A cabinet meeting of the Spanish government last week approved funding amounting to €20 million for the promotion of small and medium sized businesses that are primarily run by those under 35 years of age. The fund, which will be managed by the Ministry of Industry is intended to promote business, and thereby employment, among the segment of the population with the highest rate of unemployment in Europe.
Funds will be made available in the form of loans up to a maximum of €50,000 to those businesses in operation for a minimum of one year. The loans must be paid off over a period of four years at an interest rate equal to 2% over the Euribor rate during the first year and then on the basis of the profitability of the company over the remaining three years.
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