Socialatom shall provide all necessary assistance to help the company grow in it’s most relevant key performance indicators.
Company shall participate in the process of recruiting talent or set up operations in Medellín. In the case that the company does not have any presence in Medellín, Socialatom shall:
- Assist the company with the recruiting process or setting up of operations in the city of Medellín.
- Assist the company in opening a local bank account if the company does not have one already.
Socialatom shall provide shared office space for up to two members of the company for up to 6 months free of charge.
Socialatom shall disburse grant capital to the company’s Colombian bank account within 5 business days after each qualifying grant request.
Company shall utilize 70% of the grant capital before the 16 months. For the second and last disbursement request, company will provide corresponding receipts to evidence use of funds that were part of the previous disbursement.
Company shall not use the grant capital for any of the following unqualified expenses:
Purchasing any kind of vehicle, unless as a capital asset.
- Payment of prior financial obligations (quotas, capital, interests).
- Payment of utilities, taxes, fees and contributions unless they are linked to the company.
- Preexisting debt cancellation at the time of submitting the application.
- Transfers of assets, purchase of shares and dividend payments.
- Investments in goods that are not essential to the execution of the project.
Socialatom shall not disclose, exhibit, display, communicate, utilize and/or use company information as a legal or natural person in its or third parties favour and consequently shall keep it confidential and private.
Company commits to share with Socialatom metrics as they pertain to their key performance indicator during the first 16 weeks.
Company commits to share with Socialatom every six months after the program the following information for up to 24 months; Sales or more relevant key performance indicators, jobs created, fundraising terms total funds raised.
Company may be removed from the program if:
- There are changes of the company’s qualifying criteria for program admission.
- The company fails to fulfill their commitments described in this letter.