How the Microloan MCC works
Cred.it Società Finanziaria Spa directly grants unsecured loans of up to €25,000.00, with a maximum duration of 60 months at a fixed rate. This procedure is supported by the “Fondo di Garanzia Centrale” (FGC – Central Guarantee Fund) to encourage micro-entrepreneurship in access to financial sources through the granting of a public guarantee, which is governed by Legislative Decree of 1st September 1993, No.385, in particular Article 111, and Decree of MEF 176/2014 (MEF stands for Ministry of Economy and Finance).
- Cost support for training courses
- Purchase of goods and services directly related to the activity performed (including lease payments);
- Payment of salaries of new employees or working members.
Companies already set up or professionals already VAT registered (enrolled in professional associations or members of professional bodies registered on the list held by the Ministry of Economic Development pursuant to Law 4/2013), in both cases since no longer than 5 years.
Professionals and sole proprietorships with up to 5 employees, or up to 10 employees (non-members) in the case of partnerships, or basic limited companies and cooperatives.
In the three financial years prior to the application date of the loan or, if shorter, from the beginning of the business activity:
a) Active assets: maximum €300,000.00;
b) Gross revenues up to €200,000.00
Upon the application:
Indebtedness level: not exceeding €100,000.00
Assessment of creditworthiness
The FCG intervenes without any economic-financial evaluation of the final beneficiary. The creditworthiness of the company or professional is assessed by Cred.it Società Finanziaria Spa
FCG direct guarantee up to 80% of the amount of the loan granted.
The granting of the public guarantee (FGC) is in de minimis scheme.
Loans cannot be secured by collateral, but only by personal guarantees.
Auxiliary assistance and monitoring services
Cred.it Società Finanziaria Spa is obliged to provide at least two of the assistance and monitoring auxiliary services provided for by the regulations, under penalty of ineffectiveness of the guarantee, during the preliminary investigation phase and during the repayment period. Such services may include support for the definition of the development strategy, training on administration techniques or the use of advanced technologies, the definition of marketing strategies, the support for the solution of legal, tax and administrative problems or for the identification of critical aspects of the financed project.