478 00:32:08,600 --> 00:32:10,800 An essential part of your business plan 479 00:32:10,920 --> 00:32:13,880 is choosing a type of financing suitable for your business. 480 00:32:14,000 --> 00:32:18,640 In the Netherlands there are many types of financing, but which one do you choose? 481 00:32:18,760 --> 00:32:22,760 I'll talk about this with René Kamphuis from the Netherlands Enterprise Agency. 482 00:32:22,880 --> 00:32:28,080 Gertjan Tienkamp, account manager at the crowdfunding platform Geldvoorelkaar. 483 00:32:28,200 --> 00:32:30,400 Roy Spit, director of Qredits 484 00:32:30,520 --> 00:32:33,200 and Claudio Gerardi, owner of Fietseria. 485 00:32:33,320 --> 00:32:37,400 Before we start our conversation, let's take a look at an overview first. 486 00:32:37,520 --> 00:32:40,240 Are you looking for ways to finance your business? 487 00:32:40,360 --> 00:32:43,720 Consider the different possibilities and combinations. 488 00:32:43,840 --> 00:32:47,480 If you only approach one financing institution e.g. a bank 489 00:32:47,600 --> 00:32:51,200 then this party is unlikely to lend you the entire amount. 490 00:32:52,200 --> 00:32:55,920 The bank namely wants you to invest part of your own capital. 491 00:32:56,040 --> 00:33:01,560 Or find other investors e.g. family, friends, an informal investor. 492 00:33:01,680 --> 00:33:07,480 An investment fund or crowdfunding. By investing capital yourself 493 00:33:07,600 --> 00:33:10,520 you can convince the bank to give you an additional loan. 494 00:33:10,640 --> 00:33:14,960 The government can also contribute e.g. by guaranteeing financing 495 00:33:15,080 --> 00:33:19,200 or by bringing you into contact with suitable financing parties. 496 00:33:19,320 --> 00:33:23,400 Combining multiple ways of financing is called a financing mix. 497 00:33:23,520 --> 00:33:26,920 A financing mix will ensure that you find the most suitable investor 498 00:33:27,040 --> 00:33:28,960 for different parts of the total investment. 499 00:33:32,000 --> 00:33:36,640 With the financing mix you can get the capital needed to execute your plans. 500 00:33:39,400 --> 00:33:41,880 Welcome Claudio Gerardi. -Hello. 501 00:33:42,000 --> 00:33:46,000 How did you find out about the different types of financing? 502 00:33:46,120 --> 00:33:51,400 At the begin, I start to do some research on the web. 503 00:33:51,520 --> 00:33:58,760 Then I ask some friends and other people who are already running a business. 504 00:33:58,880 --> 00:34:04,080 And also I receive some info from the Chamber of Commerce 505 00:34:04,200 --> 00:34:08,520 when I start up, when I register myself in their company. 506 00:34:08,640 --> 00:34:12,080 Very good. And you've started your own business, Fietseria. 507 00:34:12,200 --> 00:34:13,920 Here in the Netherlands. Why here? 508 00:34:14,040 --> 00:34:17,920 So, I work in the horeca field since ten years 509 00:34:18,040 --> 00:34:23,920 and I discover different places in Italy and in Europe, as well. 510 00:34:24,040 --> 00:34:27,320 I went in London before to be in the Netherlands 511 00:34:27,440 --> 00:34:32,800 but I didn't like the English lifestyle. 512 00:34:32,920 --> 00:34:38,200 On a suggestion of a friend, I chose to come in Amsterdam. 513 00:34:38,320 --> 00:34:42,880 In 2015, and for me it was 514 00:34:44,280 --> 00:34:50,240 a nice surprise to see that in the Netherlands 515 00:34:50,360 --> 00:34:55,280 the lifestyle is way better. -Oh, yes? 516 00:34:55,400 --> 00:34:58,560 Than other countries that I already tried. 517 00:34:58,680 --> 00:35:02,960 So, for me was kind of also first love if we can say like that. 518 00:35:03,080 --> 00:35:07,040 Let's take a look at your company, Fietseria, and the way you financed it. 519 00:35:07,160 --> 00:35:08,760 We have a video to take a look at. 520 00:35:08,880 --> 00:35:10,320 Nice. -Nice, I'm curious. 