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Call from Startup Central founder: the entrepreneurial dream should not die in the bank

It is not easy to be allowed to contribute to society and earn money. Time and time again you get beaten up by the banks – don’t let bureaucracy stop your dream, writes Anders Fogh in this TechCommunity post.

Anders Fogh, CEO and founder of Startup Central, the place that creates tomorrow’s successful entrepreneurs. I’m passionate about entrepreneurship and hope I can make a difference to your entrepreneurial journey.

Even though we see more and more people taking the plunge and chasing the Danish dream of success, more budding entrepreneurs and self-employed people die at the doorman that knocks them – namely the bank!

I dare not predict how many entrepreneurs have dropped out because the bank won’t give them a business account. Why should it be such a hassle?

After I first raised the issue, Business Minister Simon Kollerup (S) has said that we will see a bill in the autumn. IN THE FALL?! I don’t know if this is news, but the corona pandemic is not taking hold in Denmark the way it used to, so if we are going to enjoy businesses seeing their customers pour into shops, then surely we can’t wait. Simon, we need to make it easy for the self-employed to get a bank account and associated card.

Banks lack fairness

We are a country that accepts a lot, but we should not accept the banks’ uncontrolled pursuit of profit without some kind of fairness or structure for the consumer. Perhaps we should call in the consumer ombudsman to look into this? More entrepreneurs have golden ideas but cannot realise them because they cannot get a business account. At the moment, several are waiting to be approved for a business account. Just getting a response from the banks can take weeks.

The business account system has become increasingly unstructured. It is as if the banks do not want the large corporate customers of the future. Business customers put money in the bank, so it’s not entirely logical that they avoid them.

Prices vary, the range of solutions available varies and the response time to a refusal or an approval can vary from several weeks. When you are finally approved, it takes further time for the account and card to arrive. All banks are being lumped together here, but what they all have in common is that it should be quicker and easier.

Entrepreneurs keep working

Nothing can stop the urge to create. More self-employed people have waited to start up because of the pandemic, but now there is a wave of new businesses with sharp business plans and budgets.

Bureaucracy will not and cannot stop entrepreneurs and the self-employed, although first acquaintance with those who have to look after our money should be with pleasure and a positive attitude.

We will not stop ensuring better conditions in Entrepreneurial Denmark – for we are a country of growth and endless potential.

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