Start-up companies and micro-enterprises that could not obtain funding from other banks will be able to get funding up to € 50,000 from "Jobs".
Its main objective is to facilitate access to finance for micro and small enterprises, farmers, self-employed persons, craftsmen and others who develop or start a business on the territory of the country and reduce their "exclusivity" from the financial services market.
Start-up companies and micro-enterprises that could not obtain funding from other banks will be able to get funding up to € 50,000 from the Microfinance Institution "Jobs".
Pipes can be opted for:
• up to 25 thousand euros per year
• to 25 thousand leva for the payment of debts.
The amount of investment credits may be up to 10 years, and the cost of the new machinery, the purchase and the sale costs will be up to 5 years. The actual kickback period is 24 centimeters.
Likely learners are 6 and 10% in the field of finance and the accreditation.The problem addressed by this practice is the inability of start-ups to get funding to start a business. For each of the IFI's products, there is an opportunity to finance "start-ups", as well as micro and small businesses without credit history.
The key players are IFI Jobs, regional representatives with whom MFI Jobs works and the "start-ups" themselves.
Beneficiaries are start-ups and micro and small businesses that have no access to normal bank funding.
Human resources are 12 employees of IFI Jobs. There is no budget limit.
Evidence of success
IFI Jobs has funded 80 start-up companies that, without the funding provided, could not obtain credit from other banks or other lending institutions.
The main difficulties and challenges relate to the need to constantly educate and explain the people running start-ups about the funding requirements and building a good partnership and a direct and lasting relationship with them. Creating trust is also very important.
Potential for learning or transfer
Good practice is easy to apply because the risk of losing on similar loans - for startup companies - is actually quite low - less than 10%.