Guide to business in Spain Guía de negocios en España

INVEST IN SPAIN

5. Aid for innovative SMEs


5. AID FOR INNOVATIVE SMES

Notwithstanding the special treatment usually given to SMEs in the context of the public financing programs or initiatives examined in other sections of this chapter, the following is a list, to be taken as an example, of some lines specifically targeted at this type of entity when developing innovative activities.In particular, it is worth mentioning two programs promoted by the National Innovation Enterprise (Empresa Nacional de Innovación or ENISA), which provides financing to SMEs through various lines targeted at the formation of enterprises, the corporate growth and the consolidation of enterprises.

As an example, and notwithstanding the specific conditions for 2015 which, as of the date of preparation of this Chapter, have yet to be approved by the Ministry of Industry, Energy and Tourism, the following are the main characteristics of some of the lines of financing currently granted by ENISA.

  • Line for young entrepreneurs: aimed at stimulating the formation of enterprises backed by young entrepreneurs (not older than 40 years of age), to which is provided access to preferred financing with the sole guarantee of their business project.
  • Potential beneficiaries are SMEs (i) which pursue their activity, have their registered office and make the investment in Spain; (ii) which are incorporated as a corporate enterprise or, if already incorporated, whose incorporation took place not more than 24 months prior to the submission of the application; (iii) whose business model is innovative or has obvious competitive advantages; (iv) which evidence the technical/economic viability of the project; (v) whose financial statements for the last year ended were filed with the Commercial Registry; and (vi) which are active in any area of activity other than real estate and finance, and minimum contributions are required from shareholders (of at least 50%), in the form of capital, depending on the amount of the loan.

    Eligible investments are those required by the business project in the initial phase.

    Aid will take the form of a participating loan of not less than €25,000 and not more than €75,000, with an applicable interest rate equal to EURIBOR plus 3.25% in the first tranche and, in the second tranche up to 4.5%, depending on the financial return of the enterprise, repayable in a maximum of 4 years, with a grace period of not more than 1 year for the repayment of principal.

  • ENISA Entrepreneurs: aimed at providing financial support to recently formed SMEs, promoted by entrepreneurs of any age, so that they are able to make the investments necessary for carrying out their business project.
  • Potential beneficiaries are SMEs (i) which pursue their activity and have their registered office in Spain; (ii) which are incorporated as a corporate enterprise not more than 24 months before the application is filed; (iii) whose business model is innovative or has competitive advantages; (iv) whose shareholders' contributions are equal to at least the amount of the loan; (v) whose financial statements for the last year ended were filed with the Commercial Registry and which have a balanced financial structure, (vi) which have co-financing for the financial needs associated with the business project; and (vii) which are active in any area of activity other than real estate and finance.

Guide to business in Spain

Investment aid and incentives in Spain

54

ICEX - Gobierno de España - Ministerio de Economía y competitividad
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