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The program of “microcredits” for Canarian entrepreneurs & start ups

With this program any entrepreneur with a new business idea or any autonomous or SME with less than 3 years of activity, who want to develop a new project or business will have up to €50,000 of financing only with the guarantee of their project (not You need any type of collateral, guarantee or guarantor.

Part of the program funds are reserved for projects and entrepreneurs that are implanted in the technological parks of the Canary Islands.

With the launch of the program “Microcredits Canarias” the entity of the Government of the Canary Islands, aims to support entrepreneurs and the development of innovative projects in the Canary Islands.

Conditions: Up to 50,000 euros without any guaranty, guarantee or guarantor.

Who can apply: any entrepreneur with a new business idea or any autonomous or SME with less than 3 years of activity that wants to develop a new project or line of business. This funding is exclusively for new projects, microcredits will not be granted for debt refinancing or for companies in crisis. Projects of undertakings and excluded activities cannot be financed.

Application deadline: Open until December 31st, 2015.

How and where to apply: The most important thing is to have a viable business project from a technical, economic and financial point of view, and a promoter or team of promoters with sufficient capacity to develop it. The steps to process the application are as follows:

1.-to elaborate a Plan of company that must have at least the content and format similar to the present model. The following official documents must also be completed: application, applicant data, project data and responsible statement

2.-contact with any of the “collaborating entities” for the validation of the project. If the entity understands that the project is valid (at its discretion and without any obligation on its part) it will sign a feasibility report and shall endorse all the documentation listed in the previous point.

3.-present the documentation and the feasibility report delivered by the entity in any Caixabank office in the Canary Islands. The viability report of the collaborating entity is a necessary condition for the application of micro-credits but not binding for its concession. The grant decision, or not, depends exclusively on Caixabank’s criteria and risk admission circuits.

Network of Collaborating entities: Since September 23, 2013 and according to the agreement of the Commission of follow-up of the contract between Caixabank and Indecan, Caixa will not accept applications without the feasibility report of any of the collaborating entities listed in the Next list and that will be updated periodically.

More information at: www.sodecan.es/microcreditos/