ICO credits or ICO lines of credit are loans for companies provided by the government through banks and authorized financing entities.

They are divided into two categories, support for national projects and support for the internationalization process.

National ICO Credits

They are lines of credit intended to finance commercial activities, investment projects, improve liquidity needs and support the expenses of the activity within Spanish territory.

ICO credits for new companies and entrepreneurs

This type of credit is intended for self-employed workers, entrepreneurs and all types of companies, whether Spanish or foreign, that wish to develop their business activity within the national territory.

It is also offered to certain individuals and communities of owners who are looking to rehabilitate their home or an entire building.
These credits have a maximum amount of 12.5 million euros and can be received in the form of a loan, leasing, renting or line of credit.

The interest rate can be fixed or variable, plus a margin established by the credit institution itself. This margin will depend on the loan repayment period (between 1 and 20 years plus the possibility of a 3-year grace period). The entity will charge an opening commission in addition to another in case it decides to make an early repayment.

Reciprocal Guarantee Society

They are offered for all types of companies (whether private or public) that have the endorsement of a Reciprocal Guarantee Company (SGR) or the State Agrarian Surety Company (SAECA). It covers the financing needs of business activity and liquidity needs. It also includes the expenses of the activity outside the national territory.

They have a maximum amount of 2 million in the form of a loan, leasing or line of credit, at a fixed or variable rate plus the margin established by the credit institution according to the repayment period (between 1 and 15 years plus the possibility of 3 years of lack).

They can be requested through a credit institution, in the Reciprocal Guarantee Companies (SGR) or in the State Agrarian Caution Society (SAECA).

Credit institutions will charge an opening fee and the SGR/SAECA may charge a study fee of up to 0.5% on the guaranteed amount. In addition, the SGR could charge a mutual social contribution of up to 4% on the guaranteed amount.

Commercial ICO Credit

It is used to obtain liquidity through the advance payment of invoices from the activity of companies that operate in national territory, or to cover the costs of production and processing of goods and/or services sold in Spain.

They are requested through a credit institution and offer credits for a maximum value of 12.5 million euros, at a variable interest rate plus a margin established by the credit institution. The entity will charge an opening commission.

ICO Red.es Accelerates

It is used to finance experimental development projects (creation of prototypes, research with Artificial Intelligence, 5G technologies, robotics, etc.), projects that promote the development, promotion and adoption of digital technologies, and other types of projects authorized for the granting of aid from “Red.es”

This line of credit is exclusive to those beneficiaries of public aid offered by “Red.es”, a public entity dependent on the Ministry of Economic Affairs and Digital Transformation that develops programs to accelerate the digital transformation of companies and research in technology. the information and the comunication.

The beneficiaries are not only companies, they can also be foundations, associations, universities, public research organizations, technology centers, etc.

This is a fixed or variable rate loan that must be requested through a credit institution. The amount of the loan will depend on the aid granted by “Red.es”.

It has a repayment period between 1 and 7 years with the possibility of up to 2 years of grace period.

The entity will charge an opening commission in addition to another in case it decides to make an early repayment.

International ICO Credits

These lines of credit are intended to finance the internationalization of companies or export activity. We distinguish the following lines of credit:

International ICO

It is used to finance commercial and/or investment activities, including coverage of the company's liquidity needs or expenses outside the Spanish national territory.

They are granted to all types of companies that have at least 30% capital from Spanish companies that wish to carry out business activities and/or investment abroad. It is also offered to medium and long-term exporting companies with "Spanish interest" that wish to export (ICO is the one who authorizes the existence of Spanish interest).

It is requested through a credit institution and they offer loans, leasing and a line of credit for Investment and Liquidity with a maximum amount of 25 million euros for medium and long-term export companies with “Spanish interest” and 12 million for the rest. , at a fixed or variable rate (they can be in euros or US dollars), plus a margin established by the credit institution according to the repayment period (between 1 to 20 years with the possibility of a 3-year grace period).

The credit institution will charge an opening commission and another if it is decided to make early repayment. In some cases an additional study fee may be charged.

ICO Exporters

It is used as an advance on invoices from exports, covering liquidity needs and financing the production costs of the goods to be exported.
They are requested through a credit institution and offer financing for a maximum value of €12.5 million, at a variable interest rate plus a margin established by the credit institution. The entity will charge an opening commission and another if it decides to make an early repayment.

ICO International Channel

They are used for Investment, Liquidity and export financing operations in the Medium and Long Term. They are awarded to the same companies as the International ICO

There is no amount limit and it is requested through international financial institutions or local banks located outside of Spain that have collaboration agreements with ICO, such as BBVA Colombia or Banco Sabadell Miami.

Aid for new companies due to COVID-19

Due to the global pandemic caused by COVID-19, a financing line guaranteed by financial institutions was opened, intended for both self-employed workers and companies that need liquidity to meet the payroll payments of their employees, payments to suppliers, the rental of the premises and/or supply costs. Also included are needs derived from maturities of financial or tax obligations.