Measures to support financing derived from the coronavirus crisis
Although it is true that a series of measures have been announced to support companies in the area of financing as a result of the coronavirus crisis, at present only one line of financing is in operation, aimed at the Tourism Sector and related activities COVID-19 / Thomas Cook.
Line that was already open as a result of the bankruptcy of the tour operator Thomas Cook for an amount of 200 million euros, which has been extended by an additional 200 million euros, up to 400 million euros.
This line has an ICO guarantee of 50% of the financing, so the company must complement the rest of the guarantee not covered. The main financing conditions of this Thomas Cook line are
It is aimed at the self-employed and companies with a registered office in Spain that formalize operations in the ICO Empresas y Emprendedores line, whose activity is within a CNAE in the tourism sector and related activities according to the CNAE list published.
- Maximum amount per customer: up to 500,000 euros, in one or several operations.
- Financeable concepts: liquidity needs that can be financed through the Business and Entrepreneurship Line.
- Modality: loan.
- Interest rate: fixed, up to 1.5% (maximum APR including fees).
- Repayment and grace period: from 1 to 4 years with a 1-year grace period on the principal.
- Fees: the credit institution may charge a single fee at the start of the operation, in addition to any early repayment fees.
- Guarantees: to be determined by the credit entity, except for MGS/SAECA guarantees.
- Term: loans may be taken out until 31 December 2020.
- This financing with an ICO guarantee is subject to European Commission Regulation (EU) number 1407/2013 on de minimis aid.
Applications will be made directly through the credit institutions with which the company has already been working regularly.
The rest of the announced measures are still being negotiated between the Government and the financial institutions and are expected to be made public after the Council of Ministers meeting tomorrow, Tuesday 24 March.
Our Restructuring Department is at your disposal to offer you support in the management of the treasury in the current crisis situation, to prepare information for financial institutions, or to support them in the negotiation process.
In any case, we will keep you informed of any new developments.
