The Youth Guarantee payday loan are aimed at all young people up to the age of 29 who are registered for Youth Guarantee who do not have a job, are not employed in study or training courses and who intend to initiate self-employment and self-employment initiatives through credit subsidized, without interest and without bank guarantees.
The initial endowment of the Fund is 124 million euros, the amounts that can be financed as said range from a minimum of 5 thousand euros to a maximum of 50 thousand euros, and the peculiar characteristics of the loan are:
- Interest rate zero
- No personal guarantees
- Amortization schedule up to 7 years
The loan is therefore not fundable , but it offers an advantageous coverage of 100 percent of the expenses incurred to start up its business, without having to provide personal guarantees or guarantees, or even to resort to the banking system, as the Fund is promoted directly by the Ministry of Labor and Social Policies, with management entrusted to Invitalia.
How to submit the application
The application for access to finance must be submitted exclusively online on platform by registering with its email address, and once the data is obtained by entering the reserved area to fill in the application directly, with the necessary documents and the business plan to be uploaded. attached. Finally, to complete the submission of applications, it is necessary to have a digital signature and Pec , or certified e-mail. After the formal verification to verify the possession of the requisites, there is a merit assessment that also concerns the technical and managerial skills of the aspiring beneficiaries, and the economic-financial sustainability of the project. There are no deadlines or rankings for the presentation of projects, which are financed until the funds are depleted: the outcome of the assessment is communicated within 60 days from the submission of the application.
New zero-interest companies
The issue of youth is so high on the mind of the government that, in addition to the Youth Guarantee Funding to encourage self-employment and self-entrepreneurship through the dedicated national program, Invitalia has also launched a further announcement dedicated to women and young men under 35 years that intend to start a new business activity, favoring their entry into the credit market by receiving a zero-interest loan: this project is called New zero-interest companies, and provides that the applications to obtain the loan can be presented since the beginning of 2016. Since the funds available for this and for the Youth Guarantee project are revolving and constantly replenished by the repayments of the payday loan granted, it is not excluded that from now until 2020, the year for which the end of the programming was scheduled of the funds, the audience of the beneficiaries can be enlarged going beyond up to 29 years i of age.