Got a good idea, but can’t afford to run with it? Raising capital to start your business can be tricky. Fortunately, technology might be able to help out.
Crowdlending (raising business capital en masse online) is currently growing at a rate of around 300% per year in Spain. So although it still represents a relatively small amount of capital compared to the rest of Europe, things are moving fast.
Setting up business? Well-known crowdlenders in Spain
There’s currently over 20 crowdlending platforms in Spain, and together they’ve helped thousands set up their own business. Interested? Here’s some of the best known:
- ECrowd! – Based in Barcelona, backed by the local city council and the Ministry of Energy, Industry and Tourism. Investors can contribute €50 – €3000 and provides loans between €50,000 – €1m. Most projects are related to the energy sector.
- Aboribus – Investors set interest rates and amounts to bet on shares in a project, and loans are between €10,000 and €150,000. More or less any sector can use Aboribus to help create their own business in Spain. Investors are recommended to develop a varied “portfolio” to spread risk; various automated options are available to help do so.
- Microwd – Perhaps not one you can use to fund your own business but equally worth a mention, Microwd is a Spanish NGO looking to use micro loans to break the poverty cycle in Nicaragua. Invest in local projects such as corner shops and vegetable trade, all run by women.
Of course, you should always check interest rates and conditions thoroughly before applying for any kind of loan.
