How to request an Official Credit Institute loan
When you start a business project you need to have Loan to make it happen. However, many times we cannot think of the financing options or methods that we have. As a general rule, people go to trusted banks to apply for these loans. But there are other lines of credit on the market. Perhaps one of the most interesting is Official Credit Institute loans.
In Private Loan MB we are going to explain everything you need to know about these loans and how to apply for them. You are ready? In that case, keep reading.
Official Credit Institute loans
Official Credit Institute loans are lines of credit granted through intermediaries. These intermediaries are the Credit Institutions. That is, the banks. In this collaboration, both the Official Credit Institute and the Credit Institutions put their own grain of sand.
- The Official Credit Institute not only offers the Loan for the loan, but also draws up the financial conditions that the different lines of financing offered will have.
- For its part, the Credit Institution is in charge of reviewing the files that reach them and analyzing their viability. In the event of default, it is the banks that acquire the debt. Hence, it is they who ultimately decide whether or not to grant this line of credit. These lines of credit can be requested at the offices of the banks that grant them.
Official Credit Institute loans are designed for SMEs and the self-employed who want their professional project to grow.
To qualify for an Official Credit Institute loan
- You should not lose sight of the submission deadlines. Official Credit Institute loans are announced at the beginning of the year. In fact you can already access the website of the Ministry of Economy, Industry and Competitiveness to be able to take a look at the Official Credit Institute lines. It is best to apply for these lines of credit as soon as possible because once the funds are exhausted you will no longer be able to access them. Although the application period is normally until December. This year it is until December 21.
- Maximum amount. In all cases, Official Credit Institute lines offer a maximum amount of 12.5 million USD for one or more operations for each client.
- Find the financial institution that most compensates you. Regarding interest rates, in addition to the fixed or variable established by contract, the margin added by the corresponding credit institution must be added. This margin will vary depending on the repayment terms that are selected. On the commissions the Credit Institution can charge a commission at the beginning and even in case of early amortization.