Craft businesses, when they need to access credit, have the opportunity to refer to specific products. The subsidized loans for artisans, at a general level, are regulated on the basis of the text of law 488/92.
Loans for craftsmen: what options are available?
Law 488/92 paved the way for subsidized loans for artisans. What options are available today? Among the most important alternatives, the Guarantee Fund of the Ministry of Economic Development can be mentioned.
This measure represents specific aid to small and medium-sized enterprises that have difficulty accessing credit, mainly due to the lack of guarantees.
Loans for artisan businesses: how does the Guarantee Fund work?
To go into the details of subsidized loans for artisans and the most useful options for obtaining them, it is useful to explain the operation of the Guarantee Fund of the Ministry of Economic Development.
The Fund does not intervene in the relationship between the credit institution and the customer, who undertake to independently enter into agreements relating to the rates and duration of the amortization plan.
The main peculiarity of the Guarantee Fund is precisely a guarantee on 80% of the loan granted by a specific credit institution or financial company.
Subsidized loans for craftsmen: other information on the Guarantee Fund
We are still talking about subsidized loans for artisans and the Guarantee Fund of the Ministry of Economic Development, remembering that this measure, as already specified, guarantees 80% of a loan requested independently by the artisan entrepreneur by contacting a credit institution or a financial company.
The guarantees of the Guarantee Fund of the Ministry of Economic Development may concern a maximum sum of 2.5 million USD. As far as general funding is concerned, there is no upper limit beyond which it is not possible to go.
How to apply for access to the Guarantee Fund?
Discussing subsidized loans for craftsmen and the Guarantee Fund also means considering the methods of access. What must the entrepreneur do to request the guarantee in question?
Apply directly to the Fund, obviously after taking out a loan through a contract entered into independently with a credit institution or financial company.
The credit institution itself has the task of forwarding the application to the Fund (remember that all the banks present in Italy are authorized to the aforementioned procedure).
What are the response times after sending the application for access to the Guarantee Fund of the Ministry of Economic Development? In general, it is not necessary to wait long, since the feedback is given quickly, informing the artisan entrepreneur via email and also providing details on the adoption of the resolution.
In 2014, the possibility of accessing microcredit was also reserved, reserved for professionals and companies established for no more than 7 years. This facility allows you to request subsidized loans for a maximum of $ 25,000 per beneficiary.