521 00:35:10,440 --> 00:35:13,400 Fietseria is a new mobile catering concept 522 00:35:13,520 --> 00:35:17,200 and it works for private catering and events. 523 00:35:17,320 --> 00:35:21,680 This new concept brings pizza everywhere and for everybody. 524 00:35:21,800 --> 00:35:26,440 I'm Italian, I'm a pizza lover and I know how real food taste like. 525 00:35:28,480 --> 00:35:32,240 I start in 2017 this new concept. 526 00:35:32,360 --> 00:35:35,720 I was looking to build up an ecologic food truck. 527 00:35:35,840 --> 00:35:41,080 To build up a new catering service and build up the Fietseria. 528 00:35:41,200 --> 00:35:45,400 When I start the project, this special bike was still a prototype. 529 00:35:45,520 --> 00:35:52,000 So, was not on the market. Luckily, I find it one day on the street 530 00:35:52,120 --> 00:35:54,280 and then I find the name of the company. 531 00:35:54,400 --> 00:36:01,680 The first steps was to calculate the cost for the entire project. 532 00:36:01,800 --> 00:36:06,960 And with some money saved on my own I start to buy some machinery. 533 00:36:07,080 --> 00:36:12,480 I calculate that I need an extra budget for end up the structure. 534 00:36:12,600 --> 00:36:18,760 I wrote a business plan. I download credit form of the business plan. 535 00:36:18,880 --> 00:36:25,080 And when I did the log-in, Qredits gives to me all the necessary tools 536 00:36:25,200 --> 00:36:28,840 to build up a stable business plan, to do a right research. 537 00:36:28,960 --> 00:36:34,560 After some researches, I figured out that there were different ways 538 00:36:34,680 --> 00:36:38,400 on how to get my money. One was the bank way. 539 00:36:38,520 --> 00:36:44,280 The other one was the crowdfunding and then the micro-financial. 540 00:36:44,400 --> 00:36:48,120 The first step was to ask around 541 00:36:48,240 --> 00:36:52,800 to people who were already running business, some tips. 542 00:36:52,920 --> 00:36:56,600 Due to the fact that my budget was not that tight 543 00:36:56,720 --> 00:36:59,440 I choose for the micro-financial. 544 00:36:59,560 --> 00:37:02,880 Because was the easiest and the fastest way to offer me money. 545 00:37:03,000 --> 00:37:05,840 I'm working as a freelance pizzaiolo 546 00:37:05,960 --> 00:37:10,160 and I'm developing catering service and festivals. 547 00:37:10,280 --> 00:37:13,640 Moreover, I'm working to build up a new structure for the Fietseria 548 00:37:13,760 --> 00:37:16,760 and try to make it a franchising. 549 00:37:23,720 --> 00:37:28,920 Roy Spit, your company Qredits believed in the idea of Claudio. Why? 550 00:37:29,040 --> 00:37:33,120 Claudio really prepared himself. He went to the Chamber of Commerce. 551 00:37:33,240 --> 00:37:38,080 He had a viable business plan, he sent in the right documents. 552 00:37:38,200 --> 00:37:42,760 So, he had a location scan of the Chamber of Commerce made. 553 00:37:42,880 --> 00:37:46,680 So, that was for us the first main step to meet him. 554 00:37:46,800 --> 00:37:51,280 With all the documents, our loan advisor made an appointment with Claudio. 555 00:37:51,400 --> 00:37:54,040 Then we thought: this is the man who is baking pizzas. 556 00:37:54,160 --> 00:37:57,080 We saw it in the film so no doubt about that. 557 00:37:57,200 --> 00:38:01,160 Claudio, are you already making a living with the Fietseria? 558 00:38:01,280 --> 00:38:06,400 No, because Fietseria is still an ongoing prototype. 559 00:38:06,520 --> 00:38:11,200 We're on the last phases of the project so in the meantime 560 00:38:11,320 --> 00:38:16,600 I'm working as a freelance pizzaiolo. I'm doing some consultancy. 561 00:38:16,720 --> 00:38:19,040 What's a pizzaiolo? It's very Italian. 562 00:38:19,160 --> 00:38:22,600 Yes, pizzaiolo, in Dutch you can say pizzabakker. 563 00:38:22,720 --> 00:38:28,160 So you're doing this job together with the pizzaiolo and the Fietseria together? 