Personal loans for young entrepreneurs

Starting a new entrepreneurial activity is an important moment, which requires a series of professional and character skills, but also a good economic availability to support the start-up costs of the new business, expenses that can be really important. Precisely for this reason, many young people need at this particular stage to make use of loans. The possible solutions can be of different types, let’s try to analyze them together.

Loans of greatest interest we undoubtedly find non-repayable ones

Loans of greatest interest we undoubtedly find non-repayable ones

Among the loans of greatest interest we undoubtedly find non-repayable ones. These are solutions that allow you to obtain an incentive or a non-repayable loan (which therefore should not be returned) which is usually designed to support the start of a new business or the renewal / modernization of an existing one.

To promote this type of investment are territorial-political entities, not surprisingly we find first of all the European Union which promotes numerous tenders involving various sectors. Interesting possibilities are also offered by the municipality and region. Unfortunately, many initiatives are not communicated and publicized in an important way, for this reason it is advisable to check the possibilities offered at a specific time in the Official Journal, bulletin boards and websites.

The first fundamental step, therefore, is to keep informed about the possibilities offered by the various entities; secondly, it will be necessary to check whether or not you meet the necessary requirements. As anticipated, in fact, the incentives are designed to support and stimulate some specific sectors, listed clearly and punctually in the various notices published.

In light of this, there will therefore be contributions destined for certain categories of entrepreneurs (for example women or young people) and others aimed at stimulating a specific sector (tourism, technology, agriculture, sustainable production, …) At this point you can proceed with the actual request, which varies according to the institution that grants the loan. It is important, at this precise moment, to carefully analyze the necessary documentation in order to forward the request in the correct times and ways.

The proposals of the banks

The proposals of the banks

Very often, however, there is no possibility of accessing this type of financing which, as can be guessed, is very coveted. In cases like this, therefore, all that remains is to resort to the classic loans granted by banks or financial companies. In this case it is a real loan, which therefore provides for the granting of a sum subject to repayment of the same plus the related interest.

The peculiarity lies in the fact that many banks expect that a consultant will analyze your business idea, consequently setting the timeframe for returning the amount. It is therefore a question of customized and dedicated solutions in the more structured realities, which can be easily supported if the business is successful.

There are also standard packages dedicated to those who are struggling with a new business. This is the case, for example, of Good Lender. With this product, the bank grants the future entrepreneur up to a maximum of 100,000 USD (aimed at the initial start-up costs of the entrepreneurial activity). The amount can be returned in a maximum period of 7 years through monthly, quarterly or half-yearly installments on the basis of what has been agreed. As with mortgages, it will be possible to choose a fixed or variable interest rate based on your preferences.

The sector books

The sector books

Halfway between the non-repayable and banking solutions, we find the loans granted by some professional registers. These are loans at subsidized rates that some registers grant to their members who meet certain requirements. Not all professions guarantee access to these possibilities, the advice is therefore to carefully read the reference statute, remembering that the possibility and the amount available to members is usually set from year to year and in the budget / allocation of funds and that therefore the presence of this “service” not always one year guarantees the offer of the same also in the following year.

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