A convertible loan is a loan from the investor (lender) to a start-up (borrower), combined with the option or obligation of the investor to convert his loan into real shares under certain conditions.
Typically, convertible loans are unsecured and subordinated. In the event of insolvency of the start-up, the investor as lender therefore has no security and ranks behind all other creditors.
In the case of equity financing, the investor provides the start-up with cash and receives real shares in return. This usually takes place on the basis of an investment agreement.
The mutual rights and obligations of the investors, the founders and the company are governed in the articles of association (publicly accessible) and often also in a separate shareholder agreement (not publicly accessible).
A shareholder loan is a form of financing in which a shareholder lends money to his own company. It is a mixture of debt and equity.
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