564 00:38:28,280 --> 00:38:32,800 Yes, let's say that Fietseria is a project to follow. 565 00:38:32,920 --> 00:38:38,720 And I'm almost done to put the structure and product on the market. 566 00:38:38,840 --> 00:38:41,480 Ready for other people. 567 00:38:41,600 --> 00:38:47,080 But in the meantime, yes, I'm working as a pizzaiolo. 568 00:38:47,200 --> 00:38:49,000 Very good. -Like what I said. 569 00:38:49,120 --> 00:38:52,400 And I'm doing some consultancy on the side. 570 00:38:52,520 --> 00:38:58,320 And when I get the opportunity to do some catering or events, I'm also in. 571 00:38:58,440 --> 00:39:00,600 Thank you so much. Roy, I was wondering. 572 00:39:00,720 --> 00:39:05,840 Your company is specialized in microfinance. What is microfinance? 573 00:39:05,960 --> 00:39:10,280 Well, microfinance actually is the... We started in 2009. 574 00:39:10,400 --> 00:39:14,080 As a microfinance company and that means we are a foundation. 575 00:39:14,200 --> 00:39:19,640 As a foundation we help entrepreneurs, starting and existing entrepreneurs 576 00:39:19,760 --> 00:39:22,600 with loans up to 250,000 euros. 577 00:39:22,720 --> 00:39:26,600 But microfinance is not only about loans, it's also about mentoring 578 00:39:26,720 --> 00:39:29,160 supplying the right tools. For example, Claudio 579 00:39:29,280 --> 00:39:33,680 who used our template to write a business plan, our e-Learnings. 580 00:39:33,800 --> 00:39:39,240 So microfinance is more than just a loan. It's all about mentoring, tools and credit. 581 00:39:39,360 --> 00:39:43,880 Okay, and what's the main difference between Qredits and a bank? 582 00:39:44,000 --> 00:39:47,840 The main difference is that we are a foundation 583 00:39:47,960 --> 00:39:52,440 and for the banks who have shareholders and we talk a lot about shareholders value 584 00:39:52,560 --> 00:39:57,480 but shareholders are important for a bank so profit is very important for a bank. 585 00:39:57,600 --> 00:40:02,000 That makes it very hard for a bank to make these small loans profitable. 586 00:40:02,120 --> 00:40:06,120 And for us, as a foundation, that's not our main target. 587 00:40:06,240 --> 00:40:11,320 Our main target is to help the entrepreneurs and to be sustainable. 588 00:40:11,440 --> 00:40:15,400 I think that's the main difference. -Okay, and Claudio 589 00:40:15,520 --> 00:40:17,560 you chose microfinancing. 590 00:40:17,680 --> 00:40:22,520 Why did you think this was the best way for you? 591 00:40:22,640 --> 00:40:28,040 I was looking to get a small amount of money. 592 00:40:28,160 --> 00:40:31,760 Also take a look into the crowdfunding process. 593 00:40:31,880 --> 00:40:38,320 But I thought that for a crowdfunding process you need a bigger plan. 594 00:40:38,440 --> 00:40:44,120 And also the time for a crowdfunded process is way longer 595 00:40:44,240 --> 00:40:49,760 than what a microfinancing process can be. 596 00:40:49,880 --> 00:40:54,160 So then, yes, I chose for Qredits. 597 00:40:54,280 --> 00:40:59,360 Because as I told you, it was the easiest and fastest way for my money. 598 00:40:59,480 --> 00:41:03,520 You talked about crowdfunding. Gertjan, you know everything about crowdfunding. 599 00:41:03,640 --> 00:41:08,040 And is a concept like Claudio's Fietseria interesting for crowdfunding? 600 00:41:08,160 --> 00:41:11,400 Yes, it is. We have to make an appointment after the show. 601 00:41:11,520 --> 00:41:14,680 Why not? -But yes, it sure is. 602 00:41:14,800 --> 00:41:18,440 What are the basics of crowdfunding? -The basics are that 603 00:41:18,560 --> 00:41:22,760 you get small amounts of funding by a large amount of people. 604 00:41:22,880 --> 00:41:28,160 So, for example, if you need 25,000 euros, we can get 100 people 605 00:41:28,280 --> 00:41:32,840 who all do 250 euros and then you get a large pot of money. 606 00:41:32,960 --> 00:41:35,040 And we can help entrepreneurs get that capital. 