Microcredits

 

What is a microloan and who can request it

 

A microloan it is a loan of small amount, and with related low interests, that is given for cover productive needs of entrepreneurs and SMEs that, another way, would not be able to access a loan.

They are the most frequently used method of financing to promote initiatives of self-employment in groups at risk of social exclusion with the assistance of NGO and other organisations. To this day, are the perfect alternative for self-employed workers and entrepreneurs that need financing to implement a project.

This type of financing it offer both banks and savings banks and another type of financial institutions.

 

In addition, to there is the possibility of accessing a microloan via the Public Administration, as microloans granted by the EU or the Government of Spain.

 

Characteristics of the microloans

 

As a financial product, have a series of common characteristics, regardless of the financial institution that it grants them:

  • Its amount fluctuates, usually, between the€10,000 and the€25,000.
  • For its granting guarantees are not demanded nor personal warranties, but instead the presentation of a viable entrepreneurial project and of future.
  • They have more advantageous conditions that the loans of the financial system traditional, as snider interest, great repayment installment, period of lack wider or absence of fees.

 

How to request it

 

To obtain a microloan it is necessary to carry out a process of application similar to the one of any other credit or loan, with following stages:

  • Evaluation: the candidate presents a plan of business that it is analysed by the company.
  • Presentation of the application: the application is presented together with the required documentation.
  • Personal interview: the entrepreneur explains its business idea.
  • Assessment of the application: experts of the company qualify the feasibility of the project in relation to economic conditions.
  • Granting or refusal.
  • Arrangement of the microloan.

 

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Infographic microloans

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