How to get a loan for young entrepreneurs?

by Lisa Baker

There is no precise definition of the concept of an entrepreneur. What is tangible and can be seen in different institutions, both public and private, is the support so that more and more exist. If you consider yourself part of this group and you have a business idea or you already have one that is starting, you should be very clear about the financing options. There are different types of credit to start a business, we present the ones that NAFIN offers as a first loan.

How is support requested?

First you must choose the type of financing that best suits your needs, in addition to what you should take into account if you are going to request a loan . If you want to review the financing possibilities for your business with a broad description, visit the National Entrepreneur Institute (INADEM) page. The financing options offered by NAFIN are the following.

For businesses starting:

  1. Incubation online. In this modality you must register in the INADEM Entrepreneur Support Network. You must then pass an online course. What follows is that you contact the program to have a supervisor assigned to you and your file opened. Then you will be asked for documents to start the process. Finally, you must make a contract with the bank that will give you the credit.
  1. On-site incubation. Here you must meet some prerequisites such as: have an endorsement, have a good credit history and contribute at least 3% of the investment that your business requires. If you meet these requirements, call INADEM: 01 800 4482338. Later, you must develop your project in one of the incubators recognized by the institution. When you finish that process you must submit your credit application online. Finally, the bank will contact you so that your credit can be formalized.

For growing businesses:

  1. Young Credit. This process begins when you contact the program at 01 800 26 56836 in option 6, there you will be guided on the necessary documents. Later you deliver the necessary documentation and when the credit has been approved you formalize the contract with the bank.
  1. Young SME Credit. Here, too, the process begins with the telephone contact, call 01 800 26 56836 and choose option 3. The process is very similar to that of Young Credit. You deliver the documents to the bank and formalize the agreement by signing a contract.

What quantities can be requested?

The procedures for applying for a loan for entrepreneurs are different. The clearer the chances of success for your business, the process is simplified. The programs that we mention seek to generate investment and with it jobs, therefore, those that have a greater probability of generating profits and repaying the credit are those that are accepted. The same is seen when calculating loan amounts.

The amounts offered by each of the modalities mentioned before are the following:

  • Incubation online. From 50 thousand to 150 thousand pesos.
  • On-site incubation. From 150 thousand to 500 thousand pesos.
  • Young Credit. Up to 300 thousand pesos
  • Young SME Credit. Up to 2,500,000 pesos.

Should I apply for the credit?

One of the most common obstacles for young entrepreneurs is the lack of financial resources. On the one hand, they lack a credit history and having a short work history makes it difficult to cover the expenses of a new company with their own resources.

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