Financing through financial institutions is a recurring model for small and medium enterprises in our country. During these last years it has not been precisely a path of roses for those who wanted to launch their businesses in this way.
In fact, the difficulties in accessing credit to the company is one of the great workhorses with which it deals in the panorama of the Spanish company. Let’s review some of the credits for entrepreneurs that have been maintained in recent years, or those financing products that could better adapt to these needs. In addition to the credits there are also other ways of non-bank financing, such as Business Angels or crowdfunding platforms.
Before applying for the credit
It should be noted that for the financial institution to grant a loan to undertake, it is necessary to comply with a series of very specific requirements. In this sense, the applicant will be required to comply with certain obligations, beyond the presentation of an idea.
Thus, among the most common requirements are:
- The project must be viable, for which the entity will ask the applicant for documentation on the business, the business plan, balance, investments and jobs that will be created.
- The applicant will have to prove capacity for the repayment of the debt through payment guarantees such as properties or guarantees.
- The profile of the entrepreneur must reflect a certain strength, both personal and professional.
Credit is the basis of a country’s growth and banks have credit lines open for this purpose, so here we leave the ranking with the best credits for Entrepreneurs.
Best loans for entrepreneurs
Most banks offer specific loans for entrepreneurs, depending on the bank some give you a maximum limit to finance yourself, while other banks finance 100% of the investment. The average return period is around 5 years and many of them eliminate commissions if you hire a business account with them. They can also incorporate the option of the deficiency, a period in which the holder will only pay the interest without amortizing the capital. We leave you the best loans for entrepreneurs
SSBA business loan
- Maximum financing : € 50,000
- Term : up to 7 years
- Interest rate that will depend on the amount and the business
- Opening commission: 0%
- Early repayment commission: 0%
Entrepreneurs Loan and Business Microbank
- 100% financing of the project
- Maximum amount : € 25,000
- Term : up to 6 years
- Tipo fixed rate
- Lack: 6 months
- Without real guarantee
InDirect business loan
- Maximum financing : € 60,000
- Minimum financing: € 3,000
- Term : up to 5 years
- Interest rate: APR: 7.18% and TIN: 6.95%
- No commissions
Loan entrepreneur Bank Sabelo
- Financing up to 100% of the investment to be made:
- Term : Up to 5 years
- T ipo fixed rate
- Lack: 12 months contracting the Business Expansion Account
Entrepreneur loans from Apobank
- Maximum financing : € 40,000.
- Term : up to 5 years
- Fixed interest rate of 9.50%
- No commissions if you sign up for the CX Business account
Also, apart from these financing alternatives, there are also other lines of credit such as those offered by the Official Credit Institute, which were specially designed with the objective of promoting and supporting the productive investments of Spanish companies. self-employed and SME projects, as well as facilitating access to credit for citizens and families.
The funds of the Official Credit Institute
The funds of the Official Credit Institute have become the financial alternative most used by Spanish entrepreneurs. After 20 years of life, in 2014 it involved an investment of 92 million euros in loans financing 300,000 national companies and self-employed workers. In 2015, the year ended with a total of 508 million euros, multiplying by five the figure of the previous period. If you want to apply for these grants, the only thing you need, according to the portal basepyme.es, is to develop your business activity in Spain and be up to date with payments to the Treasury and Social Security.
If you are self-employed or owner of an SME and you need financing, we expose the lines of credit offered by Credit Institute
Line Companies and entrepreneurs:
It is the financial service par excellence of the credit institute. It is intended to cover both investments (renew computer equipment) and the needs of working capital (pay payroll of employees); while doing the operations within Spain. Credit Institute established a maximum limit per customer of 12.5 million euros.
Intended to cover investments and other needs. What differentiates it from the previous one is that it is reserved for those companies that have not obtained the approval of the bank and have to obtain an endorsement by going to a Reciprocal Guarantee Society (SGR). Also with this option you can carry out operations outside of Spain while you have your headquarters in Spain or a majority of Spanish capital. Its limit per customer is set at 2 million euros.
As its name indicates, it is oriented to operations carried out outside of Spain. This is divided into two independent sections, depending on the duration of the loan: the first is aimed at investments and obtaining liquidity (short term), while in the second you have more financing options, such as financing the opening of the business abroad (long term). As for the limits, you can have up to 12.5 million and 25 million respectively.
Its purpose is to anticipate the collection of invoices. That is, if a company is going to sell a product to a foreign country, the Credit Institute can finance the manufacturing or shipping. This line sets a maximum of 12.5 million per customer per year.