The Bank is supporting small businesses in Spain more than ever.
Signature(s)
Amount
€ 17,867,565.6
Countries
Sector(s)
Spain
: € 17,867,565.6
Credit lines
: € 17,867,565.6
Signature date(s)
22/07/1998 : € 17,867,565.6
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Data sheet
Inside the project
How and Why
A much-needed support
Why
- Catalonia represents 19% of total Spanish GDP
- With over 625 000 small businesses, Catalonia is the region with the highest number of small businesses, representing 18.4% of Spanish SMEs.
- Catalan small businesses struggled because of the COVID-19 downturn and needed support to keep going.
How
- EIB’s loan accelerates the deployment of ICF support at favourable conditions to a wider spectrum of small companies
Sectors & Countries
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Story
Responding to decline
COVID-19 dealt a particularly heavy blow to companies that rely on tourism or travel. For many, financing backed by the European Investment Bank has been a lifeline.
“We will have to work hard over the next few years and watch expenses closely,” says Rafael Ruiz, chief financial officer of the Barcelona Technical Centre, an engineering firm in Martorell, northwest of Barcelona, that has 148 employees and designs products for the automobile, aeronautics and railway sectors.
Ruiz’s company took out a €950 000 loan from the Institut Català de Finances, also called the ICF, the public Catalan bank for small businesses and entrepreneurs.
By receiving this loan, we have been able to keep paying salaries and cover other commitments, despite the drop in projects.
Backing the business platform
We make loans to financial institutions which subsequently "on-lend" to final beneficiaries. Our support improves access to finance and financing conditions for SMEs and mid-caps.
By partnering with IFC, EIB financing can reach businesses that would not usually have access to its favourable terms, because they’re too small or too risky.
Here are some benefits of our intermediated loans for small businesses:
- Attractive pricing: our pricing reflect the Bank’s advantageous funding conditions on the market
- Long tenors: our financing terms consider the economic life of each projects
- Signalling effect: the Bank’s financing in often seen as a quality stamp, helping the project attract additional investors
The extra financing came just in time for companies such as Atrápalo, an online travel agency based in Barcelona that employs 220 people. Atrápalo took out a €500 000 loan from the Catalan public bank to help pay its staff and prepare for the unexpected.
Are you an SME or mid-cap looking for finance?
We benefit from our partners’ expertise, local knowledge and proximity to the projects themselves.
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