The deadline to request ICO guarantees to alleviate the economic effects of the war is extended until 12/31/2023
To guarantee the liquidity of companies and the self-employed in all sectors affected by the economic consequences of the war between Russia and Ukraine, the government adopted a package of measures, including a line of guarantees guaranteed by the ICO (Instituto de Crédito Official) and whose application period has been extended throughout 2023 (before said period ended on December 31, 2022).
The guarantee guarantees up to 80% of the new loans, and the maximum amount has been increased to 2,000,000 euros (although it is lower in the agricultural and fishing sector). In addition, the following is established:
A 12-month principal grace period at the request of the debtor.
The entities must keep the lines of working capital open until December 31, 2023 to those who request said guarantees.
They must apply the best uses and banking practices for the benefit of their customers.
And they may not condition the approval of the loans to the contracting by the client of any other service or product.
The guarantees are intended to guarantee new financing operations granted by financial institutions, and may be requested by the self-employed and companies that are not in arrears or in bankruptcy proceedings on the date of signing the operation, nor are they subject to sanctions for part of the European Union, nor do they have, at the time of requesting the guarantee, any guarantee execution process managed by the ICO.
Our advisors will study your case and guide you in the application process for the best financing formula for your company, ensuring strict compliance with the applicable regulations by the bank.