Growth, ENISA's financing line

• "Growth" is a financing line from ENISA
• Its objective is to support the business projects of companies interested in expanding their business or achieving a competitive improvement.

For those companies interested in expanding their company or achieving a competitive improvement that are based on a viable and profitable business model, ENISA has a line of financing that can help them grow and expand their productive capacity: the line «Growth».

The aforementioned entity participates actively in the financing of business projects and in the revitalization of the venture capital market, since ENISA is publicly owned, depends on the Ministry of Industry, Commerce and Tourism through the DGIPYME and, since 1982, focuses its activity in financing SMEs through participatory loans.

The target audience for this line of financing to promote growth is made up of entrepreneurs who are not only looking to expand, but also to consolidate and even internationalize their project.

"Growth" Requirements

Bearing this in mind, the main requirements to access this financial aid line include being a SME, which, according to the European Union, is a "company that employs less than 250 people and whose annual turnover does not exceed 50 million euros or whose annual balance sheet does not exceed 43 million euros"; have own legal personality, independent of that of the partners or participants; carry out the main activity and have a registered office in the National territory and have a model innovative Business, novel or with clear competitive advantages.

In addition to the above, the co-financing of the financial needs associated with the business project must take place and the own funds of the company requesting this aid must be equivalent to the amount of the loan or higher, but never lower.

In the same way, the applicant entrepreneur must show a financial structure balanced and denote professionalism in its management, as well as demonstrate the viability technical and economic of your business project.

Another requirement that will be taken into account is that the accounts of the last closed financial year of the company must be deposited in the Mercantile Registry or in another public registry that processes and, for those loans approved for an amount greater than €300,000, the financial statements of the last closed financial year must be externally audited.

In this sense, the real estate and financial sectors are excluded.

Communication obligations

On the other hand, the beneficiary of this line of financing will also have communication obligations, since they agree to expressly mention, during the duration of this loan, that they have financing from ENISA (Ministry of Industry, Commerce and Tourism) and incorporate your logo in the company's corporate information.

Economic conditions of financing

The financial aid detailed in this article is not exempt from economic conditions, among which are the minimum and maximum amount of the loan, interest rates, the opening commission and the lack of principal. All of them are listed below:

• Minimum loan amount €25,000 and maximum loan amount €1,500,000.
• The amount of own funds and the financial structure of the company will be decisive in determining the amount provided.
• The interest rate will be applied in two tranches, the first corresponding to Euribor +3,75% and the second to a variable interest based on the financial profitability of the company, taking into account a maximum limit established between 3% and 8% according to with the rating of the operation.
• The opening commission will be 0.5%.
• The maximum maturity of 9 years.
• The lack of principal maximum of 7 years.
• Interest and principal amortization is quarterly.
• No guarantees are required.
• Commission for early repayment: equivalent to the amount that the loan would have accrued as a second tranche of interest if it had been repaid within the agreed terms and the second tranche of interest had been settled at the maximum rate.
• Commission for early expiration due to change in the shareholding: if there is a change in the majority of control of the borrowing company and/or global transmission for any title of the assets of the borrowing company, the option is established in favor of ENISA to declare the early maturity of the loan. In the event that this option takes place, a penalty for early expiration will be established.

No specific term is determined.