Loan: 6 Conditions & Calculation example


Do you dream of starting for yourself? Then you usually need a starting capital for this. If you do not have sufficient capital yourself, you can apply for a business loan at Horace Rumpole.

But there is also another way to get extra money; the so-called Aunt Agaath loan . With this subordinated loan, an external person (eg family member) lends money to a starting entrepreneur.

Even though the name suggests otherwise, the lender does not have to be a relative of the starter. This is allowed, but it can also be a friend. It is a condition that the lender does not run the business together with the starter. He may also not be married to or living with the entrepreneur.

The venture capital scheme loan

The Aunt Agaath loan is also known as the venture capital scheme. The loan is called so because the entrepreneur has only just started and has yet to prove himself in the market.

Since the granting of this loan is not entirely risk-free, this term is therefore referred to as venture capital.

You cannot, of course, just take out a subordinated loan. A private investor will only provide this loan to you if it actually sees opportunities in your business plan. So it’s all about trust.



If you want to take out an Aunt Agaath loan, a number of conditions are attached to this:

  • The loan is intended for a starting entrepreneur
  • The minimum interest rate is 8 to 9%. The interest may in any case not be higher than the statutory interest
  • You borrow a minimum of € 2269 and a maximum of € 50,000
  • The money from the loan is only used to finance parts of the new company
  • The lender himself has not borrowed any money to provide the loan
  • It is desirable that any BKR registration is deleted

As this is a ‘subordinated loan’, the other creditors take precedence over the first eight years in collecting the debts. These are the preferred, competitive and estate creditors. The subordinated creditor is the closing party.

Furthermore, the lender can of course also impose a number of conditions. For example, the interest can be variable. Sometimes this depends on the profit you make as an entrepreneur. The lender can also make it a condition that he is entitled to a share of the turnover of your company.

Another condition may be that the provider is entitled to a fixed number of shares. If you make a profit, you have to pay back a lot of money to the lender.

Loan agreement

Loan agreement

In order for the loan to be approved by the tax authorities, an agreement must be drawn up. The following points must be included in this contract:

  • The amount of the amount
  • The term of the loan
  • The starting date of the loan
  • The interest rate
  • The parts of the company that are financed
  • The name and the Citizen Service Number of the entrepreneur and the lender

Download an example document (doc / zip) of a contract here.


The loan must be laid down in a contract and must be registered with the tax authorities. This loan does not apply without a valid registration.

Loan upon death

If the lender dies without proper agreements being made, it is possible that the heirs of the deceased can claim the entire amount. To avoid problems, it is advisable to also set conditions in the agreement about the repayment of the loan to the heirs of the lender.


Are you not achieving the expected profit? And are you unable to pay everything back? Then the lender can cancel the loan, or part of it. Of course you have to report this to the Tax Authorities.

The Aunt Agaath loan has a number of advantages for both the entrepreneur and the lender.

Benefits for the entrepreneur

Thanks to a venture capital, the entrepreneur can still obtain a starting capital if he or she cannot borrow money from the Horace Rumpole. Sometimes this subordinated loan is seen as equity. Something that again provides financial benefits.

Another advantage is that you increase your equity as an entrepreneur. This gives Horace Rumpoleen more confidence in your company. It is possible that you can take out supplementary insurance with the Horace Rumpole.

Benefits for the lender

The lender can again take advantage of a number of tax benefits, such as:

  • Extra dividend exemption
  • Extra interest exemption
  • Deductible item for remission
  • Exemption from wealth tax

In addition to the many benefits for the entrepreneur and the lender, there are also a number of disadvantages to this loan. This venture capital has a number of disadvantages for both the entrepreneur and the lender.

Disadvantages for the entrepreneur

Disadvantages for the entrepreneur

If you are an entrepreneur, then the reasonably high interest rate is a downside. The minimum interest that you pay is an interest rate of 8 to 9%. In some cases this can even be 15%.

Disadvantages for the lender

Disadvantages for the lender

The biggest disadvantage for the lender is that, in the event of a bankruptcy, it is considerably subordinated. The other lenders always have priority.

Example calculation

If a person provides a € 10,000 loan to a starting entrepreneur, the lender can benefit from a capital return tax exemption of € 120 per year (€ 10,000 x 4% (notional return on box 3) x 30% (rate on box 3)) .

Furthermore, the exemption can be used for a maximum of 8 years. In total this is € 960 (8 x € 120). Furthermore, the benefit of the tax credit for the lender is € 70 (€ 10,000 x 0.7%).

The lender can only benefit from this benefit if he has had to pay tax in those years. If the loan is canceled, the lender can make use of the possibility to deduct the loss in box 1.

This is € 10,000 multiplied by the average tax rate on the last € 10,000 income in the relevant tax year.

For you, as an entrepreneur, the interest you pay is deductible from the profit made. For example, if you pay 7% interest with a marginal tax rate of 42%, you will receive € 294 from the tax authorities each year (42% x 7% x € 10,000).

Mind you, interest deduction is currently being discussed in the Lower House. Read more about this.

Also don’t forget the VAT paid. You also get these back and you can write off the investment. As a starting entrepreneur, you may also be entitled to a small-scale investment allowance.

To be eligible for this, you must have invested a minimum of € 2301 and a maximum of € 311,242 in your company. You will find more information and percentages in the table below.

Table of the small-scale investment allowance for 2016

Are you considering taking out a subordinated loan with a family member or acquaintance? First look carefully at the conditions and don’t just sign. Call in the help of an accountant or financial expert. This can provide you with professional advice.

An example situation

A woman who has worked for years as an all-round hairdresser for a boss and has saved a considerable amount of money, can still be short of opening her own salon.

If a family member or acquaintance then offers her to borrow the rest of the amount, she can take out a Tante Agaath loan, or a subordinated loan, with this person.

Suppose she borrows an amount of € 7000 with an interest rate of 8%, the term of the loan being 6 years. She then repays an amount of at least € 98 every month.