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The mayor of Caravaca de la Cruz, Jose Moreno, has signed a collaboration agreement with the head of the Ministry of Culture and Spokesperson, Noelia Arroyo, to encourage entrepreneurship among youth in the municipality, through the provision of microcredit without collateral .

This is an initiative promoted by the Youth Institute of Spain (Injuve) and Microbank and aims to provide funding through microcredit, on favorable terms, no commission without guarantees, for young entrepreneurs who want start their own business, but can not access traditional financing channels.

The aim, therefore, is that any young entrepreneur can transform your idea into a reality that creates jobs and do it safely, advice and support.

This program began in 2008, through the collaboration agreement between the Injuve and Microbank to which the Community adheres through the Network of Local Employment Centres of municipalities that have applied for participation.

The result of this agreement have been formalized in the region around 75 microcredit and has been reported in different centers employing more than 700 young people.

The municipalities that join together with the Ministry of Culture and Spokesperson, this initiative are Abanilla, Abarán, Eagles, Sewer, Alhama de Murcia, Archena, Beniel, Caravaca de la Cruz, Cehegín, Cieza, Fortuna, Jumilla, Librilla, Lorca, Lorqui, Mazarrón, Molina de Segura, Murcia, Puerto Lumbreras, San Javier, Santomera Torre Pacheco and Totana.

The agreements allow the lending of up to 25,000 euros to finance up to 95 percent of the projects presented to young people in the region aged 16 and 35 who are to start a business or already embarked on it by less than three years.

The payback period will be up to six years six month grace period, and only granting young people must have a business plan that allows project feasibility study and documentation to support the business plan.

You can also benefit from this measure micro-enterprises with less than ten employees that do not exceed the income limit, although in this case it will be asked guarantee.

Source: Ayuntamiento de Caravaca de la Cruz