Entrepreneurial Youth

Today more than ever young adults are starting their own businesses. These are young entrepreneurs. An entrepreneur identifies, develops and gives life to a business vision that may be innovative, an opportunity, or simply a better way of doing something.

To start a business, it’s important to work on a business plan:

  • It functions as a guide for the business.

  • It increases the success rate.

  • It forces you to look at the future and think strategically

  • It’s useful to identify strengths and areas of business opportunities.

  • It’s a base to share your business’s potential with possible investors, bankers, shareholders, lawyers, accountants, realtors, government agencies, among others.

Aware of the challenges that these entrepreneurs face, we approved Act 135 for Young Entrepreneurs and created the Micro-business service.

Contact us for more information about incentives.

Incentives for Young Entrepreneurs

Contact us for more information about incentives.

Micro-businesses

The Youth Development Program’s Micro-business service offers consultancy, training and financing to young adults aged 21-29 who are interested in starting a new business or in expanding an existing one.

Through a select group of consultants, they are trained on how to develop their business and how to present a Business Plan, which is a written document that describes the company’s purpose, the business model, entrepreneurial philosophy, as well as the findings of market, financial, and organizational studies. The entrepreneur can then gain access to financing from the Bank for Economic Development of up to $10,000.

The loan can be used for one acquisition of machinery or necessary equipment for the commercial operation, leasing of commercial space for daily operations, or for operational capital (utilities, payroll, etc.).

Other terms and conditions are:

  • INTEREST RATE: Preferential variable interest rate at the time of closing, fixed until the loan’s maturity

  • LOAN MATURITY: 5 to 7 years.

    • 5 years with principal moratorium during the first 6 months of the loan

    • 7 years with principal moratorium during the first 12 months of the loan

  • AGE: Every participant in the program must be 21-29 years old at the time of application

  • BUSINESS PLAN: Participants will be required to submit a Business Plan. The Program will give participants the necessary tools, including training and basic courses, to help applicants meet this requirement.

Contact us for more information about the Micro-business program.

Entrepreneurial credit summary

  • Description: Microbusiness Program to offer entrepreneurs aged 21-29 financing for the establishment of a business

  • Maximum amount: Up to $10,000 (100% of the financing will be guaranteed with a Warranty Fund)

  • Contribution: Non-refundable initial charge of $25.00 for the Bank of Economic Development

  • Use of funds: Operational capital / Purchase of machinery and equipment / Renovations and upgrades

  • Interest: fixed 8%

  • Loan maturity: Up to 7 years

  • Repayment: Principal moratorium for the first 6 months or 12 months, as applicable

  • Charges for compromise: No charge

  • Requirements: You must be a participant of the Micro-business program. You must prepare a business plan. You must submit the documents required by the Bank.

The evaluation of any application for incentives of benefits described here is subject to the law’s and regulation’s applicable dispositions. Subject to credit approval. The terms and conditions for the financing products of the Bank for Economic Development are subject to change.