Editor’s note: This article was first published in January 2011. The financing line from ANCES and Enisa for entrepreneurs under 35, including its loan limit, own-funds requirement, repayment term and grace period, describes that programme as it stood then and probably no longer applies.
Young entrepreneurs under 35 will be able to apply for funding of up to 50,000 euros. The National Association of European Business and Innovation Centres (ANCES), chaired by BIC Europa, and the Empresa Nacional de Innovación (Enisa, Spain’s state-owned innovation finance company) have signed a collaboration agreement to manage a line of financing for entrepreneurs under 35.
All business plans except those in the real estate and financial sectors will be eligible for this funding in the form of a participating loan (a loan whose interest partly depends on the company’s results), with a maximum amount of €50,000.
Of this amount, the beneficiary company will have to contribute at least 15% of the sum requested in the form of its own funds, with a fixed interest rate and a variable interest rate. The organisers also specify that these loans carry no appraisal fees and require no guarantees.
The maximum repayment period will be 5 years, with a grace period on the principal of at least 6 months.
And we’ll take this opportunity to repeat something we’ve pointed out many times before. The fact that grants, financing or participating loans are on offer doesn’t mean they’ll be given to the first person who walks through the door, so it’s essential to carry out good market research and draw up an excellent business plan to make sure it wins over the person who will grant the loan.
Further reading
- Why a business plan matters and how to structure it
- How to find business ideas
- Why new businesses fail
- The entrepreneur’s mindset, according to Donald Trump
- How to become a successful businessperson
Featured image: Zarateman, CC0 1.0, via Wikimedia Commons.