607 00:41:35,160 --> 00:41:38,280 For what kind of companies is crowdfunding an option? 608 00:41:38,400 --> 00:41:41,360 Well, it's suitable for all kinds of enterprises 609 00:41:41,480 --> 00:41:46,360 but the most of the projects we do for small to medium-sized enterprises. 610 00:41:46,480 --> 00:41:50,360 It's essential that the entrepreneur has a good business plan. 611 00:41:50,480 --> 00:41:54,720 And a decent track record. 612 00:41:54,840 --> 00:42:00,920 At crowdfunding you have to convince investors to invest in your proposition. 613 00:42:01,040 --> 00:42:05,280 So that's a track record and the business case has to be good. 614 00:42:05,400 --> 00:42:12,400 A lot of people think that crowdfunding is just a donation form. 615 00:42:12,520 --> 00:42:14,360 Or for social projects. -Is it not? 616 00:42:14,480 --> 00:42:16,600 It is, but you have multiple options. 617 00:42:16,720 --> 00:42:23,760 Because like 70 per cent of all crowdfunding projects are socially-related. 618 00:42:23,880 --> 00:42:29,400 But 90 per cent of the money invested in crowdfunding is for enterprises. 619 00:42:29,520 --> 00:42:34,040 I didn't know that. If you want to know if crowdfunding is suitable for your company 620 00:42:34,160 --> 00:42:39,280 you're welcome to take the crowdfunding scan at business.gov.nl/crowdfunding. 621 00:42:41,200 --> 00:42:47,520 So, Roy and Gertjan, how do people, companies reach out to you? 622 00:42:49,240 --> 00:42:53,320 I think most of the smaller enterprises just have a look on the internet. 623 00:42:53,440 --> 00:42:58,560 Like Claudio did. Google is your best friend when you come to the Netherlands. 624 00:42:58,680 --> 00:43:03,440 And there you see multiple options, so I think it's a lot through the internet 625 00:43:03,560 --> 00:43:07,480 but we see a lot of professionals helping start-ups 626 00:43:07,600 --> 00:43:12,880 like accountants, bookkeepers or other professionals or consultants. 627 00:43:13,000 --> 00:43:17,400 And they also have a great view of the alternative finance landscape. 628 00:43:17,520 --> 00:43:19,240 So, they can also help you 629 00:43:19,360 --> 00:43:22,920 but for the smaller amounts we see a lot of people looking on the internet. 630 00:43:23,040 --> 00:43:26,560 How do you know if an idea is viable? 631 00:43:26,680 --> 00:43:30,720 That's a good question. We think that we have to meet Claudio to have a good idea. 632 00:43:30,840 --> 00:43:36,880 But as I said before, it starts with sending in a viable business plan or the documents. 633 00:43:37,000 --> 00:43:41,040 Like Gertjan said: You know, you really need documents to get an idea 634 00:43:41,160 --> 00:43:44,760 if it's wise to visit the applicants. 635 00:43:44,880 --> 00:43:49,760 It starts with sending in and really think through what you're sending in. 636 00:43:49,880 --> 00:43:54,600 We see that 40 per cent of all the applications are without any documents. 637 00:43:54,720 --> 00:43:58,520 So, then you can be a good entrepreneur, but it doesn't help you 638 00:43:58,640 --> 00:44:03,680 to make the first main step and to have a visit from one of our loan officers. 639 00:44:03,800 --> 00:44:09,080 Gertjan, crowdfunding as a means of financing is growing in stature. 640 00:44:09,200 --> 00:44:12,080 Do you have any idea why this is happening? 641 00:44:12,200 --> 00:44:15,480 The crowdfunding market really matured over the years. 642 00:44:15,600 --> 00:44:19,000 When we started with Geldvoorelkaar in 2011 643 00:44:19,120 --> 00:44:23,040 it was the first crowdfunding platform in the Netherlands 644 00:44:23,160 --> 00:44:27,320 and it was all new for investors and for entrepreneurs. 645 00:44:27,440 --> 00:44:30,080 And now it's more known 646 00:44:30,200 --> 00:44:37,760 and when banks offer low interest on savings 647 00:44:37,880 --> 00:44:42,680 investors want to look for other options. Low accessible, easy accessible options. 