The approval of an Enisa loan in your startup will depend to a large extent on the classification obtained after the analysis of the startups, from A (low risk) to D (high risk). Find out how it works.

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In startups less than 2 years old, Enisa's rating will depend on an eminently qualitative evaluation, but in the case of companies with more than 2 years of life, the algorithm gives 90% weight to the analysis of a series of economic-financial ratios, while the remaining 10% depends on a qualitative analysis.

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ENISA's quantitative evaluation focuses on analyzing 7 historical but also projected economic and 5 financial ratios of the company.

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First of all, we analyze the economic ratios:

• Sales Growth: Sustained growth in annual sales will be positively evaluated.
• EBITDA/Sales Ratio: A ratio tending to 20% indicates highly efficient management.
• Net Margin: A positive and growing net margin is seen as positive, and it is desirable to be above 8%.
• Asset Rotation: A turnover ratio of around 5% suggests high efficiency in the use of assets to generate income.
• ROA (Return on Assets): An ROA greater than 24% indicates a highly efficient use of assets to generate profits.
• Difference in Average Payment and Collection Periods: A positive difference between payments and collections suggests good cash flow management.
• Stock Rotation: A value greater than 22 is valued as a very efficient inventory management.

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Second, we analyze a series of financial ratios:

• Liquidity: A liquidity ratio of between 1.5 and 3 indicates that the company has a solid capacity to pay its short-term debts while maintaining an adequate level of liquid assets to take advantage of investment opportunities or manage financial emergencies.
• Solvency: A Net Worth to Total Assets ratio of less than 10% is valued as high solvency and reflects the ability to meet long-term obligations.
• Indebtedness: A moderate level (10 to 30%) of Gross Financial Debt over Total Funds is desirable, showing balance between debt and equity.
• Debt Coverage: A Net Financial Debt to EBITDA ratio of less than 5 is considered positively.
• Interest Coverage: In the same way, an EBITDA to Net Financial Expenses ratio of less than 5 indicates greater capacity to cover financial expenses with operating profits.

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On the other hand, qualitative evaluation includes the analysis of several key factors that may influence the success of the project:

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Market and Product:

• Market Attractiveness: A market with high growth and significant barriers to entry is positively assessed.
• Competitive Advantages: Own technologies, differentiated products and innovative strategies are considered favorable.
• Company Life Phase: Companies that have achieved significant milestones and have clear and viable expansion plans are well regarded.
• Suppliers and Customers: Diversification and strong relationships with important suppliers and customers are positively evaluated.
• Competence: Knowing and differentiating yourself properly from your competitors is crucial.

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Management Team and Shareholders:

• Partner Experience: Previous experience in entrepreneurship or successful management is valued.
• Management Team Involvement: High dedication and experience in the sector are key factors.
• Company Management: Efficient management structures and clear objective monitoring systems are valued as positive aspects.

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We help you get help from Enisa

If you want to assess whether the different calls may fit your company or project, we can advise you without obligation. At Intelectium, we work under a successful model in obtaining public aid. We help you to identify which grants are the best fit for you and to prepare all the necessary documentation to carry out the procedure correctly until you obtain funding. You can contact us through our form or by sending an email to comunicacion@intelectium.com