Financing of up to 12.5 million euros
The Official Credit Institute (ICO) offers loans to finance the liquidity and acquisition of fixed assets of companies. The funding it offers is up to a maximum of 10 million euros. The ICO is a public business entity that acts as a public bank, attached to the Ministry of Economy and Competitiveness through the State Secretariat for Economy and Business Support. It is an autonomous entity with its own assets and treasures aimed at promoting economic activities that contribute to the growth, development of the country and the improvement of the distribution of national wealth.
How many lines does ICO have?
How do ICO loans work?
ICO loans have a cancellation fee in case of early repayment, but they have no study or opening fees. The maximum funding in general is 12.5 million euros and has a maximum repayment period of 20 years. ICO credits can have a fixed or variable interest that is added to the interest margin (amount established by the entity managing the ICO lines and defined by the amortization period.) 20 years is the maximum payment period and a minimum of 1 year.
How to apply for an ICO loan?
To apply for an ICO loan, it is necessary to go to a bank office for the conditions to consult with the collaborating entity. On the ICO page you will find a list of collaborating entities to apply for the loan. In addition, to apply for the loan, it is necessary to submit a project report explaining the reason for the request.
Requirements
The company must have its own funds (at least) equivalent to the amount of the loan.
The company must not meet any minimum or maximum seniority requirements.
The company must have market validation based on recurring billing