Loans for New Companies: How to Receive Credit to Start an Business
Giving life to an entrepreneurial project is certainly not easy, as it starts from an idea and arrives at a time when, necessarily, you need to find liquidity to move from words to deeds. In these cases, loans for new businesses can be used.
Loans for new businesses: the Cream Bank proposal
The sensitivity of credit institutions towards those who want to access loans for new businesses has grown a lot. Solutions such as Cream Bank’s portal think about it.
On this site you can find tips for the initial development of the business, but also real references to financing options, among which the Spin Lender product stands out.
In this case, the newly created business reality has the possibility to request a maximum sum of $ 750,000 and to return it with an amortization plan which, considering also the possible pre-amortization, can go up to 120 months.
Start-up financing: the Fine bank solution
When analyzing the area of loans for new businesses, it is good to also mention Fine bank’s New Business Start Up product. In this case, the maximum amount that can be requested is $ 100,000 and the repayment plan through monthly, quarterly or half-yearly installments can last up to 7 years.
To access the loan in question, the company must have been registered with the Chamber of Commerce for at least 21 months and must be able to cover at least 30% of the initial investments with its own resources.
Honor loan: how it works and who can apply for it
Noteworthy in the area of loans for new businesses is also the instrument of honor loan. Regulated by Law 185 of 2000, it is dedicated to a specific category of beneficiaries, namely young people under 35 who have been unemployed or unemployed for at least 6 months.
Thanks to this loan it is possible to access that credit necessary to cover the initial expenses for starting an independent business. It is essential that the beneficiary himself is personally involved in this process.
Loan Rules: Here’s what they are
In order to understand how honor loans work, some structural rules must be called into question.
First of all, remember that these loans for new businesses must last at least 5 years and that in this period of time the beneficiaries have no possibility to sell the business or to be hired as employees.
Also noteworthy is the supply structure. Part of the amount is made available as a non-repayable loan, which therefore does not provide for repayment of the principal or interest.
The rest is instead provided as a loan at a subsidized rate, with an interest of about 30% lower than the values in force at the time of the young entrepreneur’s access to the facilities.