What are the main financial institutions that promote the creation of entrepreneurial projects in the Principality of Asturias?
Below you will find information about the main existing lines of funding, for Asturian startups and SMEs, and their main characteristics.
Asturgar
Asturgar is a non-profit financial institution whose main objective, acting under the supervision of the Banco de España, is to provide support to Asturian SMEs and facilitate their access to different types of financing (under better terms and interest rates than those offered by private entities). Specifically, through Asturgar, projects based in the Principality of Asturias can benefit from two types of guarantees: financial and technical. Los financial guarantees offered by Asturgar make it possible to obtain financing of up to 100% of the investment project to cover the monetary commitments that Asturian SMEs and self-employed workers may have to third parties. The bank offers several lines so that whoever wishes can benefit from these financial guarantees. Microcredit line for entrepreneurs.To promote entrepreneurship and the creation of new companies.
-Type of funding: Financial guarantee for a maximum amount of 25,000€ .-Beneficiaries: Newly created SMEs and self-employed workers (who started their activity at the earliest in the two years prior to the date of application for the operation) and with registered office in the Principality of Asturias. -Main requirements: The own funds contributed to the investment project must represent at least 25% of the investment project. -Deadline for submitting applications: Indefinite
Asturgar line exports To promote the internationalization of SMEs in Asturias, through the granting of international guarantees and export financing.
-Type of funding: Financial guarantee for 50% of the transaction, as long as it does not exceed the limit of 400,000€ .-Beneficiaries: SMEs and self-employed workers with domicile in the Principality of Asturias that offer products and/or services abroad. -Main requirements: Prove the existence of creditworthy customers abroad. -Deadline for submitting applications: Indefinite
Los technical endorsements, which Asturian entrepreneurs can request through Asturgar, cover a non-monetary commitment of the company to third parties. Thus, through this line of guarantees, open indefinitely, guarantees can be made available for advance payment of those grants that have already been granted to the project or guarantees for public tenders. Recently, Asturgar, together with the Regional Promotion Society (SRP), has opened a new line of funding aimed at alleviating the consequences that Covid-19 has caused on businesses, as well as at financing new activities that have emerged as a result of the pandemic. New Opportunities Line
-Type of funding: Participatory loan of between 200,000€ and 1,000,000€, with a guarantee from Asturgar for 30% of the amount received. -Beneficiaries: Asturian companies that belong to the industrial sector or that, failing that, provide industrial support services. Companies must be 5 or more years old. -Deadline for submitting applications: 31/12/2021
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Regional Promotion Society of the Principality of Asturias: SRP
For more than 35 years, the SRP (established in Asturias as a public-private company) has been offering funding to SMEs and entrepreneurs in the autonomous community who require it, to promote the creation of investment projects. The SRP works mostly with two financial instruments (minority participation in the company's share capital and participatory loans) to facilitate the promotion of three different types of projects: innovative non-technological projects, projects carried out by technology-based companies and projects with some differentiating element. SRP Participatory LoanFor the improvement of the regional business fabric.
-Type of funding: Long-term participatory loan (with a maximum of 10 years).-Beneficiaries: Both entrepreneurs and consolidated Asturian companies. -Main requirements: Innovative and employment-generating projects. -Deadline for submitting applications: Indefinite
Institute for Diversification and Energy Savings: IDAE
The Institute, as a public entity, offers several lines of funding, all aimed at stimulating projects that, with the main objective of reducing final energy consumption, are committed to energy efficiency and the use of renewable energies. Grants for energy efficiency actions in SMEs and large companies in the industrial sector To promote the improvement of technology in equipment and industrial processes or the implementation of energy management systems.
-Type of funding: Non-refundable grant.Beneficiaries: SMEs and energy service companies. -Deadline for submitting applications: 30/06/2021, provided that the previously available budget has not been exhausted.
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Institute for Women and for Equal Opportunities: IMIO
Although the IMIO acts as an autonomous body attached to the Ministry of Health, Social Services and Equality, it offers, together with MicroBank (part of the CaixaBank group and specialized in the granting of microloans) microloans without guarantees for women entrepreneurs. In this case, grants can be processed through any of the three existing Chambers of Commerce in the Principality of Asturias (Oviedo, Avilés and Gijón), which participate as collaborating entities. Women's Business Support Program: PAEM To cover the investment need for projects led by women who are struggling to obtain funding through the traditional financial system.
-Type of funding: Microcredit of up to €25,000.-Beneficiaries: Women entrepreneurs whose business projects are less than 5 years old.-Deadline for submitting applications: 31/12/2021
Llanera City Hall
In a more localized way, those initiatives that have emerged in the municipality of Llanera, which promote local development, will be able to access the grants announced by the City Council itself. Grants to support entrepreneurs To encourage entrepreneurial activity
-Type of funding: Non-refundable grant.-Beneficiaries: Self-employed workers and companies that start a productive activity in the municipality of Llanera.-Deadline for submitting applications: 29/03/2021
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Society for the Development of Mining Regions of Asturias: SODECO
SODECO, a commercial company owned by the SRP and the HONUSA group, offers different alternatives to financially support innovative projects and companies (established in the central mining region of Asturias). By granting financial aid, SODECO's main objective is to be able to contribute to the diversification of the economic structure of its area of operation. Thus, entrepreneurs in the area, who through their business projects support the creation of new alternative jobs to mining, will be able to access loans that help strengthen existing companies or promote the creation of new ones.
-Type of funding: Participation (minority and temporary) in share capital or long-term participatory loans-Beneficiaries: Promoters of innovative and employment-generating business projects, located in one of the municipalities in the area of action.-Deadline for submitting applications: 31/12/2021
It is useful to mention that the Economic Development Agency of the Principality of Asturias (IDEPA), which works for the strengthening and competitiveness of existing companies in its territory, provides detailed information on the grants mentioned throughout this article and access to their respective registration forms. More: Financing for Valencian SMEs, Barcelona startup funding
