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tina ann
02-04-2012, 16:02
A friend of mine says that her gistoria told her that if you are starting a new business or self employment then you can get a grant towards a vehicle and equipment.

I was wondering if anyone else has heard anything?

Thanks

9PLUS
02-04-2012, 17:05
I was in the Camera de Comercio in January and they told me that the small business help will be more than likely scrapped for this year due to cut backs

CIM
02-04-2012, 18:08
There are all sorts of grants you can apply for but they are very specific about the type of business they apply to, the zone, business activity, upfront capital investment, number of jobs you are going to be creating etc.
There are also EU loans which are offered by banks - Deutsche, Santander and Sol Bank advertise these and a friend of mine bought a new car recently with one - very good terms, interest rate etc. Speak to a gestor who is clued up about them and they should be able to tell you if you qualify for anything.

glostergirl
02-04-2012, 22:07
I was in the Camera de Comercio in January and they told me that the small business help will be more than likely scrapped for this year due to cut backs
I was told back in january there was not a cat in hells chance of getting any grants at all!! i enquired in arico and was told i could fill all the paperwork out and do all costings but would never get the grant due to the economic climate tenerife is in!!!

CIM
02-04-2012, 22:33
Not all grants are from local sources though so the economic climate here doesnt have any bearing on some of them.

bonitatime
03-04-2012, 08:21
If you have paid into the system the Pago Unico is a right not a grant
But money is tight and it might take time to come through
There is then another social security grant which till now you could use the same receipts for

ICO loans are great for small businesses for things like vehicles but my understanding was you need to have been running for a year to apply



www.soydeltete.es

TenerifeTeddy
03-04-2012, 08:35
We applied for an ICO loan for the set up costs for Callao Learning Centre. The loan came through within 2 weeks of application and we were charged 6% interest over 3 years. The money has to be spent on the business and proof of expenditure can be asked for. There is a penalty if paid back within 6 months (as that shows you probably didn't need it), and also penalties if the loan is not repaid.

The loan is supplied from the banks but provided by the government and the only other stipulation was we had to take out an insurance policy through the bank. I was not sure if that was a legal requirement or just a way for the bank to earn some more commission. We did our loan through Banco Sabadell in Las Chafiras who were very friendly and helpful.

9PLUS
03-04-2012, 09:23
I to have had the ICO in the past to build a good loaning reputation with the bank.


You will find that there's a major difference between a Government Grant and a Government lower interest loan.

CIM
03-04-2012, 10:32
If you have paid into the system the Pago Unico is a right not a grant

ICO loans are great for small businesses for things like vehicles but my understanding was you need to have been running for a year to apply



You will need to have at least a year running your business for an ICO loan for a car etc. But I am sure they are also available for start ups as a friend of mine applied for and was given 15,000€ to start his business from scratch. He needed to submit an extensive project first though.

MrsTT
03-04-2012, 17:53
We had not opened Callao Learning Centre so the start up loan was granted for that purpose. We were surprised how quick and easy it actually was to set up and implement. The Centre has been open just 5 months now, so certainly not required to be in business for year first.

tina ann
03-04-2012, 18:15
My friend has only just set up her business and she said she has been told that if she put's the capital into the business for a vehicle and equipment, then she will recieve I think upto 7000 back, but I am very skeptical. Also she has to do this within 3 months of starting.

bonitatime
03-04-2012, 20:30
If your friend is female the 7000 is possible

tina ann
04-04-2012, 12:20
Yes she said you get more if you a female

bonitatime
04-04-2012, 15:41
Thats what I got my other half was not well pleased
The logic is females find finance harder to get

Tracey Jayne
11-04-2012, 23:06
Hi I was very interested in your comments about the ICO loan and I wondered if you know whether these loans are only available through certain banks. What made you choose the bank in Las Chafiras?
We have been dealing with Santander till now but find everything long winded and quite unsupportive in setting up a business.
Seeing that you have achieved this goal already I would welcome any advice you could give.
Thanks.

