Financial Intermediary: Microbank
SME: Schwa Language Academy
Sector: Language Academy; Education
Number of Employees: 8
Job creation: 5
Financing purpose: purchase material necessary to set up the business
EIF financing: COSME LGF
“What can I do after completing my studies?” Rosa Lopez, a young woman from the Majorcan town of Capdepera, had a very clear answer she’d been mulling over for years. She didn’t have to go too far to find the help she needed to turn her plans of becoming an entrepreneur into reality.
In an area with an economy heavily based on tourism, she identified a business opportunity in language training and started the paperwork to set up a language school. “I always wanted to have a business but didn’t know if I could ever achieve that,” she says. “When you finish your university studies, you have no money and no means to start a business; you need help.”
That’s when she went to MicroBank. They advised her on the business project and made her a financial offer, supported and backed by the EIF and the European Union COSME programme. With this support, Rosa was able to set off on her adventure.
Today, Schwa Language Academy offers classes for all age groups, and is based on a learning philosophy that includes not only the traditional approach but also integrates interactive fun and games. Rosa used the loan to cover the rent deposit and to purchase the materials necessary to set up the business: books, games, furniture, etc. It got the business off the ground.
In just 2 years, a team of 3 people grew to 8 employees, and a new centre in Sineu has been added to the first centre in Capdepera. A third centre might also open in the near future. Rosa states excitedly, “Sometimes, I think I first opened to have a job and now I’m doing it so that other people have jobs.” She concludes, “Seeing the school full of children is great, it makes you feel so good… it’s difficult to explain.”
Businesses can contact selected financial institutions in their country to access EU financing through our access to finance website.
- Publication date
- 8 February 2018
- Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs