ICO and the banks enter into new credit facility agreements to finance the investment plans of companies and the self-employed
ICO facilities have been in existence for 25 years and in that time they have provided EUR 178 billion of support to SMEs and the self-employed
ICO granted loans amounting to EUR 4.594 billion in 2017, distributed across more than 79,900 transactions
Instituto Oficial de Crédito (ICO) has today signed collaboration agreements with 10 financial institutions to grant its 2018 ICO facilities. The signing of the agreements was attended by the State Secretary for the Economy and Business Support, Irene Garrido; ICO Chairman, Pablo Zalba; and representatives of the ten most active financial institutions in terms of granting ICO loans over the past year: Banco Popular (Grupo Santander), CaixaBank, Santander, Bankinter, Bankia, Sabadell, Abanca, BBVA, MicroBank and Ibercaja.
ICO granted financing amounting to EUR 4.594 billion in 2017, distributed across more than 79,900 transactions. These figures are at the same levels as the results achieved in 2016, when, thanks to ICO financing, 300,000 jobs were created or maintained in Spain.
This year is also the 25th anniversary of the launch of the first ICO facility for SMEs, in collaboration with financial institutions, under the mediated model. Since then, ICO facilities have granted EUR 178 billion, through 3.1 million transactions, to finance the investment plans and international activity of companies and the self-employed.
Given its countercyclical nature and the consolidation of the economic recovery, ICO is focusing its strategy on offering facilities which contribute added value to business financing and help companies to do business abroad.
In terms of regional distribution, Catalonia, where 15.8% of the total financing has been granted, stands out, followed by Madrid, with 15.3%, and Andalusia, with 14.3%.
ICO facilities are characterised by their extensive reach: more than 66.5% of its loans have been granted to micro-enterprises with less than 10 workers. This percentage increases to 92.7% when companies with less than 49 workers are included. It is also notable that the majority of the loans granted - approximately 53% - have been micro-credits for an amount under EUR 25,000.
The catalogue of ICO facilities for this year is once again divided into two main blocks: Companies and Entrepreneurs and Internationalisation, with the aim of covering the financing needs of companies and the self-employed at any stage of their development.
Moreover, this catalogue is supplemented by other new, recently announced, products, such as the ICO-IDAE Facility, which finances investments aimed at improving companies' energy efficiency, and the International Channel Facility, which makes it possible for Spanish companies to request loans from local banks or international institutions with offices in the countries where the investment projects are being executed or the export activity is being carried out.
With its products, ICO continues to promote the development of long-term investment projects and continues working to support Spanish companies doing business abroad.