ICO coronavirus loans are now available for the self-employed, micro-enterprises and SMEs

The effects of the coronavirus They are becoming increasingly prevalent in the global economy, and the country's state of emergency is causing economic collapse for many companies.
For that reason, the government has announced a line of credit guarantees to ensure the liquidity of affected companies. This line of guarantees, which will reach 100 billion, will be managed by the Official Credit Institute (ICO) and it will have specific conditions that will be aimed at certain sectors.
 

ICO Covid-19 lines of credit

He ICO is a public entity attached to the Ministry of Economic Affairs and Digital Transformation Its mission is to "promote economic activities that contribute to the country's growth and development, and to improve the distribution of national wealth." Among its functions, it serves as a public bank, granting loans to finance investment and liquidity operations for businesses.
The ICO financing lines They are primarily aimed at self-employed workers and small and medium-sized enterprises, and the entity itself determines the allocations for each line, the purpose of the loans, the interest rates and the repayment terms.
To the announced Covid-19 financing line HE They will now add another 100 billion euros for the sectors most affected by the coronavirus., of which 20 billion have already been mobilized.
 

For the self-employed and micro-enterprises

• Up to 10 employees.
• Any sector of activity.
• For liquidity needs:

• Up to 1.5 million euros
• Term up to 5 years with 1 year grace period.
• Warranty of the 80%.
 

For SMEs

• Up to 250 employees and sales of less than 50 million euros or with total assets of less than 43 million euros.
• Any sector of activity.
• For liquidity needs:

• Up to 25% of Annual Revenue or 24 months of Personnel Expenses
• Term up to 5 years with 1 year grace period.
• Warranty of the 80%.
 

Requirements to access the ICO coronavirus

• Be self-employed or a company domiciled in Spain.
• Not to be listed in the delinquency files
• Not being in the middle of a procedure collective insolvency
• Do not use the funding to carry out previous or subsequent refinancing to other loans
• Have a credit rating of B- or higher in the case of those who have the status of a large company
 
ICO loans must be requested directly from each client's financial institution. For the time being, the participating banks where this financing can be requested They are: Banco Santander, BBVA, CaixaBank, BCC (Grupo Cajamar), B. Cooperativo, Bankinter, Caja Rural de Teruel, Liberbank, Banco Sabadell, Caja Rural del Sur, Caja Rural de Navarra, Caja Rural de Jaén, Caja Rural de Zamora, Caja Rural de Asturias, Globalcaja, Caja Rural de Aragón (Bantierra), Caja Rural de Granada, Unicaja and Abanca.