Goldrausch microcredit

Program description

GOLDRAUSCH provides microloans of between €1,000 and €15,000 for female start-ups and entrepreneurs, thereby supporting courageous and innovative women* in all their diversity who have no or difficult access to credit financing from banks.

The microloans are granted at the conditions of the Microcredit Fund Germany and are issued in cooperation with GRENKE Bank AG.

The advantages

• Unbureaucratic examination and application
• Competent advice and active contact with the contact person
• Fast processing, loan decision and disbursement
• Special repayments or early loan repayment possible
• Regular loan drawdowns possible with successful processing and repayment
• Increased credit ranking for other house and commercial banks

The loan is made available for investments, working capital, training, order pre-financing and in the event of liquidity bottlenecks.

Institution

Goldrausch e.V.

The idea of GOLDRAUSCH is as simple as it is captivating: For more than a quarter of a century, the network has offered empowerment to innovative and courageous women by providing uncomplicated microloans for business start-ups and business expansion. What is unique about this is that for decades this has been financed exclusively on the principle of "take and give back" through donations and association contributions. Since 2010, GOLDRAUSCH as the only women's financial organization in Germany has been accredited by the Microcredit Fund Germany and grants microcredits to women through it.

The non-profit organization is supported by well-connected women from business, culture and politics. Even for the founders in 1982, issues such as a guaranteed basic income and the economic independence of women had the highest priority. GOLDRAUSCH actively promotes the further development of alternative financing options for women founders with small financing needs, no or little equity capital and a lack of standard bank collateral. GOLDRAUSCH helps women to be successful. At the WeiberWirtschaft eG site, the network offers individual solutions for women in Berlin.

In 1989, the Goldrausch Künstlerinnenprojekt was initiated to counteract the structural discrimination of female visual artists under the motto: "It's not enough to make good art! To be visible and successful, you need comprehensive professional expertise. That's why we support women in developing individual career paths, expanding their knowledge in a practical way as self-employed artists, and presenting their works to the public."

Funding period

Repayment can be chosen between 12 to max. 54 months with a 6-month grace period.

Funding criteria

Funding is only available to female* founders and entrepreneurs who live and do business in Berlin – preferably, but not exclusively, female* founders or entrepreneurs 45+ and/or with experience as immigrants.

• Start-up financing: funding is provided for freelance or commercial female* founders
• Growth financing: funding is provided for female* entrepreneurs – small and medium-sized enterprises (SMEs) in the commercial sector and liberal professions

Additional conditions

Subsequent financing possible

• Incremental loans starting from 6 months of trouble-free repayment of the first loan

Unscheduled repayments

• up to 2 times during the loan term (from 100 €)
• Immediate redemption without prepayment penalty
• Fee 50 € per unscheduled repayment or redemption

The following cannot be financed

• Business consulting services
• Already completed projects
• Founders/entrepreneurs who already receive other funding from IBB and KfW
• Founders/entrepreneurs threatened by insolvency or who are insolvent

Credit offers are valid in connection with a membership in the association Goldrausch e.V. (annual membership fee 60 € - payable in monthly contributions á 5 €). This is required at least for the term of the loan.

Expenses for (commercial)

Pre-financing/Liquidity, Investment costs, Material costs, Operating expenses, Production costs, Further education

Funding focuses on

Start-up/Foundation & consolidation, Corporate growth, Social impact, Strengthening competitiveness

Funding conditions (commercial)

no equity required, surety bonds required, women only, no house bank required

Stage of the company/self-employment

up to 1 year after founding, up to 2 years after founding, up to 3 years after founding, up to 5 years after founding, up to 7 years after founding, existing company, company succession

Company Sizes

solo self-employed/one-man business, micro enterprise, small enterprise, medium-sized enterprise

Application type

Download form, Consultation in advance

Application procedure/documents

Overview of the loan process:

1. Appointment
2. Consultation with the loan advisor - handover of all necessary documents
3. Loan recommendation of the loan consultant to the advisory board
4. Presentation and decision in the advisory board of GOLDRAUSCH
5. Transmission of the data to GRENKE Bank, vote and preparation of the loan agreement
6. Signing of the loan agreement
7. Disbursement of the loan amount by GRENKE Bank

In addition to a comprehensive self-disclosure (form for download), the following documents are required:

Start-up financing

• Foundation concept with financing plan for 3 years
• Tax number and, if applicable business registration (foundation must already have taken place)
• SCHUFA information, not older than 3 months
• Certificate of viability, if available
• Guarantee from 1 to 2 persons for 50% of the loan amount – optional, the guarantor must have a residence in Germany

Growth financing

• Project description or existing order
• Annual financial statement of the last 3 years, resp. BWA's
• Capital requirement plan
• Guarantee of 1 to 2 persons for 50% of the loan amount – optional, the guarantor must have a residence in Germany

Loan processing time up to max. 4 weeks. There is a one-time closing fee of 130 € if the loan application is successful.

Note for applicants with limited knowledge of German:
Consultations can take place in English, but all documents up to the loan agreement are only available in German. To ensure the understanding of the loan modalities, it is recommended to bring a translator to the consultation appointments.

Jury/Decision-making body

All financing requests are prepared by the microcredit advisor and decided in the GOLDRAUSCH advisory board after a pitch.

Assistance/Downloads

Further conditions can be found in the product description.

Funded by

Lending under the Mein Mikrokredit offer of the Microcredit Fund Germany (Mikrokreditfonds Deutschland)

Funding area

State of Berlin