€96bn loans to help start-ups

A TOTAL of €96 billion has been set aside to help small and medium businesses in France. The money is aimed at très petites entreprises (TPEs) – those with under ten employees and petites et les moyennes entreprises (PMEs) – those with 10 to 250 workers.

The credit is available for two different purposes: €38 billion for short and medium term, start-up and investment loans, €58 billion for short-term cash flow-related loans, with a promised maximum two-week target for processing applications

These are not specific criteria-related loans. The banks (Crédit Agricole, Crédit Mutuel, Société Générale, BPCE et BNP Paribas) have agreed to a 6% increase on the money available for businesses compared to last year.

Any requests for credit for small businesses must still be made in the usual way through the banks, who did not make any joint agreement on interest rates, so shopping around could pay.

Anyone thinking of setting up a small business, could seek initial advice from their Chambre de Commerce or Chambre des Metiers et de l'Artisanat, according to the type of business you have in mind. Most offer some type of free training plus an individual interview, as well as very reasonably-priced counselling on your specific idea, and how to apply for any necessary finance.