How to Apply for the Win-Win Loan — Complete Guide
The complete guide to applying for the Win-Win Loan in Flanders. Learn how citizens lend directly to SMEs, earn a 2.5% annual tax credit, and how to register the agreement through the PMV/z portal.
Ask Lucas about the Win-Win LoanWhat is the Win-Win Loan?
The Win-Win Loan (Winwinlening) is a Flemish government initiative that encourages private citizens to lend money directly to small and medium-sized enterprises in Flanders. Unlike traditional grants or bank loans, the Win-Win Loan creates a direct lending relationship between an individual and a company, with the Flemish government providing a tax incentive to make the deal attractive for the lender.
The lender — any Belgian natural person — receives an annual tax credit of 2.5% on the outstanding loan amount, paid through their personal income tax return. Each lender can lend up to €75,000 across all Win-Win Loans combined. The loan runs for a fixed term of up to 8 years, and the SME repays the principal and a freely negotiated interest rate to the lender. If the borrowing company goes bankrupt, the lender receives a one-time tax credit of 40% on the amount lost — a safety net that further reduces the risk.
How the Win-Win Loan differs from grants
- 1It is a loan, not a grant — the company must repay the full amount plus interest to the lender.
- 2The company does not receive free money. Instead, it accesses financing outside the banking system at potentially favourable terms.
- 3The lender gets a tax benefit (2.5% annual tax credit), which makes lending more attractive than a standard private loan.
- 4The Win-Win Loan is especially useful when grant programs are not available, when the company needs quick financing, or when a founder wants to involve family or friends in a structured, government-backed way.
Who can borrow and who can lend?
The borrower must be a Flemish SME, self-employed person, or small business with an operational establishment in the Flemish Region. The company must not be in difficulty or in a restructuring procedure. Both existing companies and recently founded businesses are eligible.
The lender must be a Belgian natural person — not a company, association, or legal entity. The lender may not be an employee, director, or shareholder with more than 5% of the company. The lender also may not be the spouse or legal cohabitant of a shareholder holding more than 5%. This rule ensures the Win-Win Loan involves a genuine third-party lending relationship.
Each Win-Win Loan has a fixed duration between 4 and 8 years. The interest rate is freely negotiated between lender and borrower, but it may not exceed the legal maximum rate published by the Belgian government. The loan can include a grace period for principal repayment of up to 24 months.
Amounts and limits
Each lender can lend a maximum of €75,000 across all their active Win-Win Loans combined. This means a single lender cannot exceed €75,000 in total, even if they lend to multiple companies.
There is no cap on the total amount a company can borrow through Win-Win Loans from multiple lenders. A company could theoretically raise €300,000 or more by finding four or more lenders, each contributing up to €75,000. This makes the Win-Win Loan a powerful tool for raising significant financing without bank involvement.
Step-by-step: how to apply for the Win-Win Loan
Find a willing lender
The Win-Win Loan requires a private individual willing to lend. This is typically a family member, friend, neighbour, or someone in the entrepreneur's personal network. The lender should understand that they are making a real loan — repayable over 4 to 8 years — and that the 2.5% annual tax credit and the 40% bankruptcy guarantee reduce but do not eliminate risk.
Register on the PMV/z Winwinlening portal
Visit the PMV/z website (pmv.eu/winwinlening) and create an account. Both the borrower (company) and the lender (natural person) must register. PMV/z is the public investment company that administers the Win-Win Loan program on behalf of the Flemish government.
Sign the loan agreement online
Once both parties are registered, the borrower creates a loan agreement on the portal. The agreement specifies the loan amount, duration, interest rate, repayment schedule, and any grace period. Both parties sign the agreement digitally through the PMV/z platform.
PMV/z validates the agreement
PMV/z reviews the agreement to verify that both parties meet the eligibility requirements, the loan terms comply with the program rules, and the lender has not exceeded the €75,000 cap. Validation typically takes a few business days.
Lender transfers the funds
After PMV/z validates the agreement, the lender transfers the agreed amount directly to the borrower's bank account. The loan officially starts on the date of the fund transfer. The borrower must confirm receipt on the PMV/z platform.
