- The public institute and the bank sign the financing lines for 2015 with emphasis on the foreign sector
- The improvement of the financing conditions of the economy allows the objective for this year to be reduced to 14,000 million
The Official Credit Institute (ICO) today signed the collaboration protocols with 10 financial entities for the concession of the 2015 ICO Lines. The firm was attended by the Secretary of State for Economy and Business Support, Íñigo Fernández de Mesa; the president of the ICO, Irene Garrido; and representatives of the ten most active financial entities in the granting of ICO loans in 2014: Banco Popular, Banco Santander, Banco Sabadell, BBVA, Bankia, La Caixa, Bankinter, Ibercaja, Bantierra and Targobak.
The ICO credit grant objective for 2015 amounts to 14,000 million euros. With this volume of financing the ICO adapts its role in the credit market to the new conditions of recovery of the Spanish economy. The public institute has played an important countercyclical role of financial support for SMEs during the most acute phases of the crisis, which will now be gradually replaced by private financial institutions, more likely to give credit for the improvement of market conditions .
The ICO will continue to provide financing to the Spanish business sector, with a greater emphasis on financing foreign sector activities and consolidating its contribution in the field of guarantees. The strengthening of risk capital will also be one of the strategic axes of this year through FOND-ICO Global, which aims to improve the non-bank financing of Spanish SMEs by increasing their level of capitalization, facilitating their deleveraging and improving their competitiveness through the necessary diversification of its funding sources
The ICO has closed 2014 with a volume of financing granted of 21,469 million euros, which represents 55% more than the previous year and a record in the history of mediation of the ICO, with which it has financed almost 300,000 investment projects for Freelancers and SMEs. Highlights the great capillarity in the distribution of loans: 51% of operations are less than 25,000 euros and 62% has been granted to micro-enterprises with fewer than 10 employees. International credit activity accounted for 25% of the loans granted by the public institute last year, fulfilling its objective of financing the export and exit abroad of public companies.