· The Institut Català de Finances (ICF) made a profit of 15.1 million euros in 2017, 54% more than in 2016.
· ICF, bank funding for innovative Catalan SMEs and startups.
Over the past year (2017), the Institut Català de Finances (ICF) financed a total of 1,195 companies for an amount of 643.8 million euros, representing an increase of 13% compared to 2016. Although this increase refers to the amount financed, the number of loan and/or guarantee transactions has fallen by 12% (1,916 transactions compared to 2,169). The CEO of ICF, Josep Ramón Sanromà, explained this reduction in operations, alleging the reactivation of credit granting by private banks, all thanks to the expansionary policy of the European Central Bank (ECB). Sanromà also highlighted the change of profile of companies that come to ICF in search of funding. It used to be SMEs and now most operations are carried out with startups and innovation projects. The breakdown of ICF funding is divided into 3 major items: · 455.4 million euros allocated to loans· 50.2 million euros to guarantees · 138.2 million euros through Guarantees for Guarantees and Guarantees. Among the lending or credit activity, 244 million euros stand out from the ICF credit line to finance under market conditions. 52 million euros in the line of industry 4.0 projects, 10 million euros in loans co-financed with the European Regional Development Fund (ERDF) and 7 million for projects of projects social impact and culture.Venture CapitalWith regard to venture capital or venture capital activity, ICF has committed a total of 22.4 million euros to venture capital funds that invest in Catalan startups or SMEs, an amount 10% higher than that allocated in 2017. Currently, ICF participates in a total of 31 venture capital instruments to which 157 million euros are committed. In addition, the Catalan funding entity manages two own funds, under the name of Capital Expansió and Capital MAB, which during 2017 invested in four entrepreneurial projects 3.6 millions of euros, and through its conversion line with private investors 2.5 million euros.ResultsIn terms of general results, ICF ended the 2017 financial year with a net result of 15.1 million euros, which will be allocated in full to reserves. This result is 54% higher than in 2016. An improvement that delegate Sanromà attributes to the drop in delinquency, which went from 12.25 to 9.5%.What is ICF?ICF is a public financial institution that was founded in 1985 by the Government of Catalonia. Its main mission is to promote and facilitate, to the greatest extent, access to finance for companies that form the business fabric of Catalonia.Funding for Catalan startups and SMEs to support their growth and development. More: ICF Guarantees: How to get bank funding for a startupICF invested 2.5 million euros in 16 Catalan startups in 2017The ICF and the EIB will finance Catalan startups and SMEs with 300 million euros
