Nuria’s dance school a reality thanks to a micro loan
Nuria Ventura’s dream of opening her own dance school in Barcelona came true thanks to a microcredit. “Without the microcredit I couldn’t have opened the school: the school provides me with stability, it’s my future.”
Nuria Ventura is a choreographer, artistic director, flamenco dancer, contemporary dancer, as well as the director and professor of a dance school. Her plan to open her own dance school was made possible in 2007 thanks to an EU-supported microcredit worth €25,000 that enabled her to rent the premises and renovate them for the school’s activities.
There were initially 20 students but the number has gone up to 60 in less than two years. “I would like the school to be a leading dance school in the region, to be associated with the best professionals in the field. And I’d also like to see the number of students rise.” Nuria’s school creates employment as well: she now has 10 part-time employees.
“Getting the microcredit was easy: I presented my plan together with my CV and they considered the plan viable. I also had a clear business idea with related professional training, so I was chosen.”
The 2007-13 Competitiveness and Innovation Framework Programme offers possibilities for microcredit guarantees through financial instruments managed by the European Investment Fund. Under the instrument "SME Guarantee Facility Microcredit Window", the EIF provides loan guarantees to microcredit organisations for loans of up to €25 000 to micro-enterprises (those with up to 9 nine employees).
Thanks to microcredits backed by the EU, many entrepreneurs in Europe have the opportunity to start or develop a small business. MicroBank, the social bank of the Spanish bank La Caixa, gives out microcredits guaranteed by EU programmes to people who cannot get loans from other banks. This way, less-advantaged people get an opportunity to develop themselves, and further create jobs and increase production.