Enisa COVID-19: Renegotiation measures approved for companies subsidized by Enisa and affected by COVID-19

Because of the state of alarm in which the entire country and the world in general are immersed, lockdown is being the key and decisive phase in appeasing the effects of Covid-19. Apart from the confinement of people and the unique situation we are experiencing, there are also restrictions on economic activities that are causing startups and SMEs to face a difficult situation: falling production, sales, lack of liquidity, among others. In this way, SGIPYME believes that measures must be taken to help entrepreneurs and SMEs to get out of this situation, temporarily modifying the content of all the agreements in force from 2011 to 2019, make the repayment of participatory loans more flexible.Article 178, first paragraph, of Law 33/2003, of November 3, on Public Administration Assets, which provides for the action of the company's supervisory body, when the public interest requires it, the General Secretariat for Industry and SMEs, in use of its powers, dictates the following: All participatory loans granted by Enisa, concluded between 2011 and 2019 between Minecotur and Enisa, will have the following conditions:- Beneficiaries may request the renegotiation of loans as long as they prove to Enisa's services the consequences caused to their business by Covid-19: reduced sales, inactivity, among others.- The request must include a report justifying the reason why it makes it difficult to pay the next due date, and also the measures that the company will adopt to mitigate the effects of the crisis.- The justification must include an image of the situation in which it finds itself, that is, an economic-financial image of the company before March 14 of this year, together with a quantitative and qualitative explanation of the impact, economic and financial valuation and a plan to mitigate the effects.- The requests will be managed by ENISA trying to adapt the repayment schedules of the loans and their overdue and uncollected interest to the forecasts of the debtor company's repayment capacity.- General conditions: - The interest rate is maintained from the first tranche in force- The interest rate of the first tranche cannot advance the rate of the first tranche plus two percentage points. The instruction has valid for 9 months.In Intelectium We provide you with more information on exceptional measures taken by public institutions against Covid-19, click here to learn more plusSource of information: Enisa's official website