Start-up/takeover loan Société Nationale de Crédit et d'Investissement (SNCI) The start-up/takeover loan granted by Société Nationale de Crédit et d’Investissement (SNCI) is destined to encourage new entrepreneurs to start up or to take over small and medium-sized enterprises (SMEs). Beneficiaries The loan is intended for recently incorporated or bought out SMEs, regardless of their legal form, and which: have a valid business permit issued by the Ministry of the Economy can present a business plan and a financing plan evidencing a funding from the beneficiary of at least 15% of eligible costs Already established entrepreneurs as well as companies that do not need an authorisation from the Ministry of the Economy may not benefit from the start-up loan. Established entrepreneurs can, however, benefit from a takeover loan in the context of a business transfer. Eligible costs All expenses incurred during the realisation of a given business plan by newly created SMEs or SMEs that have recently been taken over by a new owner are eligible. Types of loan A start-up loan ranges between €5,000 and €250,000, without exceeding 40% of the eligible costs. Investments that have benefited from a start-up loan may not be taken into account for an investment loan from the SNCI. The duration of the loan is generally 7 years, although the duration can be extended for project devoting more than 50% of their eligible costs to fixed assets. The applicable interest rate varies according to the general evolution of market rates. The loan is disbursed in full in a single instalment immediately after the financing plan has been concluded. Repayment is in principle done by constant quarterly instalments. Early reimbursements may be made without penalties or fees. No real collateral will be required, but a personal, solidary and indivisible declaration of surety is required. Submitting an application Applications must be sent to SNCI with the required documentation enclosed.