Good news for small and medium-sized companies in our country. The European Investment Fund (EIF) has reached an agreement with six Spanish banks to grant 4 billion euros in loans for SMEs over the next two years. The European body will assume 50% of the banking risk, which according to the Secretary of State for Budgets and Expenses, Marta Fernández Currás, “will make it possible to reach entrepreneurs and companies that present more risky projects”.
What does this agreement consist of?
The agreement between the entities and the European Investment Fund is part of the SME Initiative, an instrument that aims to stimulate financing for SMEs by providing partial coverage of bank risk. According to the CEO of the FEI, Pier Luigi Gilibert, this initiative “will provide important support to companies at a time when access to financing remains a key concern for many of them.” The six banking entities that have joined the SME Initiative are Banco Popular, Santander, Caixabank, Sabadell, Bankia, and Bankinter.
Financing for SMEs to create 6,400 jobs
As of today, these six banks will allocate 4,000 million euros to finance 2,700 small and medium-sized companies of recent creation, which will mean the creation of 6,400 jobs. According to the calculations of the Secretary of State, these loans for SMEs will also help to consolidate 120,000 jobs.
The offer of loans for SMEs grows
After this agreement, small and medium-sized Spanish companies have a new mechanism to finance their projects. In addition to the loans for SMEs granted by banks, businessmen can turn to loans offered by private companies or public financing lines.
Loans for SMEs granted by private lenders
Currently, there are several private companies that offer to finance for SMEs through online platforms.
To get loans, you just have to fill in an online form and send the required documentation. If we comply with the conditions, the lender will send us a personalized offer and, after our acceptance, we will transfer the money in a few minutes or in 3 days, depending on which is our bank.
ICO and ENISA lines: the administration also grants loans for SMEs
If we need financing we can also resort to loans for SMEs granted by the public administration through the Official Credit Institute (ICO) or the public company ENISA. We can find financing lines to start a business, to invest in innovation or to boost the export of our products. To be able to access one of these credits, our company must be solvent and can not belong to the financial sector.