Participatory loans for start-ups in the Lazio region
In recent times, calls for tenders and financing for self-employment projects and start-ups located in the Italian territory are multiplying. Although to date there is no national call for tenders linked to this type of funding, there are many established locally by regional bodies, including the calls issued by the Lazio region, which seems to have paid particular attention to newly established companies operating in the territory regional.
In fact, the new competition promoted by the Lazio Region and intended for start-ups is intended for young companies formed less than four years ago. From 10 February 2014 it will be possible to apply to obtain a subsidized loan for which a total of ten million USD have been allocated. The funds have been designed to increase the social capital of companies and consequently increase their net worth through a loan. No guarantees are required for the loan request and the repayment will take place in a short time (five years, including the two-year pre-amortization period).
The details of the loan
A loan of 50,000 up to a maximum of 200,000 USD may be requested, reduced by half for companies involved in road transport. The Lazio Region will therefore be able to help at least fifty start-ups operating in the territory, considering the granting of the maximum amount for each of them. Unlike for other loans, the amount will be allocated in a single installment, with a pre-amortization period of two years. Only in the third year will it be required to repay the amount obtained, which will take place quarterly for a period of three years (12 installments) for 75% of the capital, with the addition of a final installment of 25% at the end of the expected period.
The subsidized interest rate was set at 1%, while the companies that have their registered and operational offices in the municipality of Fiuggi and in the Frosinone-Anagni Local Labor System will be able to take advantage of an interest rate equal to half, or 0, 50%.
In the following table we give two examples of a hypothetical repayment plan for a start-up with operational and legal headquarters in the regional territory (net of interest) and financing obtained equal to the minimum (50,000 USD) and maximum (100,000 USD).
|Minimum financing||Maximum financing|
|Amount disbursed||50,000 USD||100,000 USD|
|Rate (first and second year)||0 USD||0 USD|
|Quarterly installments (third – fifth year)||3.125 USD||6,250 USD|
|Final installment||12,500 USD||25,000 USD|
Who can access the financing
Only companies formed for less than 48 months (four months) can access the loan and have their operational headquarters in one of the municipalities of the Lazio region or newly formed companies, even if not yet active at the date of application. All companies with a single member and those in a state of recognized economic difficulty are excluded.
In fact, companies that are in a state of controlled administration, bankruptcy or have insolvency proceedings are excluded from the date of application. Where required, companies will have to prove that they are in compliance with the obligations provided for by the DURC, by the anti-money laundering disciplines and that they have not requested EU aid then not returned.
To access the loan, it is also necessary to approve a capital increase equal to or greater than the amount requested for the loan, signed by all the shareholders and paid at least for a quarter.
Companies must have within them a partner with proven experience in the reference sector, who holds at least 20% of the capital.
The following table summarizes the main requirements and some reasons for exclusion from the loan application.
|Admission requirements||Reasons for exclusion|
company founded for no more than 48 months or in the process of opening
|State of proven economic difficulty|
|operating headquarters in the regional territory of Lazio||failure to comply with the provisions of the DURC|
|subscription of a capital increase||failure to fulfill the obligations regarding anti-money laundering disciplines|
|presence among the members of a qualified person for the sector related to the company||Failure to return previous EU funding|
All the expenses included in the entrepreneurial projects that will be evaluated by a special independent commission are admissible, which will judge the economic-financial sustainability of the project, its innovativeness and the development potential of the company as well as taking into consideration the characteristics of the participants in the initiative.
Applications must be submitted exclusively by computer by 31 January 2015, but the notice may be closed early if the total amount allocated is exhausted. However, if new funds are allocated or the applicant companies do not possess the required characteristics, the Region will accept applications up to 50% more than the initially planned quota.
Requests must be submitted online with the completion of the envisaged forms which must also be sent in paper form by registered letter a / r within ten days from the date of submission of the electronic application, on penalty of cancellation of the request.
For the complete announcement of the application and for the forms to be submitted it is possible to refer to the contact details of the Lazio region (Sviluppo Lazio SpA, via Vincenzo Bellini 22, Rome) or click on the page dedicated to the project within the regional site.