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Black Forest restaurateurs in times of Corona

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The Black Forest is a popular holiday region in Germany where guests have countless hotels to choose from. However, in order for the guests to have a pleasant stay with a lot of comfort, hotel owners have to constantly invest in their properties. Sometimes new purchases or renovation work are necessary, which can tear a big hole in the cash register.

But there are also times when the hotels are not fully utilized, so that little profit is made. Nevertheless, there are bills to be paid, which often becomes a real challenge. A bank loan could help hoteliers in difficult times, but self-employed people are often turned away by banks. Nevertheless, it is not hopeless to get a loan, because it is often much easier online. self-employed can via auxmoney.com easily apply for a loan, for example. Especially if there is no prospect of credit elsewhere.

In any case, many hotel owners first romp around on the Internet when they are looking for a suitable loan. In the meantime, there are not only the classic financing options, but many interesting alternatives.

No credit without sufficient collateral 

Hoteliers basically need two types of credit, namely an investment loan or a working capital loan. Investments are usually made in modernizing the facility in order to be able to keep the room prices at the same level and to meet the high demands of the guests. The working capital loan is used to keep the hotel running during a weaker season.

Banks require collateral, for example in the form of assets, land or buildings. When it comes to lending to hotel operators, banks tend to be reluctant. For most banks, granting a longer-term and higher loan is simply too risky. This is especially true when investing in equipment. This has no resale value for the bank, so it does not constitute security.

Smaller hotels find it difficult to get credit

As a rule, bank loans are only granted to large hotels or hotel chains. On the other hand, small hotels with fewer than 100 rooms have no chance. At most, you can turn to regional banks, but they often have no experience with this. Since an expert opinion is therefore necessary, lending can take several months. Of course, hoteliers could commission an expert themselves in advance, but this process also takes a lot of time, which a hotel often does not have.

Often, however, it is liquidity bottlenecks that break the neck of hotel owners. A small hotel can quickly find itself on the brink of collapse if the financial resources are not available. Such working capital loans are always needed at short notice, so that the long processing times at the banks can become a problem.

Credit platforms as a possible alternative for hoteliers

Luckily are Hotels in the Black Forest nowadays no longer necessarily dependent on a classic bank loan. It is usually much faster and less complicated on a digital credit platform. This is a real alternative to conventional credit, especially for small and medium-sized hotels. Larger loan amounts can often be granted within a few working days.

These offers are also enjoying increasing popularity in the hotel industry, because hoteliers are hardly put in the way. Larger collateral can usually be dispensed with when lending. However, hotel operators have to be careful who they trust with the loan offers, because unfortunately there are still a few black sheep romping about on the Internet. You should be alert, especially when interest rates are particularly low. However, going to the house bank is not always the best way to get a loan.

Loans for hotels are a big challenge

Many hotels in the Black Forest have a very long tradition of several decades. They have been handed down from one generation to the next and are therefore still run by the family. Fortunately, many of them have built up a good relationship of trust with their house bank over the years. This has the advantage that loans do not pose any problems to a certain extent.

Before the corona pandemic, tourism was extremely stable, so that often little equity was sufficient for lending. A real challenge in the industry are the high investments that have to be made on an ongoing basis in order to be able to maintain the standard. In addition, there is the employment of qualified and trustworthy personnel as well as marketing concepts.

If an investment loan is to be applied for from the bank, the following criteria are primarily important:

  • Good business model in the upper price segment, which mainly focuses on wealthy guests
  • First-class price enforcement and a high bed occupancy on average
  • Reliable cost estimation regarding the planned investments
  • Preparation of a detailed business plan for the new investment
  • Credit term of 15 to 17 years without residual values ​​(maximum 20 years)
  • The sales-to-debt ratio is ideally 1:2
  • GOP (gross operating profit) is between 25 and 30 percent of sales

Requirements for a loan for the self-employed

If the self-employed, including hoteliers, want to apply for a loan, the requirements at the banks are much stricter. These want to prevent the borrower from having payment difficulties in the future. For this reason, they must have been self-employed for several years and ideally have a certain amount of assets or assets.

In the next step, the bank will check the creditworthiness with the Schufa. If there are negative entries here, the loan application can fail because the Schufa information reflects the financial situation of the hotelier quite well. The bank can see from this whether the applicant is able and willing to pay.

In addition, proof of income from the last few months is required. The bank will use these documents to assess whether the desired loan can be repaid without any problems. A prerequisite for granting a loan to the self-employed is usually a main residence in Germany and an account with a German bank. Various documents are also required, but this can vary from lender to lender.

It may also make sense to look around for a possible guarantor. This is particularly advantageous if you cannot provide sufficient collateral. If there is a second borrower, the risk for the bank decreases significantly, increasing the chances of getting a loan. If the installments cannot be paid properly, the guarantor must be liable with his own funds.

Image courtesy of Stefan Asal - Datacreate Asal