- The objective is the granting of 16,000 million in loans, 15% more than the previous year
- The priority is support for SMEs and entrepreneurs and internationalization
The Official Credit Institute (ICO) today signed the collaboration protocols with ten financial institutions for the concession of the 2014 ICO Lines. The firm was attended by the Secretary of State for Economy and Business Support, Fernando Jiménez Latorre; the president of the ICO, Román Escolano; and representatives of Santander, BBVA, La Caixa, Bankia, Banco Popular, Banco Sabadell, Bankinter, BMN, Cajamar and Bantierra, the ten banks that have carried out the largest distribution of the program lines last year.
The ICO credit granting objective for 2014 amounts to 16,000 million euros, which represents an increase of 15% over the previous year. The strategic objective of these lines is to continue supporting SMEs and entrepreneurs in their internationalization, both to activate the export capacity of companies and to promote their investments abroad, and to finance their working capital needs. The ICO will also facilitate the granting of the necessary guarantees for the participation of Spanish companies in international tenders and awards.
In 2013, the ICO has played an essential role as a credit channeler towards companies, with a total level of financing of 13,885 million euros and the formalization of more than 190,000 loans, representing an increase of 20.6% and 17 , 3%, respectively. 69% of these lines have been granted to microenterprises (of less than 9 workers), which shows the support of the official institute for the work of SMEs, the most important part of the Spanish productive fabric. 62% of the volume of loans has been allocated to finance the short and medium term needs of companies. By region, 20% of operations have focused on Catalonia, 17% in Madrid and 12% in Andalusia.
During the event, the Secretary of State for Economy and Business Support has pointed out the important effort of private banks in the distribution of ICO Lines, which once again confirms the proper functioning of public-private collaboration in financing of the SME. In addition, he highlighted the important role of ICO in improving the financing conditions of the Spanish economy and stressed that the granting of credit for companies in Spain is improving, especially for SMEs, which supports the recovery of the economy .