Interview with SEB: COVID-19 support

Interview with Kristina Fredlund & Ingrid Nyman, Corporate Advisors for small & medium businesses at SEB.

• What does SEB offer to startups? Could you share a list of your main services for startups?

We offer a corporate package called Företagspaketet, which includes a corporate account, including Bankgiro for incoming and outgoing payments, Internet banking for companies, including payment services and the option to add account access for others, our app for business owners, which enables you to make payments, authorise invoices and more, a savings account offering free withdrawals if you want to invest your company’s profit of setting aside money for VAT.

We also offer personal service at 0771 62 53 53, (current opening hours 07-23), selected offers from our partners, ranging from bookkeeping to legal services, corporate cards, Swish service, and a newsletter with tips and expert advice.

Additionally, we have Trygg Start and Trygg Grund.

Trygg Start is an insurance solution for people who have just started their own business and do not have a regular income yet. As a business owner, you do not enjoy the same protection as employees. Trygg Start provides you with basic cover when you take out one of our packaged solutions (Enkla firman/Företagspaketet). Trygg Start offers sickness insurance for two years (free), which you can extend simply by paying the premium. This is the light version of Trygg Grund.

On the other hand, Trygg Grund provides you with financial protection in the event of long-term illness and a pension savings scheme that pays a pension similar to those under some collective agreements. The total cost for Trygg Grund depends on the salary level you want to insure.

• What have you seen until now in terms of support needed from the bank?

We support our businesses’ business liquidity, guiding and informing about the package set by the government, information and guidance regarding different financial support available, exemption from insurance premiums, granting amortization freedom.

• What options should earlier stage startups be considering in terms of financing?

To get a business loan from the bank in the beginning, you need a budget and a business plan. This is for us to calculate the risk and your ability to repay. As security, you leave floating charges (företags inteckningar) and usually a personal guarantee (borgen).

Several state actors have the task of supporting entrepreneurs such as Almi and Vinnova. Almi’s microloans of up to 200,000kr. The interest is higher than for a bank loan as the lender is prepared to take higher risks. Vinnova is Sweden’s innovation authority under the Ministry of Trade and industry. At Vinnova you can find financing through a variety of calls, for example, to develop an innovation.

• Where does one go to first to get in touch with SEB?

Our website www.seb.se