Currently, there are many companies that apply for
ICO loans,
both in Spain and abroad that invest in the national territory, or that need liquidity. And not only companies, because these loans are also aimed at freelancers and entrepreneurs, as well as public and private entities.

In today’s post we summarize the most outstanding details of financing for companies and entrepreneurs with ICO lines. Follow!

What are ICO loans?

ICO loans are forms of financing for your company or for your project as a freelancer or entrepreneur, provided by the Official Credit Institute,hence its acronym.

These credits have achieved notoriety in recent years within Spain. In 2014 they achieved record figures, granting 21,496 million euros,according to the newspaper El País.

The ICO is a Spanish public institution that has an advantage that is key in the good reception of this type of loan: solvency and confidence in those who support it.

It also has great reliability as it comes from a state institution, although the collaboration of certain banking entitiesis essential.

If you want to benefit from one of them, then we tell you all the requirements and the process that you must follow for the application of an ICO loan for companies.

In addition, it should be noted that the profit motive of these loans is much lower than that offered by other institutions.

Requirements to apply for an ICO loan


The requirements of the essential ICO loans are, in the first place, the elaboration of a project in which you expose the reason for your application,as well as its consequent presentation.

Once you have done it, you should know that these credits are requested in bank offices,which are the ones that process, analyze and, in addition, assume the existing risk for non-payment, establishing in turn the guarantee that will be imposed on you as an applicant.

To access any of the ICO loans you will have to justify a certain project for which you need liquidity or the financing of some investments that are productive. Examples of this could be the purchase of a work vehicle or the acquisition of another company.

Another of the essential conditions that you have to know is that the application for this loan can not exceed the amount of 12.5 million euros.

Likewise, ICO loans also offer a fundamental advantage among their requirements, such as the repayment term that is between 1 and 20 years,which is high.

Finally, if you are an entrepreneur who wants to apply for ICO loans without collateral,the entity will ask you to guarantee the payment with your own personal assets and your savings so, in case of default, your assets will be put at risk.

How do ICO loans for businesses work?

If you want financing with ICO loans for your company, you should also take some factors into account, including:

  • Application deadline
  • Choice of bank
  • Different lines depending on your needs. Finally, in ICO financing for companies you will also have to take into account choosing one of the ICO lines that best suits your needs.

In case you have a company, the most outstanding will be the ICO Line companies and entrepreneurs,since it finances your liquidity, such as the payment of payroll and suppliers and your expenses in general, as well as your productive investments.

On the other hand, ICO guarantee SGR SAECA also stands out -with a maximum amount of 2 million euros in one or several operations-; ICO Commercial Credit,as well as ICO Exporters and ICO International.