Government approves first tranche of 5,000 million new ICO guarantees

This was announced by Isabel Rodriguez, Government Spokesperson and Minister for Land Policy, at a press conference after the Cabinet, reminding the Cabinet that this measure is part of the war response plan approved by the Executive Congress of Deputies.

The government deployed this first part of the project. new collaterals with a maximum of 10,000 millionTo guarantee access to liquidity for companies affected by the increase in energy costs or raw materials caused by the war in Ukraine.

For guaranteed amounts up to 400,000 Euros, the guarantee covered is up to 80% of the loan amount with a financing term of up to 10 years. For loans exceeding 400,000 Euros, 80% of the new financing is guaranteed to self-employed and SMEs, and up to 70% to other companies with repayment terms of up to 8 years.

All companies, regardless of the warranty they demand, They will qualify for an initial grace period of 12 months, as announced by a government spokesperson..

750,000 companies funded

At the press conference held after the Council of Ministers, Isabel Rodriguez reminded that this is not the first time the Government has implemented exceptional measures regarding these features and referred to the ICO-Covid guarantee lines.

With this ICO-Covid hotline, approximately 750 thousand companies, mostly SMEs and self-employed, were financed and 140,000 million euros were mobilized to alleviate the impact of the crisis, especially in the most affected sectors such as transportation, consumption and trade. or textile. Regionally, they were in high demand in the Community of Madrid, Andalusia and Catalonia.

“The good functioning of this line has caused the Government to once again decide to stand by the companies and the self-employed to sustain their economy in the face of another crisis,” the spokesperson said.