Requirements to obtain a microcredit

  • by stas febrero 4, 2022
  • 443

People without resources but with a brilliant business idea find in microcredits their great ally to make their business project a reality. Microcredits granted by banks (although they can also be granted by other entities) have the objective of securing financing for self-employed and new entrepreneurs who are looking to open their own business but have difficulties in accessing bank loans for self-employed. The only premise that mainly requires the microcredit is that the idea of entrepreneurship is profitable and viable.

Once this requirement is fulfilled, it is only necessary to know the steps that a self-employed person must follow to obtain financing through a microcredit.

How to get a microcredit?

The first step to obtain one of these microcredits for self-employed and entrepreneurs is to draw up a Business Plan. The financial entity or organization that is interested in our project will help us to design the business plan, so that it becomes viable and remains solid in the future.

To obtain this financing, entrepreneurs must present the documentation required by the entity, which may vary from one to another. However, in general terms, these are the documents that are usually requested:

1)Favorable report on the viability of the business issued by the collaborating entity.
2)Microcredit application form.
3)DNI or NIE.
4)Curriculum Vitae.
5)Report of labor life issued by the General Treasury of the Social Security.
6)Income Tax Return.
7)Personal and/or professional references.
8)If the self-employed have in mind to expand their business, they need to submit proforma invoices or budgets that justify the investment.
9)Information about the own funds that would be contributed.
10)Proof of loan payments already being made.

The self-employed who want to obtain financing through a microcredit must present the application at the office of the financial entity or organization that grants it, which will evaluate the economic situation of the entrepreneur for the granting of financing, but will also take into account his theoretical and practical training on the business idea.
Once the entrepreneur has managed to overcome these steps and convince a financial institution, NGO or public administration to grant aid through the microcredit, the only thing left to do is to start working on the real project.

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