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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