The Secretary of State for Economy and Business Support, Ana de la Cueva, has presided over the signing of the collaboration agreements of the ICO 2020 lines between the president of the Official Credit Institute (ICO), José Carlos García de Quevedo, and the representatives of the main collaborating financial entities.
In this act, the ten most active credit institutions participated in the concession of ICO Lines during the previous year: Santander, Bankia, Bankinter, Banco Sabadell, ABANCA, BBVA, BCC (Cajamar Group), Unicaja, Caixabank and Ibercaja.
The ICO Lines are designed to finance the activity of freelancers, SMEs, companies and entrepreneurs of any sector both in Spain – Line ICO Companies and Entrepreneurs; ICO Commercial Credit Line; ICO Line SGR Guarantee- as abroad -ICO International Line; ICO Line Exporters; ICO Line Canal Internacional-.
In 2019, the ICO Lines have financed more than 63,500 operations amounting to 4,788 million euros.
This figure represents a cumulative growth of 92% with respect to the amount reached in the year of 2018, which reaffirms the ICO's commitment to finance the activity of Spanish companies, both in Spain and abroad.
Of the total volume of financing granted, 3,290 million have promoted the activity of companies and investment projects in Spain and 1,525 million euros have been allocated to enhance the export activity of companies and their expansion in third markets.
Within the framework of the ICO strategy to promote the process of internationalization of Spanish companies, it should be noted that the financing granted through the International ICO Lines -1,525 million euros- has registered an increase of 47% compared to the figures of 2018.
The ICO Lines, marketed through the intermediation of financial institutions, stand out for their high capillarity. 65% of loans granted in 2019 have been subscribed by SMEs of less than 10 workers and 90% by companies with up to 50 employees. According to the amount of the operations, the average loan granted stood at 69,500 million euros.
By Autonomous Communities, the regions that have presented the greatest activity have been Catalonia (19%), Madrid (13%), the Valencian Community (12.33%) and Andalusia (12.02%).
ICO 2020 line
In 2020 the ICO is committed to stability and continuity in the commercialization of the Lines and will continue to adapt efficiently and flexibly to the financing needs of companies:
- Business activities, both investment and liquidity, will be financed in terms of between 1 and 20 years.
- The processing of the Lines and the management with the final customer will continue to be simplified.
- They will adapt to business plans and business expansion: periods of lack to the client are maintained for long-term formalized operations.