648 00:44:42,800 --> 00:44:47,840 And that's why investors like to invest in entrepreneurs. 649 00:44:47,960 --> 00:44:52,760 And for the entrepreneur, they look for capital. 650 00:44:52,880 --> 00:44:57,960 And we bring those two together. -There are different types of crowdfunding. 651 00:44:58,080 --> 00:45:02,120 Which types are there exactly? -I'll define four. 652 00:45:02,240 --> 00:45:06,560 You have the donation-based model, like I said earlier. 653 00:45:06,680 --> 00:45:10,200 Then there is no reward for the investment you do. 654 00:45:10,320 --> 00:45:14,360 Then you have a reward-based model. 655 00:45:14,480 --> 00:45:17,280 That's like you get a T-shirt or a pen or a glass. 656 00:45:17,400 --> 00:45:22,680 But also like Kickstarter that you get a product for the investment you make. 657 00:45:22,800 --> 00:45:28,920 Then there is equity-based. So for your investment you get a share of the company. 658 00:45:29,040 --> 00:45:34,280 Or through a convertible loan. And there is the loan-based model. 659 00:45:34,400 --> 00:45:36,880 And a loan-based model is, like it says: 660 00:45:37,000 --> 00:45:40,880 It's a mini loan with which you help the entrepreneur 661 00:45:41,000 --> 00:45:44,040 and you get repaid and interest for it. 662 00:45:44,160 --> 00:45:47,960 Which type is used most often? -The last one. 663 00:45:48,080 --> 00:45:54,000 It's really clear and simple. For the investor, they know they get repaid. 664 00:45:54,120 --> 00:45:59,000 And they get return on their investment, like interest. 665 00:45:59,120 --> 00:46:02,880 And the entrepreneur knows for the duration of the loan 666 00:46:03,000 --> 00:46:08,080 I have to pay this amount every month, on a monthly basis including interest. 667 00:46:08,200 --> 00:46:13,200 A combination of crowdfunding and microfinancing is that common? 668 00:46:13,320 --> 00:46:16,800 It happens. At the moment, we go live 669 00:46:16,920 --> 00:46:20,720 with a project that is started with microfinance 670 00:46:20,840 --> 00:46:25,360 and it has matured over the years and now it's scaling up. 671 00:46:25,480 --> 00:46:29,240 And they come to us and we do a crowdfunding campaign. 672 00:46:29,360 --> 00:46:32,440 I see you nodding Roy. Do you agree? -Yes, it is possible 673 00:46:32,560 --> 00:46:38,280 but let us not make it too fancy. 674 00:46:38,400 --> 00:46:43,120 Because there is also some difficulty in combining 675 00:46:43,240 --> 00:46:45,520 and that's that we all want to have some collateral. 676 00:46:45,640 --> 00:46:49,840 I think it's very hard to combine the same type of finance 677 00:46:49,960 --> 00:46:55,000 like crowdfunding, banks and Qredits up to 250,000 euros. 678 00:46:55,120 --> 00:46:58,160 The smaller amount is harder than bigger amounts to combine. 679 00:46:58,280 --> 00:47:02,880 We see a lot of combinations with other types of alternatives like 680 00:47:03,000 --> 00:47:06,280 when you talk about leasing or factoring 681 00:47:06,400 --> 00:47:09,720 it's easier to combine different kinds of alternatives 682 00:47:09,840 --> 00:47:14,040 than the same kind of alternatives because then it comes to collateral 683 00:47:14,160 --> 00:47:18,120 and we all want to have some collateral. -What Roy says is totally true 684 00:47:18,240 --> 00:47:22,240 about the collateral, but there are entrepreneurs 685 00:47:22,360 --> 00:47:26,160 who look for crowdfunding because there is a second advantage. 686 00:47:26,280 --> 00:47:28,680 That's the marketing aspect of it. -Of course. 687 00:47:28,800 --> 00:47:32,680 Because every investor investing is a promotor for your company. 688 00:47:32,800 --> 00:47:35,560 If I invest 1000 dollars in a bakery 689 00:47:35,680 --> 00:47:39,520 I'll tell all my friends and family to buy a bread at that place. 