ICO exceeded 10,000 million euros in loans during the first half of 2014
10,822 million euros were granted in ICO facilities, more than double (118%) the amount granted in the first half of 2013.
In 2013 this figure was not reached until November, and represents a record in the history of ICO facilities.
The facility intended to finance SMEs' short-term export activities underwent spectacular growth, from 185 million euros in the first half of 2013 to 2,383 million euros during the same period of 2014.
ICO reached a record high in granting second-floor loans during the first half of 2014. 10,822 million euros were made available to finance self-employed individuals and SMEs through more than 145,000 transactions. This data consolidates the upward trend of second-floor loans and, therefore, the reactivation of the banking sector through loans to self-employed individuals and SMEs in Spain.
The loans granted in the first half of the year represent a 118% increase compared to the credit facilities granted in the first half of last year (4,960 million euros).
As a result of the changes made to ICO facilities in 2013 to encourage offering loans, and the invaluable involvement of commercial banking, ICO facilities have been invariably breaking their own records each quarter throughout the year. Most transactions are microcredits for less than 25,000 euros, or granted to micro SMEs with less than nine employees.
In the first half of 2014, 8,180 million euros, up 75% on the same period of 2013, were granted through the SMEs and Entrepreneurs Facility, for both investment and liquidity purposes.
The spectacular growth of the facilities for the internationalisation of Spanish companies is also worthy of note: 2,383 million euros were granted through the Exporters Short Term Facility, compared to the 185 million euros granted in the first half of 2013. 28,280 export transactions were arranged through this facility, compared to the 1,385 transactions approved in the first half of 2013, representing 22% of the total volume of ICO's credit facilities. Furthermore, the ICO International Facility financed investments abroad amounting to 214 million euros, which represents a 125% increase in volume compared to the same period in 2013. With regard to the number of transactions, there was a 53% increase compared to 2013.
ICO loans are distributed exclusively through the branch network of Spain's main credit institutions. The data obtained during this period shows that ICO's activity, through second-floor loans of financial institutions, is a key public-private collaboration model for reactivating the Spanish economy.