Loan of Honor, payday advance loans Ohio
What is the loan of honor?
Definition. Among the different types of loans, the loan of honor is the type reserved in particular to finance those who intend to start their own business, those who want to open a small business, those who want to open a franchise and young people who want to finance the their formative path with university studies, post-diploma, master’s degree, both in America and abroad.
Same day payday loans Ohio
The loan of honor was regulated, at the regulatory level, initially with the law of 28 November 1996 n. 608 and subsequently revised with the legislative decree 21 April 2000 n.185 (“Incentives to self-employment and self-employment, in implementation of Article 45, paragraph 1, of the Law of 17 May 1999, No. 144”).
Payday loan consolidation Ohio
The loan of honor is, therefore, a particular financial product studied, according to the legislative ratio, a precious resource, to facilitate investments in business activities and not only. Its objective is to try to encourage self-entrepreneurship, also in a cooperative form and self-employment; to combat unemployment, especially youth unemployment, and to value the merit of the neediest, less well-off economically, offering concrete possibilities to finance their studies and training.
To whom the loan of honor is addressed
The loan of honor is generally aimed at people wishing to set up a small business in the form of partnerships, in the sectors of production of goods or services. There are also loans of honor, not to be confused with the loans of honor governed by the legislative decree D.Lgs 185/00, but present on the market and specifically designed to support young people in their paths of university education, post-graduate and/or professional. The loan of honor provides for a portion of capital granted for non-repayable loans and another one provided in the form of a loan to be repaid at a subsidized rate.
The basic structure of honor loans, easy payday loans Ohio
Technically, the loan of honor, which the various credit / financial institutions propose to customers, is generally structured, in compliance with the current legislation D.Lgs 185 of 2000, as a maximum amount payable as a loan of which 60% is granted to lost fund, while the remaining 40% is disbursed in the form of a loan at a subsidized rate.
Requirements necessary for accessing an honor loan
Conditions and requirements for access to a Loan of Honor
- Age: Extra-age, from 18 years
- Occupation: Do not be occupied for at least 6 months
- Residence: Residence in one of the territories covered by the facilities provided for by Legislative Decree
Cases where you can apply for an honor loan:
Guaranteed payday loans Ohio, general rules:
- self-employment, on their own
- For university students (aged 18 to 35), facilitated funding for university students who do not have the financial resources available to deal with academic studies. In agreement with the various proposing Universities and Banks.
Types of paycheck loans Ohio
Honor loan cases provided for by Legislative Decree No. 185 of 21/04/2000.
- Honor loan for the micro-enterprise
(Chapter II Measures in favor of self-employment in the form of a micro-enterprise)
The loan of honor for the micro-enterprise is dedicated to those who want to start a small business activity in the form of a private company in the sectors of production of goods or services. Loans eligible for loan can be granted up to $ 129,114 ($ 1 = $ 1936.27 American lire) and (Article 20 projects eligible for funding – maximum $ 250 million, net of VAT) and are intended for: equipment, installations, machinery and connections; intangible assets with multi-year usefulness; restructuring of buildings (10% of eligible investments). Loan facilities are also valid for expenses due to: raw materials, consumables, semi-finished and finished products as well as other costs within the production process; utilities and rents for buildings; Financial charges; provision of insurance guarantees on the assets financed; services.
The loan of honor is granted with a non-repayable grant, which for the first year can reach up to 60% of the value granted, and a loan at a subsidized rate for the start-up and management of the asset.
- Honor loan for the franchise (payday cash loans Ohio)
(Chapter III Measures in favor of franchise self-employment)
The loan of honor is also indicated for individuals and companies (of persons or capital), who wish to start a franchise business. In this case, a non-repayable loan and a subsidized loan are envisaged for investments. The maximum amount payable for each subsidy is not predefined but takes into account the number of investments and operating expenses and the characteristics of the loan to be applied for.
- Loan of honor for self-employment
(Chapter I Measures in favor of self-employment)
People wishing to start their own business and start-up an individual company in the commercial field or the production of goods and services can benefit from the facilitation provided for self-employment (Legislative Decree 185/2000 Chapter I Measures in favor of self-employment). The loans that can be disbursed (Art.18 projects that can be financed) can not exceed the old 50 million lire, corresponding to 25.823 dollars and are considered eligible for expenses related to: equipment, plant, machinery and connections; intangible assets with multi-year usefulness; restructuring of buildings (10% of eligible investments).
The concessions granted as a loan of honor provide for a grant and a loan at a subsidized rate like all loans of honor.
- Honor loan for students (easy payday loans Ohio)
(not regulated by Legislative Decree 185/2000)
The loan of honor dedicated to the valorisation of the merit of those who intend to continue the course of study, but does not have the necessary financial resources, in America has had a growing impulse starting from the Memorandum of Understanding Diamogli Credito, signed by the Ministry of Youth with the ABI, where the requirements are set for access to subsidized loans for the three-year period 2007-2009. The memorandum of understanding allowed the students easy access to credit (without further guarantees except those of their determination and merit requirements) to independently support the expenses related to their training. Although in America the student honor loan system has become a real application since 2008, it has been introduced at the regulatory level since 1991, in fact since 2001 it had already legislated on the merit valorization and related financial support, with the Decree of the President of the Council of Ministers of April 9, 2001, based on Law 390/1991, which clearly states that this measure applies to deserving students and without financial means. Since 2003, student honor loans have been disseminated thanks to the specific agreements stipulated between the individual American universities and credit institutions.