The ICO 2021 Credit Line for Self-Employed and Companies can be reapplied for as every year. There are different financing lines that the Official Credit Institute launches.
As we have already mentioned, the ICO lines are extended until June 30th, 2021.
Below, we explain the different possibilities.
ICO 2021 Credit Lines for the Self-Employed and Companies
ICO Companies and Entrepreneurs Line
Aimed at the self-employed and companies that carry out their business activity in Spain. Regardless of their registered office or tax domicile and whether the majority of their capital is Spanish or foreign. To finance investment projects and/or cover liquidity needs.
The financing may be used to develop the investment projects and/or the general needs of the activity:
- Liquidity needs such as current expenses, payroll, payments to suppliers, purchase of merchandise, etc.
- Technological needs are also eligible for financing
- The acquisition of new or second-hand fixed assets.
- Passenger and industrial vehicles
- The adaptation and refurbishment of facilities
- And the acquisition of companies
Individuals, homeowners’ associations and groups of homeowners’ associations may also apply for financing through this line for the rehabilitation of housing and buildings or the refurbishment of their common elements.
Amount and terms
The maximum loan amount is 12.5 million euros. In one or several operations per client and year.
The repayment terms will be:
- from 1 to 6 years, with the possibility of up to 1 year grace period on the principal.
- from 7 to 9 years with up to 2 years grace period.
- and from 10 to 20 years with up to 3 years grace period.
The ICO Garantía SGR/SAECA Credit Line
To finance investments made in Spain or outside the national territory and/or to cover liquidity needs that are guaranteed by a SGR or SAECA.
The ICO Commercial Credit Line
Aimed at the self-employed, entrepreneurs and companies with registered offices in Spain. They wish to obtain liquidity by means of the advance payment of the amount of the invoices from their commercial activity within the national territory. Or also to cover the previous costs of production and elaboration of the good or service object of sale in Spain (pre-financing).
- Invoices with a due date not exceeding 180 days from the date of signature of the transaction may be advanced.
- Up to 100% may be financed, provided that it does not exceed the maximum amount of 12.5 million euros of outstanding balance per customer and year, in one or several operations.
When the invoices come from sales outside the national territory, the ICO Exportadores 2021 Credit Line will be used.
The ICO Internationalization lines
There are two options.
Internationalization 2021 in its tranche I “investment and liquidity”.
Aimed at the self-employed, companies and Spanish public and private entities. Including both those domiciled in Spain and those domiciled abroad with at least 30% of their capital owned by Spanish companies. For those making productive investments outside the national territory:
- including the acquisition of companies
- the creation of companies abroad
- the acquisition and refurbishment of facilities
- and/or need to cover liquidity needs
Internationalization 2021 in its tranche II “medium and long term exporters”.
Aimed at financing companies with registered offices in Spain or with registered offices abroad that have “Spanish interest” for the sale of goods or services, new or second hand.
- With deferral of payment to companies with registered offices outside Spain (Supplier Credit).
- Or destined to finance companies with registered offices outside Spain, for the acquisition of goods or services exported by companies with registered offices in Spain.
- And lastly, with registered offices outside Spain that have a “Spanish interest” (Buyer Credit).
ICO Canal Internacional 2021 Credit Line
This line is aimed at the self-employed, entrepreneurs and companies, both domiciled in Spain and abroad. But which have “Spanish interest” to finance investment and liquidity operations and medium and long term export operations.
The processing of the operations will be carried out directly through the International Financial Institutions with which the ICO subscribes collaboration agreements. Or through its Collaborating Entities in the event that it develops this scheme of operation.
For further information on any of the ICO lines, we recommend that you consult with the credit institutions that have signed collaboration agreements with the ICO.