How to get financial assistance to start a business – Step by step guide

How to get financial assistance to start a business – Step by step guide

Are you thinking of starting a business? Well, Spain might be the place for you. Already chosen by thousands of Italians as a new homeland where they can move to find a job, spend their retirement years, and do business, especially in the Canary Islands (among the best places to invest), Spain is popular for its geographical and cultural proximity to Italy, but also its advantageous taxation.

According to opinionesespana.es, there are many opportunities that the country offers. What to invest in? The most convenient sectors range from real estate to commercial. There is no lack of banking investments or the possibility to set up your own business. Let’s think about those who decide to live in Spain and start their own business.

In this article we will focus in particular on how to open a business in Spain, giving you tips and useful information on where to invest, the types of companies and much more.

Start-up business loan in Spain

An important benefit for your business is to take advantage of any financing or incentives for which you qualify. In theory, in Spain, there is a lot of financial aid available through the European Union, which works at the national, regional, provincial, and local levels, especially for small and medium-sized enterprises.

You will need the opinion of someone familiar with what is available and who knows the necessary regulations and conditions. The financial advisor who will help you with your business project is the best place to start finding your way through the financial aid maze. You can also ask for some tips and indications from prestamon.

However, it is a completely different matter to follow the right loan for you and deposit the money into your business bank account. Try to set the process as soon as possible, but don’t consider it based on your financial expectations. The process can take months, even years. Even when a grant for your company is finally approved, always by the method that best suits your needs, it is a torturous process.

How do you get funding?

Financing is one of the fundamental tools to start a business and make it grow. Therefore, it is very important to know how and why entities act when granting a loan.

With the increase in lending, delinquencies have also increased, especially by households, according to the latest data published by the Bank of Spain. Therefore, it is increasingly important to have a good profile so that the application is not rejected.

Banks do not usually cover 100% of the project cost, so it is important to have at least 20% of the total saved. However, if a higher percentage can be saved, the entity is likely to understand that the profile is more reliable and provides better conditions.

In addition, in the face of a possible tightening of conditions next year, it will be important to have a good profile. It has a regular income and is consistent with the amount of funding requested.