Apply for KfW Instant Loan Online via Penta

Alina December 2020 5 min

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The year 2020 has once again presented many entrepreneurs with very special economic challenges. In order to support the economy during the COVID-19 pandemic, the state is offering numerous aids such as the KfW Instant Loan via the Kreditanstalt für Wiederaufbau. This loan is intended to provide rapid support for sole proprietors, freelancers and SME. As we want to support you as well, we are happy to offer you the possibility to apply for the KfW Instant Loan via Penta

New: Application for the KfW Instant Loan via Penta 

With the strong partner Banxware on our side, we enable you to apply for the KfW Instant Loan online in 15 minutes. This cooperation is unique and makes us the first digital business banking platform that can offer this.

About Banxware

Banxware is a software provider for financial services, enabling digital platforms such as marketplaces, payment providers, POS providers and other aggregators to offer financial products, in particular loans.

With this new cooperation, you will receive quick help as a sole proprietor, freelancer or with your SME, without any lengthy application process. 

Via Penta and Banxware you can now apply for the KfW Instant Loan up to a maximum loan amount of up to 300,000 Euro

Who Can Apply for the KfW Instant Loan via Penta?

We are very pleased to be able to offer access to the KfW Instant Loan to sole proprietors and freelancers as well as small and medium-sized enterprises. All SMEs that are not active in agriculture or fisheries can apply for the loan. The maximum number of employees of ten persons may not be exceeded. 

Your company must have been on the market at least since January 2019 to be eligible to  apply for the KfW Instant Loan. Furthermore, your business must have made profit in 2019 or in the sum of the years 2017-2019 and a minimum turnover of 4,000 Euro in 2019 must have been achieved. It’s important that the KfW Instant Loan only absorbs the negative economic effects of the COVID-19 pandemic. Companies that were already in difficulties until 31.12.2019, and therefore before the pandemic started, will not have access to said aid. No profits or dividends may be distributed during the term of the loan. 

Soforthilfe KfW-Schnellkredit über Penta

Apply for KfW Instant Loan now

In Just a Few Steps to the KfW Instant Loan

Applying for the KfW Instant Loan via Penta will only take 15 minutes of your time and is completely digital. Log in to your Penta account and navigate to the menu item “Financing” or to the item “KfW Corona Aid”. From here you will be directed to the application process of Penta and Banxware. You will go through the following steps for the KfW Instant Loan: 

  1. Apply online via Penta and Banxware: Go through the credit application process online and apply for the KfW Instant Loan in just 15 minutes. You will need to go through an identification process and sign the verification digitally.
  2. Review and transmission: Your credit application will be then reviewed by the Vereinigte Volksbank Raiffeisenbank eG and then transmitted to the KfW for the final credit decision.
  3. Sign the contract: If the credit decision is positive, you will receive all contract documents via post to sign.
  4. Payment of the KfW Instant Loan: After the contract documents have been signed and sent back, you will receive the payment directly to your Penta account. 

You need the following documents in PDF format to apply: 

  • Annual financial statements for the years 2018 and 2019 
  • If you do not have the annual financial statement 2019 yet, you can upload a business analysis (BWA) of the year 2019

The KfW Instant Loan can be used to cover running costs and for acquisition:

  • Running costs such as rents, salaries, operating resources and warehouses
  • Purchase costs for machines and equipment or investments

Debt rescheduling or repayment of existing loans or subsequent financing, follow-up financing or prolongations are not eligible.  

The Conditions of the KfW Instant Loan

The KfW Instant Loan offers you attractive conditions for quick support during the COVID-19 pandemic. As already mentioned, the KfW Instant loan can offer you up to 300,000 Euro per company group with a maximum of ten employees via Penta in cooperation with our partner Banxware. The entire loan amount will be paid out directly to your Penta account. The interest rate is fixed at 3.00% p.a

The maximum term of the loan is ten years, during which you will repay the loan in quarterly installments. To relieve you, you can apply for a two-year grace period at the beginning. During the grace period you only pay the interest. An early repayment of the loan amount is also possible without an early repayment penalty, if you are expected to regain liquidity sooner. 

The KfW Instant Loan is intended to support you and your company quickly and easily. Therefore it is easily accessible, no risk assessment is necessary and only a few documents are required when applying for the loan. 

New Solutions for Unusual Times 

With the new option of applying for the KfW Instant Loan digitally via Penta and Banxware, we have succeeded in setting a milestone that is unique on the market so far. New requirements demand new solutions and we are very happy to offer you uncomplicated help in these times. 

We are working constantly on financial solutions that support you and your business. Our goal is to make the world of business banking a little bit better every day. As soon as we have new solutions, we will inform you. In the meantime, you can see on our public product roadmap what we are currently working on. 

Lastly, we will post all updates also here on our blog.

Stay safe and healthy! 

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