690 00:47:39,640 --> 00:47:42,120 So that's the marketing and publicity effect 691 00:47:42,240 --> 00:47:45,040 that a lot of entrepreneurs like about crowdfunding. 692 00:47:45,160 --> 00:47:50,680 And it works. -What kind of loans does Qredits offer? 693 00:47:50,800 --> 00:47:53,400 Actually, we have three types of loans. It's quite easy. 694 00:47:53,520 --> 00:47:56,200 We have micro loans, it's up to 50,000 euros. 695 00:47:56,320 --> 00:48:01,200 Then we have SME loans for the medium enterprises up to 250,000 euros. 696 00:48:01,320 --> 00:48:05,080 And we have flexible loan. A flexible loan is more for working capital. 697 00:48:05,200 --> 00:48:07,800 And it's up to 25,000 euros. 698 00:48:07,920 --> 00:48:10,560 So these are the three types of loans we have. 699 00:48:11,680 --> 00:48:13,840 How does that work exactly? 700 00:48:13,960 --> 00:48:16,880 To do an application or the type of loan? -Yes. 701 00:48:17,000 --> 00:48:24,240 The type. We only have loans that you repay within between one to ten years. 702 00:48:24,360 --> 00:48:28,600 We also do mortgages and these are up to 20 years. 703 00:48:28,720 --> 00:48:32,840 So, if you want to buy a property for your business that's also possible. 704 00:48:32,960 --> 00:48:34,880 Then it's up to 20 years. 705 00:48:35,000 --> 00:48:38,480 That's also a branch very difficult for banks at the moment. 706 00:48:38,600 --> 00:48:40,560 Properties for businesses. 707 00:48:40,680 --> 00:48:45,480 But most of our loans are about repayment within four or five years. 708 00:48:45,600 --> 00:48:49,840 So, that's the typical loan. I don't know what kind of loan you had? 709 00:48:49,960 --> 00:48:52,360 I have the microfinancing loan 710 00:48:52,480 --> 00:48:56,480 and I will pay back the entire amount in three years. 711 00:48:56,600 --> 00:48:59,920 Three years? -Most of the time we have a grace period. 712 00:49:00,040 --> 00:49:06,160 For start-ups it's better to only pay interest in the first five or six months. 713 00:49:06,280 --> 00:49:09,000 So you can build up... -That's the way I chose. 714 00:49:09,120 --> 00:49:12,320 Then you can build up your business, get some cash flow 715 00:49:12,440 --> 00:49:15,200 and then you can pay it back in three, four, five years 716 00:49:15,320 --> 00:49:17,400 but only up to ten years. 717 00:49:17,520 --> 00:49:21,280 The flexible loan, then you don't have a repayment. 718 00:49:21,400 --> 00:49:26,600 So, within 25,000 euros you can repay and you can withdraw. 719 00:49:26,720 --> 00:49:30,040 So, it's like, sort of a bank account. -Exactly. 720 00:49:30,160 --> 00:49:34,240 Okay. And how do you apply? Digitally or in person? 721 00:49:34,360 --> 00:49:36,960 We still get some post 722 00:49:37,080 --> 00:49:40,680 but 99% of all the applications come through the internet. 723 00:49:40,800 --> 00:49:43,400 You get some post, actually? -Yes, we do. 724 00:49:43,520 --> 00:49:46,840 Real paper. -Real paper, yeah exactly. 725 00:49:46,960 --> 00:49:51,240 But most of them come through the internet. It's only three-four steps. 726 00:49:51,360 --> 00:49:53,880 The preparation, if you have the documents 727 00:49:54,000 --> 00:49:57,640 within five minutes you can do an application. Also at Geldvoorelkaar. 728 00:49:57,760 --> 00:50:00,960 If you have the documents it's not so hard to apply. 729 00:50:01,080 --> 00:50:04,760 Is it the same for crowdfunding? -We're an online-based company. 730 00:50:04,880 --> 00:50:06,920 So, it goes through our website 731 00:50:07,040 --> 00:50:13,880 but we do discover possibilities by phone, mail or in person with the entrepreneur. 732 00:50:14,000 --> 00:50:18,280 Or with an accountant or advisor like Roy said earlier. 733 00:50:18,400 --> 00:50:23,000 First you apply online? -Basically it's online. 734 00:50:23,120 --> 00:50:26,480 When the financing proposal is ready we publish it online 735 00:50:26,600 --> 00:50:28,960 and investors invest online. 