Barcelona, 30 March 2022. The Institut Català de Finances (ICF) has joined a number of other organisations in signing up to Avalis de Catalunya’s agreement rolling out a €20 million financing facility designed to unlock entrepreneurship and growth in industrial SMEs in Catalonia. The loans are subsidised by Next Generation EU funds through Avalis de Catalunya at up to 100% of the financing costs. The initiative comes under the Industrial Entrepreneurship and Growth Support Programme.

The ICF-Avalis Industry loans are backed by an Avalis guarantee at up to 100% and provide funding for investment projects by SMEs in the manufacturing and industrial services sectors. These loans can be used to finance new industrial facilities and productive investment to expand production capacity and become more competitive.

New SMEs and ones which have been trading for less than three years will be eligible for a loan of up to €750,000, while firms which have been operating for over three years can apply for up to €1.3 million per transaction. In both cases the term of the loans is between three and 15 years including a three-year interest-only period.

Jordi Òliva, the ICF’s CEO, welcomed membership of this agreement which adds to the portfolio of financing solutions the institution delivers to the industrial sector. These loans will make it possible to “set up new production lines and upgrade the production system via energy efficiency, robotisation and digitalisation projects,” he said. He additionally underscored the ICF’s support for industry as a strategic sector. “In 2021, we earmarked over €110 million to drive manufacturing industry projects which accounts for 12% of the total funding awarded.”

Josep Lores, CEO of Avalis, also noted “the importance of EU funds subsidising up to 100% of the financing costs of industrial investments guaranteed by Avalis de Catalunya.”

Applications for ICF-Avalis Industry loans can be made until 31 December 2023 on the ICF www.icf.cat and Avalis www.avalis.cat websites.