San Pedro del Pinatar and Microbank signed an agreement on Wednesday 28 October establishing an annual €1 million credit line for projects run by self-employed people and microbusinesses in the municipality.
The finance can cover up to 100% of a project’s investment, with a maximum of €30,000 for self-employed applicants and €50,000 for legal entities.
The agreement provides for repayment over 72 months and an optional six-month grace period for recipients of these microloans.
Finance to start or expand a business
The credit line is intended for projects to create, consolidate or expand microbusinesses and self-employed businesses, so it is not limited to ventures that are just starting to trade.
The €1 million figure refers to the annual volume of the credit line made available by Microbank, while the limit on individual financing depends on the type of applicant.
These are repayable microloans rather than a non-repayable council grant; the agreement combines that finance with council support for people preparing their business project.
A business plan and viability report
The council will act as a collaborating body through its Employment Department, which will provide support and advice to people interested in using this route to finance their project.
Entrepreneurs must supply a business plan, and the council will prepare the corresponding viability report before referring applicants to Microbank.
The municipal role will therefore be to help with the preparation and referral of applications, while the financial institution will provide the credit line itself.
The agreement was signed by mayor Pedro Javier Sánchez and Gonzalo Banco, director of Institutional Banking at Caixabank.
Sánchez said the agreement aims to make resources available to the local business community so that self-employed people and entrepreneurs can launch their ventures and consolidate businesses in San Pedro del Pinatar.
The council lists 968 18 06 00 as its general contact telephone number and provides in-person public assistance at Plaza Luis Molina, 1, from Monday to Friday between 08:00 and 14:00.
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