entire invoice stock, except in some cases where the invoice recipient is not creditworthy enough.

Yes, it is usually possible to repay the whole business loan or parts of the business loan in advance. Usually it is free of charge, but sometimes the lender charge a small fee.

Information about early settlement conditions will be clearly stated when you receive the business loan offers.

Yes, even though more than 20 banks and lenders are presented with your application only 1 UC credit report will be registered on your business and on any personal guarantor to the loan application.

You can receive multiple letters that inform you that a credit check has been made on you or your business. Despite that, only 1 credit report is registered as Krea is cooperating with the Swedish credit agency (Upplysningscentralen - UC). This ensures that multiple lenders can take part of the same report.

Some lenders retrieve additional information through other institutions (such as CreditSafe or Bisnode), but these do not affect your or your company's creditworthiness with UC.

A credit check is registered on the company you are applying for, as well as for each personal guarantee you state in your application.

If only one credit check is made, the creditworthiness of the guarantor or your company is not affected.

However, if multiple requests are made during a short period, it can affect the guarantor's or company's creditworthiness. Our lenders take part of the same report that was issued by Krea, and do not make their own. This ensures that your business is not negatively affected by multiple credit checks.

Payment remarks do not have to be a hinder for your business to be granted a business loan. A few remarks do not necessarily mean that your business does not have the ability to repay a loan.

Each lender will do an individual assessment of your business repayment capacity, and the offers you receive depends on the type of remarks you received.

Before you make an application with us you can always estimate your business' credit limit lending capacity, completely free of charge and without credit check, through our AI service.

Click here to go to the service.

If you apply for factoring, the decision whether your invoice purchase application will be approved will also be based on the creditworthiness of your customers and not solely on yours.

Creating an application with us only takes about five minutes. When you create your application, it is sent to the banks and lenders in our network. You will see all the offers on business loan or invoice purchase within 1 day.

Once you have found an offer for a business loan or invoice purchase that is attractive, you can get in touch with the lender. Depending on the size of the financing and if additional information is needed, the time until the payment is made to your account may differ slightly.

If you have been offered a smaller amount and the lender has received all information they requested, the funds can be disbursed to you within 1-2 days. For larger and more complex financing requests, you will receive the funds within approximately a week.

We recommend you to include as much relevant information as possible when you are creating your application.

The more relevant information that lenders receive, the more accurate the risk assessment they can make, which facilitates for them to provide the best proposals.

Examples of information that is interesting for lenders are:

• Balance sheet and income statement for the last 12 months.
• Additional collateral in the form of, for example, a property mortgage or an object (car, machine, etc).
• Invoices that can be sold.
• Unused floating charges.
• Guarantors, where you can state yourself or an outside person. In order to report an outside person you have to add that persons social security number and email adress.
• Additional guarantors. In order to report an outside person you have to add that persons social security number and email adress. It is recommended that the person is a board member, however is it is not a requirement.
• Business plan, here you can find a template for creating a business plan.
• Budget, here you can find a template for creating a budget.
• Repayment plan, where you present your planned income for the next 12 months and how much of these you can use to repay the business loan.

Yes, applying for financing to buy another company only requires that you meet the basic requirements for receiving a business loan.

Financing a company acquisition can be more complex to assess for banks and lenders. It is therefore of extra importance that you describe your goals and assumptions in, for example, a business plan for the business you intend to buy.