Of course our government and several finantial institutions are working hard for the revitalization of the sick economy we have in Spain these days. I do hope that people´s spirits are also up for entrepeneur and invesment. Any resident in Spain can benefit from this aids so... now all is almost desert it may be the right time to start and get positions in the market.
This is the new I have been reading today in my legal daily journal:
The ICO ( Instituto de Crédito Oficial- Offical Credit Institute) will support the financing of self-employed and businesses in 2010
Several finantial instituions such as Banco Santander, BBVA, Banco Popular, Banco Sabadell, La Caixa, Caja Madrid, Bancaja, Banesto, Caja del Mediterráneo and Ibercaja, will make the company of the Institute of official credit under an agreement which was signed on the last 21st of December. The agreement is intended to finance the needs of self-employed and small-medium companies, and larger projects related to Sustainable Economy for 2010.
Among the major developments for 2010, ICO will grant financiation for the IVA ( VAT) and second hand assets and extending the repayment period for loans up to 12 years.
The agreement provides, inter alia, the implementation of major funding lines ICO 2010, the launch of the figure of the financial facilitator and the next launch of the Fund of Sustainable Economy. The Five Main funding lines are for 2010:
- National Investment
- International Investment
- Entrepreneurship
- Liquidity and
- Housing.
These lines are intended principally for self employed and companies to get an adequate financing framework to enable them to undertake their investment projects and meet their financial needs and corporate liquidity.
In order to facilitate access to funding, the staffing of the lines shall conform with the demands of enterprises. Also, improvements have been incorporated in the conditions of the lines and the characteristics of repayment and lack deadlines have been homogenized , in response to requests from employers and financial institutions.
Innovations affecting the lines of National Investment, International, Entrepreneurship and Liquidity are:
* Includes the option of financing the VAT.
* Includes as eligibles second hand goods and restrictions by accounting groups are removed.
* Introduces the possibility of financing vehicles up to an amount of € 24,000 plus VAT.
* It facilitates the financing of company acquisitions.
* Repayment term is extended up to 12 years..
* There are two business segments based on the number of employees with two maximum funding limits:
Section I. Self-employed, micro and small enterprises with up to 49 people. They can access loans of up to 2 million euros.
Section II. Medium and other companies. Eligible for loans up to EUR 10 million.
So.... make your numbers and yes! it might be the right time to start a small iniciative.
If you are interested on information to open a business in Spain, please contact us here
Siguenza, Guadalajara, Spain. Siguenza's Castle, now a Parador (state-run luxury hotel) by Manuel Delgado Tenorio at Flickr.com
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