ICO awarded over 4,780 million euros to finance the activity of Spanish companies through its second-floor facilities in 2019
This volume represents an increase of 92% compared to the loans granted in 2018 and has allowed the financing of 63,500 operations The Secretary of State for the Economy and Business Support presides over the signing of collaboration agreements with the financial institutions of the ICO 2020 Second-floor facilities
9th January 2020.- The Secretary of State for the Economy and Business Support, Ana de la Cueva, has presided over the signing of collaboration agreements of the ICO 2020 Second-floor facilities between the President of the Instituto de Crédito Oficial (ICO), José Carlos García de Quevedo, and representatives of the main collaborating financial institutions.
The 10 credit institutions most active in the granting of ICO second-floor facilities during the previous year participated in this signing: Santander, Bankia, Bankinter, Banco Sabadell, ABANCA, BBVA, BCC (Cajamar Group), Unicaja, Caixabank, and Ibercaja.
The ICO second-floor facilities are designed to finance the activity of self-employed individuals, small businesses, companies and entrepreneurs from any sector both in Spain - ICO Empresas y Emprendedores; ICO Crédito Comercial; ICO Garantía SGR - and abroad - ICO Internacional; ICO Exportadores; ICO Canal Internacional.
In 2019, ICO Second-floor facilities financed over 63,500 operations for an amount of 4,788 million euros.
This figure represents an accumulated growth of 92% compared to the amount reached in 2018, which reaffirms ICO's commitment to financing the activity of Spanish companies, both in Spain and abroad.
Of the total volume of financing granted, 3,290 million euros have promoted the activity of companies and investment projects in Spain and 1,525 million euros have been used to enhance companies' exports and their expansion in third markets.
In the framework of ICO's strategy to boost the process of internationalisation of Spanish companies, it should be noted that the financing granted through the ICO Internacional second-floor facilities -1.525 million euros - has recorded an increase of 47% compared to the figures for 2018.
The ICO Second-floor facilities, marketed through the intermediation of financial entities, stand out for their high degree of capillarity. 65% of loans granted in 2019 have been signed by small and medium-sized enterprises with less than 10 workers and 90% by businesses with up to 50 employees. According to the amount of the operations, the average loan granted stood at 69,500 euros.
ICO 2020 Second-floor facility
By Autonomous Communities, the regions that have presented the greatest activity have been Cataluña (19%), Madrid (13%), Comunidad Valenciana (12.33%) and Andalucía (12.02%).
In 2020 ICO aims for stability and continuity in the marketing of the Second-floor facilities and will continue to adapt efficiently and flexibly to companies' borrowing needs:
- Business activities, both investment and liquidity, will be financed with terms of between 1 and 20 years.
- The processing of the Second-floor facilities and management with the end customer will continue to be simplified.
- The second-floor facilities will be adapted to companies¿ business and expansion plans: grace periods to the customer for operations formalised over the long term.