As you can read on its official website, the ICO (Official Credit Institute) is a public bank with a legal business entity assigned to the Ministry of Economic Affairs and Digital Transformation through The Secretary of State for Economics.
The Council of Ministers has approved the granting of a fifth section in the ICO Avales line to combat the economic consequences of the economic crisis caused by the Coronavirus. In this way, the financing granted by credits, financial establishments and electronic money entities will be supported. This fifth section of 15.5 billion is mainly divided by the autonomous and SMEs (7.5 billion euros) and large companies (5,000 million euros); Although we also find aid to a lesser extent for freelancers and tourism SMEs (2.5 billion euros) and finally for companies that buy vehicles (500 million). In this way, the initial cycle devised in March that provided for a program of 100,000 million euros is closed.
The corresponding requirements to access these funds will continue to be the same as in the other four sections. Companies that were not delinquently until the December 31, 2019 or in bankruptcy proceeding the March 17 of this year will be able to request the guarantees until the day September 30, 2021.
After the meeting of the Council of Ministers, in the subsequent press conference, the minister of doing has specified that “ This last section allows us to continue adapting the lines to the needs that companies demonstrate at all times “noting that” it is consolidated as one of the most used in Europe for its high percentage of execution ”
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