ICO: Spain government loans

The Spanish government provides ICO loans for the following cases:

• Freelancers, entrepreneurs and all kinds of companies, both Spanish and foreign, who wish to carry out business activities and / or investments, or to cover expenses or liquidity issues within Spain.
• Individuals and communities of owners who wish to rehabilitate their home or building.

Where is it requested? Directly through credit institutions.

Maximum amount per customer: up to 12.5 million euros, in one or more operation.

Bankable concepts:

• Business activities and / or investment and liquidity needs within the national territory.
• Digitization projects, in particular those projects aimed at promoting teleworking solutions included in the Accelera Pyme program.
• Rehabilitation of houses and buildings.

Type: loan, leasing, renting or line of credit.

Interest rate: fixed or variable, plus the margin established by the credit institution according to the repayment period

Amortization and grace period: From 1 to 20 years, with the possibility of up to 3 years without having to repay principal, depending on the terms.

Commissions: the credit institution may charge a single commission at the start of the operation, in addition to, where appropriate, the early amortization.

Guarantees: to be determined by the credit institution, except endorsement of SGR / SAECA.

To access financing, the company must be incorporated and registered in the corresponding IAE (Tax on Economic Activities). Most of the banks in Spain can provide ICO financing.