736 00:50:29,080 --> 00:50:31,240 I would like to involve René again. 737 00:50:31,360 --> 00:50:34,080 Welcome back, René. -Thank you. 738 00:50:34,200 --> 00:50:38,880 Can the government offer help? Maybe, like, subsidize? 739 00:50:39,000 --> 00:50:40,760 Yes, of course. 740 00:50:40,880 --> 00:50:47,160 We have a lot of financial instruments available for entrepreneurs. 741 00:50:48,520 --> 00:50:55,400 It's not always like crowdfunding or micro credits alone. 742 00:50:55,520 --> 00:51:02,120 But we offer a lot of instruments that fill in the gaps in the financial landscape. 743 00:51:02,240 --> 00:51:06,760 That's basically also the main goal of the government. 744 00:51:06,880 --> 00:51:10,520 We also have a lot of subsidies in place 745 00:51:10,640 --> 00:51:17,120 to achieve some stimulation in the economy on certain points. 746 00:51:17,240 --> 00:51:21,280 Very relevant at the moment is energy saving 747 00:51:21,400 --> 00:51:24,440 and new energy projects. 748 00:51:24,560 --> 00:51:27,440 There are subsidies for these investments. 749 00:51:27,560 --> 00:51:30,800 What are the conditions for getting a subsidy? 750 00:51:30,920 --> 00:51:35,680 They differ a lot, because subsidies differ also 751 00:51:35,800 --> 00:51:40,000 in the goals that they have to meet. 752 00:51:40,120 --> 00:51:45,960 But in general you just have to fill in forms for a subsidy 753 00:51:46,080 --> 00:51:49,600 that describes where you are going to use the money for. 754 00:51:49,720 --> 00:51:55,640 And what the investment is going to be where you apply the subsidy for. 755 00:51:55,760 --> 00:51:59,520 What are the chief misunderstandings concerning subsidies? 756 00:51:59,640 --> 00:52:05,960 Well, the biggest mistake that people have in their heads about subsidies 757 00:52:06,080 --> 00:52:11,960 is that they think that every financial instrument of the government is a subsidy. 758 00:52:12,080 --> 00:52:13,560 It's not? -No, it's not. 759 00:52:13,680 --> 00:52:17,000 And it's even less than, for instance, ten years ago. 760 00:52:17,120 --> 00:52:20,560 There are less and less subsidies available. 761 00:52:20,680 --> 00:52:27,040 Instead, you will find instruments like loans, like SME guarantees 762 00:52:27,160 --> 00:52:31,480 where we provide a guarantee to a bank loan 763 00:52:31,600 --> 00:52:35,040 where there's not enough collateral for the bank. 764 00:52:35,160 --> 00:52:42,560 In that case we can provide the collateral that the bank needs to provide the loan. 765 00:52:42,680 --> 00:52:50,440 But we also have equity programs and proof-of-concept funding. 766 00:52:50,560 --> 00:52:57,240 We do a lot of different kinds of instrumental projects. 767 00:52:57,360 --> 00:53:00,680 I want to get back to Gertjan and Roy. What are the risks... 768 00:53:00,800 --> 00:53:04,640 or let me rephrase it, the pitfalls for entrepreneurs? 769 00:53:04,760 --> 00:53:10,880 I come back to the subject of transparency. That's quite important, also in the plan. 770 00:53:11,000 --> 00:53:15,360 We see a lot of entrepreneurs, most of them have only a best case scenario. 771 00:53:15,480 --> 00:53:18,920 That's very good. They're an entrepreneur and apply for a loan 772 00:53:19,040 --> 00:53:25,000 because they think: I really have this plan and it can only succeed. 773 00:53:25,120 --> 00:53:27,880 But reality is different. Anything can happen: 774 00:53:28,000 --> 00:53:31,080 Illness, divorce. 775 00:53:31,200 --> 00:53:35,440 So, also think about what will happen in a worst-case scenario. 776 00:53:35,560 --> 00:53:39,360 When turnover isn't that good, or whatever, you know. 777 00:53:39,480 --> 00:53:43,000 Just think about it and write something about it in your plan. 778 00:53:43,120 --> 00:53:45,840 Do you have a partner with income? 