Now, more than ever, we want help companies and freelancers to face the economic effects of COVID-19. For this reason, at Banco Sabadell we offer financing linked to ICO Credit Lines with the aim of meeting the following needs of your business:
- Payment of wages, rents or other fixed expenses.
- Payments to suppliers.
- Financing of maturity payments and tax obligations.
Who can request it?
According to the Royal Decree-Law 11/2020, of March 31, any company or freelance with registered office in Spain can request the ICO COVID-19 Line. It is a credit line aimed at all sectors of activity for both public or private companies.
The Official Credit Institute has announced a first line of warranties with an initial amount of up to €20 billion for new loans and renewals. It's divided into:
- Up to €10 billion for freelancers and SMEs.
- Up to €10 billion granted to companies that do not meet the status of SMEs.
Conditions of the ICO COVID-19 Credit Line
Amounts of up to a maximum of €1.5 million for freelancers and companies, in one or more operations: the specific provisions of the Regulation of the European Union on minimum aid apply.
Amounts over €1.5 million for SMEs and companies that do not meet SME status, in one or more operations: the conditions and limits provided in the Temporary Framework of State Aid of the European Commission apply.
Terms and guarantee
The term of the operation is up to 5 years, with the possibility of up to a 1-year grace period. The guarantee coverage is:
- For Freelancers and SMEs up to 80% of the operation.
- For companies that do not meet the status of SMEs up to 70% in the case of new operations and 60% in the case of renewals of operations.
How to apply
Contact your branch. A manager will help you with all the request procedures.
See Royal-Decree-Law 11/2020, of March 31 on extraordinary and urgent measures to face the economic and social impact of COVID-19 for further information.