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News
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05.03.2008
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Together with the Enterprise Estonia, KredEx will place a new loan product on the market — a start-up loan. The loan is targeted for starting businesses or for those small and medium-sized enterprises, which have been active up to two years. Unlike a typical loan product, it is sufficient for a businessman to establish a personal surety as a guarantee, covering 30% of the amount of the loan only. Kredex gives its own guarantee to the rest of the amount that is not guaranteed. One can apply for the start-up loan up to 500,000 EEK.
Loan applicants should have recourse to Enterprise Estonia, who will process the application and forward it to KredEx for a decision. In case of a positive decision by KredEx, an applicant must have recourse to a commercial bank for issuing of desired amount of the loan. The prerequisite for receiving the given loan is the existence of a business plan. If necessary, it is also possible to obtain free consultations from the consultants of county development centres.
Start-up loan enables an entrepreneur to manage the business- and loan-related risks, as in comparison with ordinary loans one has to take smaller risks with one's own property. Together with the start-up loan, one can also apply for a start-up aid from Enterprise Estonia (up to 200,000 EEK), which altogether should be a comfortable support to carry out the business plan.
The start-up loan will be co-financed from European Social Fund.
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