A microcredit can be one of the best financing instruments in the case of business loans.
Generally, a microcredit is similar to a loan operation but with special characteristics. One of the most attractive is the absence of guarantors that guarantee the operation through your personal guarantee or through a real asset. On the other hand, the fundamental requirement for its concession is the presentation of a quality project with high economic viability.
The maximum amount to be granted through a microcredit operation is USD 25,000.
How to get a microcredit?
Most of the traditional financial and banking entities have microcredits in their list of financial products, and also through various public organizations managed at the community level can be requested.
The microcredits have managed to boost certain economic sectors thanks to allowing the development of projects, which without this type of financing would be impossible.
Let’s analyze the factors that make microcredit a financial operation different from all the others:
Presents a certain Social Connotation
This means that thanks to the existence of this financial instrument, access to credit is guaranteed on equal terms, regardless of the social scale to which the applicant belongs and the sector to which the project is oriented.
This is the feature that takes it further away from traditional loan or credit operations, in which an in-depth study is carried out on the repayment capacity of the participants, in addition to the requirement of guarantees through guarantees.
Absence of Guarantees
This is to say that it is the star characteristic of microcredits, in most of the credit or loan operations indispensable for its concession. As no guarantees are required, a greater number of proposals can request this operation.
On the other hand, the existence of periods of lack (in which interest is only amortized), is common in microcredits. This is what facilitates the start-up and start-up of the business.
This means that even in spite of meeting all the necessary requirements for obtaining a microcredit, a fairly thorough study is carried out about the profile of the applicants and their relationship with the sector of activity of the project. Research is also deepened, in those cases of vulnerable groups, if the business plan does not work.
Therefore, it is essential to present a good viability and profitability plan.
Maximum limit USD 25,000
In general, USD 25,000 is usually the maximum amount granted with this type of operation.
However, it must always be taken into account that a microcredit is a credit operation that, although it has special and favorable conditions, also has certain requirements. This means that the money borrowed will have to be returned at a specific interest rate and within an agreed time frame.
Anyone who meets the exposed characteristics, can request this version of microcredit, from freelancers, entrepreneurs with low economic capacity, small entrepreneurs and even unemployed people.
The concessionaires of the microcredits in our country, are detecting a new profile of applicants that corresponds to immigrants and also people over 45 years with low training capacity.