In 2018, the Aachen entity was established at the initiative of the Mutual Guarantee Societies (SGR), and one of its main functions is to offer loans to the self-employed, which they define as “non-bank fixed rate credits guaranteed by the ICO (Official Credit Institute), the SGR and the European Investment Fund”.
Requirements
In the first place, it is necessary to start from the premise of what the loan is going to be used for, that is, if it is aimed at starting the activity, or maintaining the activity. In the case of start activity, it is necessary to have experience in the area in which the loan is to be developed.
However, if the loans are directed to keep business, the balance between income and expenses must be equal to or greater than the SMI (Minimum Interprofessional Salary)1,080 euros, recently approved in Royal Decree 99/2023 of February 14.
Besides, there must be a personal guarantee or endorsement what prevents what applicants are insolventwhat its main activity is not property development or excluded sectors (mining, gambling or tobacco) and that his ability to pay is assured good with the Patrimonial situation or with future perspectives of business.
Conditions for the self-employed
So that the self-employed can request said loan in the following cases:
- The benefits will be fixed interest. Its cost adds 4.35% fixed interest plus the 1.2% that is part of the guarantee commission. In total, they add up to cost of 5.55%.
- The term of the loan can reach a life up to 10 years.
- The maximum amount of the loan can be up to 600,000 euros. Starting last year, that amount will increase.
- Contribute to the capital of the SGR a payment that supposes up to a 3% a 4% in concept of become a member of the Mutual Guarantee Societies.