Wednesday, July 15, 2020
Business Loans

Open a business with the loan of honor: guide to online application.

Reasons to apply a loan

Reasons to apply a loan

Difficulty in financially supporting daily tasks, willingness to try your luck in your own business, or simply need liquidity to face sudden monetary needs: there are numerous reasons that push citizens to apply for a loan. See http://www.pattini.org/best-payday-loans-online-bad-credit/ for an observation

Often, however, the rigidity of credit institutions, especially towards those who want to start a start-up (see also I need money urgently), closes the requests from interested parties, which are forced, more often than not, to nothing to abandon the entrepreneurial dream.

Many, however, do not know that in Italy it is possible to request a type of special financing designed specifically for business activities, the loan of honor.

As stated in the legislative decree n. 185 of 2000, the loan of honor was created to support self-employment and all newly managed entrepreneurial activities and provides that a part of the capital granted to the companies is to be considered as non-repayable, while the remaining part can be returned, as in the standard cases, through a monthly amortization, at an ultra-subsidized rate.

Added to this is the student loan of honor, which arises from collaboration or from real agreements with universities. Also in 2015 they remained very active.

How to request it online

How to request it online

To access the honor loan, you must first be of legal age, therefore unemployment status must exist at the time of submitting the application. Not only that: only subjects with certified residence in Italy for at least 6 months at the time of request can apply.

The body responsible for managing the loans of honor is Invitalia, the National Agency for Investment Attraction and Business Development SpA, fully controlled by the Ministry of Economy and Finance.

To be able to submit the application to the institution, it is necessary to register on the website www.autoimpiego.invitalia.it and then complete the documentation online, together with the attachments on the portal. At this point it is sufficient to insert all the files in a sealed envelope to be sent, by registered mail, to the headquarters of Invitalia in Rome.

How the honor loan works

How the honor loan works

The disbursement of the loan of honor is foreseen for 3 distinct categories, the self-employed (see also Loans exchanged for self-employed), the micro-enterprise and the franchise. The facilitations provided for self-employment, in the event of opening a small business, cannot exceed 25,823 USD. The subsidized rate is equal to 30% of the reference rate in force at the time of signing, repayable in 5 years, on a maximum sum of 15 thousand USD.

Part of the loan, in fact, is set aside for the initial investments and for the management costs of the 1st year of management. For the micro enterprise and the franchise, on the other hand, the sums can go up to about 130 thousand USD, with reimbursement times and methods comparable to self-employment.

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