CIM
11-04-2012, 23:10
It comes down to individual bank staff sometimes Tracey. I know a few people who have managed this through Solbank in Las Chafiras so that would be my starting point. Seems the manager in there is on the ball and happy to push these through and tell people whats what whereas other managers of other banks aren't so interested.

Tracey Jayne
11-04-2012, 23:19
Thanks CIM any more advice on setting up a business and finding premises would be welcomed.

CIM
11-04-2012, 23:32
If there is a way to avoid forking out for premises then I would start from home and if the business works out only then would I look at premises. I realise this isn't always possible but I am a great fan of starting small and re-investing what a business makes - growing it slowly and ensuring that what I start spending money on is actually worthwhile - especially in this economy...!

I get lots of calls and emails from people wanting me to buy advertising - 95% of them I am simply not interested in due to the price. Lots of advertising simply isn´t worth it - especially if you can create your own through word of mouth, online advertising, social media etc.

If you are applying for one of these loans though you will have to justify the amount you are asking for and have a budget for set up costs, marketing so its a good idea to research this now. The local papers may be effective if your business targets residents. I do not target residents so do not use them for example.

tenemummy
12-04-2012, 01:30
Hi everyone,
Many thanks for your posts - things are looking promising! But I am also looking for start-up assistance in the form of grants and government backed loans, and am in the process of writing a business plan! If anyone has gone through the process before I would love any further pointers / best options etc
Many many thanks in advance

Goldenmaniac
12-04-2012, 08:51
The chamber of commerce in Santa Cruz have a free help service to talk you through your business plan to see if it's viable and to help you find out what subsidies are available

http://www.creacionempresas.com/ click on this link http://www.creacionempresas.com/index.php?option=com_content&view=article&id=1034&Itemid=20

You can make an appointment to talk it all through with them or use on line help here http://www.creacionempresas.com/index.php?option=com_content&view=article&id=31&Itemid=77

TenerifeTeddy
12-04-2012, 11:15
Hi I was very interested in your comments about the ICO loan and I wondered if you know whether these loans are only available through certain banks. What made you choose the bank in Las Chafiras?
We have been dealing with Santander till now but find everything long winded and quite unsupportive in setting up a business.
Seeing that you have achieved this goal already I would welcome any advice you could give.
Thanks.

We used Sabadell as that was a bank that our accountant had previously used to obtain an ICO loan for another of his clients.

I agree with CIM, some banks/staff are just more on the ball than others. We received the loan from Sabadell before I could even get an apointment to discuss it from my local Banca March branch where I have banked for 8 years.

As it was for a business start up, we had to provide Presupuestos (quotes) to show where the money was going to be spent. i.e. Electrical, building work, equipment etc. Apparently the money is released in tranches every 10 days. We received the loan within 10 days of application.

9PLUS
13-04-2012, 17:02
Maybe something of interest


Santander are advertising ICO's for small to medium sized businessses (pymes) and self employed people up to the sum of €200,000

KirstyJay
16-04-2012, 13:43
What are ICOs?

Angusjim
16-04-2012, 14:11
What are ICOs?

I found this don't know if it helps !!

"In Spain, Banco Santander participates in the ICO (Instituto de Crédito Oficial) sustainable investment Spanish credit line for the granting of loans to companies and self-employed workers"

tina ann
19-04-2012, 13:16
For the grant that my friend has got, you had to registered with the unemployment office before setting up your buisness, so if you are thinking of setting up in business/autonomo even if you have not paid into the system here, get registered with them to say you are on zero income.

In any case its one of those things, if you have the money to put into a new business for a vehicle or equipment or both upto 5000 euros you MAY get it back, but who knows when or if! But if you are setting up anyway you have nothing to lose.

bonitatime
19-04-2012, 14:35
They are European subsidised loans