If no one goes on a trip...

...then he'll have something to tell you. For example, how to continue paying rent and staff in the event of a sudden shutdown. Even if the coronavirus aid isn't enough and your buffers are depleted, head to your bank – they can offer a guarantee.

This article is part of the special feature GründerNavi – for founders and young companies

The " Reisebüro am Markt " (Travel Agency at the Market) in Bielefeld-Jöllenbeck is particularly popular with seniors and clubs for its group tours . Clients especially appreciate the personal service, which sets it apart from the numerous online providers . Owner Cigdem Terzi, who took over the business two years ago after 19 years of managing it, has thus earned a solid reputation. The travel agency, run by the former handball player, is already ranked among the top 150 travel agencies by the DER Touristik Group and was recognized in 2020 as the top-selling travel agency in the "DER Touristik and Resorts" category. Travel accounts for more than three-quarters of the agency's revenue. Terzi generates the remainder through an integrated lottery outlet and a DHL parcel shop. Tobacco and stationery products round out the offerings.

Cigdem Terzi, owner of the travel agency at the market in Bielefeld-Jöllenbeck. Photo: © Terzi

But then Corona came and moved the entire travel business into intensive care overnight.

The example of the previously thriving travel agency is symptomatic of many businesses that depend on a single major client or mainstay. If that core business collapses, the entire existence of the company is at risk . And crises have a way of striking suddenly and unexpectedly. No one can foresee them. The consequence: Every (business) venture is at risk of falling into a well at some point. The important thing then is to climb out quickly. It's good to know how: Travel agent Terzi found her way out within just a few days.

Sustainable liquidity strengthening is needed

Oliver Kelzenberg, Loan Officer. Ms. Terzi's travel agency has always been in high demand. We are confident that it can continue to live up to its good reputation after the crisis. Photo: © Bürgschaftsbank NRW

Initially, she received a grant of €9.000 from the NRW emergency aid program . However, it was clear that more sustainable liquidity support was needed. Therefore, she secured a loan from Volksbank Bielefeld-Gütersloh eG , which will cover her lost revenue for approximately six months. Without collateral, this would have been a difficult, if not impossible, undertaking. But a guarantee covering 90 percent of the loan amount opened doors for her.

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The Volksbank brought the North Rhine-Westphalia Guarantee Bank on board as guarantor . The bank submitted all the necessary documents to the Guarantee Bank on behalf of its customer via digital channels. Everything then happened very quickly – after a phone call with the Guarantee Bank's loan officer, any remaining questions were clarified. Less than 24 hours later, Ms. Terzi received her guarantee commitment . Incidentally, the Guarantee Bank has expanded its funding options in response to Covid-19 (su).

Banks not only appreciate the guarantor's assumption of risk, but also the reassurance that their mutual client has been thoroughly vetted by experienced professionals. This allows Cigdem Terzi to guide the "travel agency on the market" through the viral crisis until holidays can finally resume – at least for the customers.

How a guarantee works

The guarantee bank always prioritizes the potential economic opportunities of a company and relieves credit institutions, especially in start-up and succession projects, while the entrepreneur remains personally liable.

Applicants should know:

• Any founder, entrepreneur, or freelancer can apply for a default guarantee. It must be a small or medium-sized business.
• You need appropriate personal, commercial and professional qualifications for your field of activity.
• A business plan with an economic forecast is required, which proves that the business operations can generate capital service and a reasonable living.
• The applications are usually processed through the house bank, but guarantees can also be applied for directly at the guarantee bank (BoB = guarantee without bank). Applications can be made at www.bb-nrw.de or about the new Financing portal ermoeglicher.de
• The maximum guarantee amount is 2,5 million euros.
• Costs: Upon approval, a one-time processing fee (usually 0,75% of the guaranteed loan amount, with a minimum of €400,00) and an annual guarantee commission are charged. Furthermore, involving the guarantee bank usually results in better loan terms.
• Guarantees are available for almost any project and venture, provided the prospects are right. Excluded are restructuring measures, debt restructuring, and measures that are not "eligible" under EU competition rules.
• If additional equity capital is required, the guarantee bank recommends the involvement of KBG NRW.

Further information on the products of the guarantee bank can be found at: www.bb-nrw.de

CONCLUSIONTo provide support during the Corona crisis, the Guarantee Bank has expanded its funding options:
Classic guarantee 80%: Loan volume up to max. €5 million, guarantee volume up to max. €2,5 million
Classic guarantee 90%: Loan volume up to max. €2,777 million, guarantee volume up to max. €2,5 million
Express Guarantee 80%: Loan volume up to max. €312.500, guarantee volume up to max. €250.000, decision within 72 hours
Express Guarantee 90%: Loan volume up to max. €277.700, guarantee volume up to max. €250.000, decision within 72 hours
NEW: Immediate Guarantee 90%; Loan volume up to €100.000, guarantee volume up to €90.000, decision within 24 hours