Eligible companies
To this line of funding promoted by the ICO and the ERDFwhich will co-finance 75% of the funds, will be open to all Spanish companies that have been assessed as innovative. The Ministry of Economy and Competitiveness will publish on its website a list of companies that are considered as such. In addition, companies that fall under the national codes of economic activities (CNAE) qualified as medium or high technology by the National Statistics Institute (INE).
"It remains to be seen what guarantees the financial institutions will ask for from the companies. In previous editions, although the funds were ICO's, its risk-taking capacity was limited so that the financial institutions would carry out the analysis with the same rigour as when they provided the funds," says Diego Gutierrez of ICO. Abra Invest.
Term and duration of the loan
This credit line, which will be distributed by the collaborating financial institutions, will be valid until 31 December 2015, and the maximum maturity of the loans will be seven years. The modality of these loans will be revolving, and the interest and income that the ICO obtains from the activity of the companies that receive these loans will be reused for actions aimed at financing and helping innovative SMEs in Spain.
Concern for innovation
In addition to this aid, the European Investment Bank (EIB) has also approved a credit line of EUR 150 million for finance the working capital of innovative SMEs.