Government will grant up to €100b in guarantees for funding provided by credit institutions.
Net indebtedness limit for the Spanish Official Credit Institute (ICO) raised by €10b to increase ICO facilities providing funding to companies and self-employed.
The guarantee will cover 80% of new financing operations and renewals for self-employed and SMEs.1
For all other companies, the guarantee will cover 70% in the event of new loan operations and 60% for renewals.
There is no limit to the amount of guarantee per beneficiary, subject to EUs state aid rules.
The self-employed, SMEs, and companies in all sectors of activity that:
- have their registered office in Spain;
- have been affected by the economic effects of COVID-19; and
- require funding to meet their needs arising from managing their invoices, working capital (cash), financial or tax obligations, or other liquidity needs.
For more information about eligibility, please see here and here.
The Ministry of Economic Affairs and Digital Transformation and the Council of Ministers.
The financing will be available through any of the credit institutions, financial credit establishments, payment institutions, or e-money institutions that have signed the corresponding collaboration agreements with the ICO.
Applications to be made directly with the above mentioned institutions.
Legislation available here.
From 18 March 2020 to 30 March 2020