The funds are provided by IFEM, an ICF subsidiary, and co-financed by EDRF. Caixa d’Enginyers will distribute the loans and ICF will bear 70% of the credit risk on each loan.
Institut Català de Finances (ICF), through subsidiary IFEM (Instruments Financers per a Empreses Innovadores), and Caixa d’Enginyers have established a line of loans for SMEs, called IFEM Creixement, with a budget of €30 million, to finance investment projects and/or working capital needs.
Josep Ramon Sanromà, CEO of ICF, and Josep Oriol Sala, President of Caixa d’Enginyers, today signed the agreement to establish this funding line at the headquarters of ICF.
The funds will be provided by IFEM, co-financed by the European structural funds (ERDF), which are managed by IFEM in the framework of the JEREMIE programme in Catalonia. IFEM, a subsidiary of the Catalan public finance institute, will allocate the funds to expansion projects by micro, small and mid-sized enterprises.
Caixa d’Enginyers will be the sole distributor of the loans. In order to facilitate access by SMEs to funding, ICF, through IFEM, will bear 70% of the credit risk of the operation. The collateral for the finance will be determined as a function of each project.
Loans for investment projects may range from €0.5 to €2.5 million, with a term of up to 10 years, including a grace period of up to 2 years. Loans for working capital needs may range from €0.5 to €2 million, with a term of up to 5 years, including a grace period of up to 1 years. In both cases, the interest rate will be 12-month Euribor plus a spread of at most 1.25%, plus an arrangement fee of 0.5%.
SMEs interested in applying for these loans should contact any branch of Caixa d’Enginyers or visit its website. The deadline for applications is 15 December 2015.