To begin, you should know that ICO loans are public financing banks granted by the Official Credit Institute. Although they also require an endorsement, like any other bank loan, they tend to be somewhat easier to obtain for the independent group, entrepreneurs and SMEs, since they are specifically intended for this type of audience. In addition, ICO loans generally have commissions and interests that are more beneficial than those offered by banks. However, this does not mean that they are easy to obtain, so it is best that you have all the information before deciding to make your request.
Characteristics of ICO loans
The bank that you go to request ICO loans will give you a series of specifications that you must follow perfectly if you want your project to come out victorious from this scrutiny. The important thing is that the document accurately reflects the information of your company or business plan, the economic data and the objective you intend to achieve with this loan.
Some of the characteristics that your application should have are:
- Limit to request a maximum of 10 million euros of entry.
- Request it through an intermediary, since most banks still doubt these projects.
- A fixed or variable interest, as determined.
- Accurate economic data of the goal to achieve with this investment.
What you must take into account when applying for ICO loans
Remembering that ICO loans are managed through private credit entities, to request your credit, it is important that we have clear parameters that we must meet or have in order to apply for it.
- Remember the current deadline to request them. ICO loans are convened annually. That is, you must make your request as soon as possible.
- Know the limitations. the main lines of credit remain at 12.5 million euros per applicant for ICO loans.
- Decide your entity. Although it is a public financing, ICO loans are managed through private credit entities. This means that, to apply for your credit, you must go to any of the branches.
ICO loans that best suits your financing needs.
- ICO Business and Entrepreneurs Line: aimed at self-employed workers, companies and individuals in Spain. It finances both liquidity (payroll, expenses, suppliers) and productive investments (vehicles, reforms, etc.).
- ICO Line Guarantee SGR SAECA 2016: This is an ICO loan for investments in Spanish territory and outside of it, which have the endorsement of an SGR or SAECA.
- ICO Internationalization 2016 Line: grants ICO loans to Spanish companies for their investments abroad and to cover liquidity needs.
- ICO Exporters 2016 Line: Its objective is to anticipate the collection of invoices for export operations and cover the liquidity needs that the production of the good or service that is to be exported supposes.