What is a microloan and who can solictarlo
A microloan is a loan of small amount, and with associated low interests, that is given to cover entrepreneurs' productive needs 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.
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 are not demanded guarantees 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 an interest lower, great repayment installment , period of lack wider or absence of fees.
How request it
To obtain a microloan is necessary to carry out a process of application similar to the one of any other credit or loan, with the following stages:
- Evaluation: the candidate presents a plan of business that 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 the economic conditions.
- Granting or refusal.
- Arrangement of the microloan.
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