779 00:53:45,960 --> 00:53:50,720 All the subjects are important for us as a finance institute 780 00:53:50,840 --> 00:53:55,360 to know how your reaction is when you get in trouble. 781 00:53:55,480 --> 00:53:59,680 For us that is very important to know and write it down in your business plans. 782 00:53:59,800 --> 00:54:05,360 Most applications don't have anything in their plan about this 783 00:54:05,480 --> 00:54:07,880 so I would really recommend to do that. 784 00:54:08,000 --> 00:54:09,680 A good tip. -Thanks. 785 00:54:09,800 --> 00:54:14,840 Did you think about the pitfalls when you started your Fietseria? 786 00:54:14,960 --> 00:54:18,600 Yes, but luckily 787 00:54:18,720 --> 00:54:23,600 I have a really nice job. Really. 788 00:54:23,720 --> 00:54:27,320 Because a job as a pizzaiolo is well-paid. 789 00:54:27,440 --> 00:54:34,120 So in the case that my supposition would go on a bad way 790 00:54:34,240 --> 00:54:39,160 I still got my job, and I can pay back the loan. 791 00:54:39,280 --> 00:54:42,240 You discussed this with Qredits as well when you asked for financing? 792 00:54:42,360 --> 00:54:45,240 Of course. -You wrote it in your business plan. 793 00:54:45,360 --> 00:54:48,680 As well, yeah. -You talked to the Chamber of Commerce. 794 00:54:48,800 --> 00:54:52,000 You had a location scan. You did quite some preparation. 795 00:54:52,120 --> 00:54:54,760 I have to say that I received a lot of help 796 00:54:54,880 --> 00:54:58,760 from the phone assistant of Qredits and the Chamber of Commerce. 797 00:54:58,880 --> 00:55:03,080 Really, they helped me out a lot and I just... 798 00:55:03,200 --> 00:55:05,760 I just had one question 799 00:55:05,880 --> 00:55:10,880 and they filled my brain with a lot of information. So, it was really helpful. 800 00:55:11,000 --> 00:55:13,840 There's a question for you to fill your brain with. 801 00:55:14,840 --> 00:55:19,680 What did you underestimate during the process? It's a viewer's question. 802 00:55:19,800 --> 00:55:22,560 Yes, what I underestimate. 803 00:55:22,680 --> 00:55:30,160 I underestimate the fact that a good plan can save you time. 804 00:55:30,280 --> 00:55:33,120 And in business time are money. 805 00:55:33,240 --> 00:55:36,840 So, I developed the project 806 00:55:38,920 --> 00:55:40,880 together with a job on side. 807 00:55:41,000 --> 00:55:45,360 So, supposed to be back and restart again 808 00:55:45,480 --> 00:55:50,800 I will focus more on the planning of the whole project. 809 00:55:50,920 --> 00:55:55,440 Well, we have another question for you from the viewers. 810 00:55:55,560 --> 00:56:00,120 If you had to start the financing process again, what would you do differently? 811 00:56:01,760 --> 00:56:05,000 First, an important point for me 812 00:56:05,120 --> 00:56:11,040 is to understand how to split the business from your private life. 813 00:56:11,160 --> 00:56:15,720 This, for me, was a big problem at the end. 814 00:56:15,840 --> 00:56:22,040 When you start, you... For me, with anything new, so... 815 00:56:22,160 --> 00:56:24,760 all my focus was on my project. 816 00:56:24,880 --> 00:56:27,440 I understand that people might be annoyed 817 00:56:27,560 --> 00:56:32,680 that I were talking about my Fietseria always any time. 818 00:56:32,800 --> 00:56:36,400 And you can lose some friends. -Ah, did you? 819 00:56:36,520 --> 00:56:39,080 Yeah, I did, but... 820 00:56:39,200 --> 00:56:43,440 It doesn't matter. That means this friend was not really important. 821 00:56:43,560 --> 00:56:47,240 Thank you so much, gentlemen, for sharing your information with us. 822 00:56:47,360 --> 00:56:49,960 Summing up, there are many possibilities to get funding 823 00:56:50,080 --> 00:56:53,840 depending on the kind of business you have and the amount of money you need. 824 00:56:53,960 --> 00:56:56,480 You have to be able to give detailed information 825 00:56:56,600 --> 00:56:59,960 and be able to pay back. Thanks again.