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Traders and VSEs: professional micro-credit, a financial solution to develop your business
Developing a business requires an injection of financial resources. While for some companies this is relatively easy to do, for others it is a real headache. Indeed, it is difficult for the managers of these companies to develop and expand their activities as they wish. Very often, the criteria for requesting help from banks are insufficient. Fortunately, to overcome this problem, there is the professional micro-credit. Find out more about it in the body of this article.
Summary
What should be understood about professional micro-credit?
Professional micro-credit is defined as a tool for the economic and social development of an enterprise. It is generally granted to people with a project or low income who cannot take out a loan at the bank. In other words, these professionals are not eligible for loans from the traditional banking system and can therefore only access small amounts.
For the development of activities, a professional micro-credit can help to :
- Buy a car for transporting goods;
- Replenish cash flow ;
- Buy materials or stock.
Who can benefit from professional micro-credit?
Any person wishing to develop or launch a professional activity is eligible to obtain a professional micro-credit. Financing is granted regardless of the sector of activity in which the trader or entrepreneur is involved.
In order to have a professional micro-credit, two main conditions must be respected. The first is that it is difficult to obtain a traditional bank loan because of low income. The second is to reside in the territory where the activity is to be carried out, namely in France.
What are the advantages of professional micro-credit?
The first advantage of professional micro-credit is for the beneficiaries. The latter can, through this tool, remove the obstacles to financing their project ideas or activities. They thus bypass the major difficulty of accessing loans from the banking system. In addition to the funds, the beneficiaries benefit from support for better management of their funds.
Professional micro-credit allows the social fabric to be better supported. Indeed, this aid allows any eligible person to set up an income-generating activity.
How to benefit from professional micro-credit for the development of your activities?
It is important for the future beneficiary of the professional micro-credit to be able to justify that he/she wishes to restart or create an activity. To this end, they must present :
- Proof that the company has been established or has existed for at least 5 years;
- Evidence of failure to obtain a bank loan;
- An application for funding of less than €1,000;
- A guarantor who can cover the 50% of the professional micro-credit requested.
How much can you get for a business micro-credit application?
The average professional micro-credit granted in France is 5,000 euros. However, this amount cannot exceed 10,000 euros. Repayment is generally made over 36 months. Of course, this period can be extended to 2 years unless the lending institution grants a deferment.
As for interest, the rate is around 7.53% for the Association pour le droit à l'innovation économique (ADIE). The latter is a public utility organisation.
Where to turn for a professional micro-credit application?
Only authorised organisations are able to grant professional micro-credit. To apply, you can contact the association for the right to economic innovation, approved banking networks, platforms on the Internet, micro-credit solidarity, etc.
The Association for the Right to Economic Innovation
At the national level, theADIE is the only public structure that is able to grant professional micro-credit. It has been working in this field for more than 20 years and supports all businesses developed or created by people (including the unemployed and those on benefits) seeking financing for the development of their activities.
Authorised banking networks
It is possible to benefit from a professional micro-credit by approaching certain banking institutions. The latter offer this possibility thanks to the social cohesion fund set up by the French government. The loan is granted under the supervision of the Caisse des dépôts et consignations.
Internet-based platforms and solidarity micro-credit
Since 2010, it has been possible to make donations via the Internet for a professional micro-credit project as an individual. This helps to encourageentrepreneurs. There are also specialised platforms that offer online microcredit. For example, there are platforms such as Finfrog, where an application for a business microcredit of up to 600 euros can be made quickly.
In summary, business microcredit is a real financial solution to encourage young people to start their businesses. Moreover, these businesses will also be able to deduct taxes from their interest.
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