OBJECTIVE

Provide financial resources for entrepreneurs, the self-employed and recently created companies without the capacity to provide guarantees. This line of credit provides them with up to €50,000 without guarantees to cover the roll-out of new projects or feasible new lines of business..

WHO CAN APPLY

• The self-employed or recently created companies who have entered the market or set up the company no more than three years before the application date.

• Entrepreneurs applications can be filed by individual people (entrepreneur) without having to be registered as self-employed or a company, but if the funding is approved, they have to register or set up a company before the final contract can be signed.

Companies in crisis, those operating in the fisheries or aquiculture sector or primary producers of agricultural products cannot apply for this funding.

REQUISITES

• A project that generates new business activity to be rolled out in the Canary Islands and promoter or team of promoters capable of implementing it.

• Not have the capacity to provide a guarantee or guarantor.

FINANCIAL CONDITIONS

• Amount: Up to €50,000.

• Grace period on paying off the principal: 3 – 12 months.

• Pay-back period: 12 – 60 months.

• Interest rate: 6,5%.

• Charges:
– Study charge: 0.20%.
– No cancellation or partial amortisation charges.

APPLICATIONS

Applications can be filed through the collaborating bodies of the Sodecan support network with offices on all the islands, following the procedure described below.