Annual reporting to PMV/z
Each year, the borrower must confirm on the PMV/z platform that the loan is still active and that repayments are being made as agreed. The lender receives an annual tax certificate from PMV/z, which they use to claim the 2.5% tax credit on their personal income tax return.
4 tips for finding lenders
Start with your inner circle
Family members, close friends, and trusted acquaintances are the most common Win-Win lenders. They already know you and your business, which reduces the trust barrier. The 2.5% tax credit and the 40% bankruptcy guarantee make the proposition concrete and structured, which helps turn an informal conversation into a formal agreement.
Present the tax benefit clearly
Many potential lenders do not realise how attractive the tax credit is. A €50,000 loan generates €1,250 per year in tax credit for the lender — on top of the interest payments from the borrower. Over 8 years, the lender earns €10,000 in tax credits alone. Present this as a real financial return that often outperforms savings accounts.
Combine multiple lenders
You are not limited to one lender. If one person cannot or will not lend the full amount you need, approach several people. Four lenders at €25,000 each raise €100,000 — more than many grant programs offer. Each lender independently benefits from the tax credit.
Be transparent about the risks
Honest communication builds trust. Explain your business model, your financial situation, and how you plan to repay. The Win-Win Loan structure already provides a safety net through the 40% loss recovery, but lenders appreciate knowing they are dealing with someone who takes the commitment seriously.
Common mistakes to avoid
Lending from an ineligible person
The lender cannot be an employee, board member, or significant shareholder (>5%) of the borrowing company. Spouses and legal cohabitants of major shareholders are also excluded. PMV/z will reject the agreement if the relationship disqualifies the lender.
Exceeding the €75,000 lender cap
Each lender can have a maximum of €75,000 in active Win-Win Loans across all companies they lend to. If a lender already has €60,000 outstanding, they can only lend an additional €15,000. PMV/z checks this during validation and will reject excess amounts.
Not confirming the fund transfer on the portal
After the lender transfers the money, the borrower must confirm receipt on the PMV/z platform. Without this confirmation, the loan is not officially activated, and the lender cannot claim the annual tax certificate. This administrative step is often forgotten.
Setting an interest rate above the legal maximum
The interest rate between lender and borrower is freely negotiated, but it cannot exceed the legal maximum rate. PMV/z publishes the applicable maximum rate. Agreements with excessive interest rates will be rejected during validation.
Frequently asked questions about the Win-Win Loan
How much can I borrow with a Win-Win Loan?
There is no fixed maximum for the borrower. Each individual lender can lend up to €75,000 across all their Win-Win Loans. A company can have multiple lenders, so the practical borrowing limit depends on how many lenders you find. Four lenders can provide up to €300,000.
What happens if my company goes bankrupt?
If the borrowing company goes bankrupt and the lender loses their investment, the lender receives a one-time tax credit of 40% of the outstanding amount. This partially compensates the lender for the loss and is one of the key safety features of the program.
Can I combine a Win-Win Loan with other grants or subsidies?
Yes. The Win-Win Loan is a financing instrument, not a subsidy in the strict sense. It does not affect your eligibility for VLAIO grants, Innoviris programs, or other Belgian subsidy schemes. Many companies use Win-Win Loans alongside grants to cover different financing needs.
Is the Win-Win Loan available in Brussels or Wallonia?
The Win-Win Loan (Winwinlening) is a Flemish program, available only for companies with an operational establishment in the Flemish Region. Brussels has its own equivalent called the Proxi Loan (Proxilening), and Wallonia has the Prêt Coup de Pouce. These programs have similar structures but different rules and portals.
How long does it take to set up a Win-Win Loan?
Once you have a willing lender, the process is fast. Registration on the PMV/z portal takes minutes. Signing the agreement and getting PMV/z validation typically takes a few business days. The fund transfer can happen immediately after validation. From start to finish, a Win-Win Loan can be operational within one to two weeks.
Ready to set up a Win-Win Loan?
Ask Lucas about the Win-Win Loan and other Flemish financing options, or check your grant eligibility with our quick quiz.