The Bank is supporting small businesses in Spain more than ever.
Signature(s)
Amount
€ 17,867,565.6
Countries
Sector(s)
Spain
: € 17,867,565.6
Credit lines
: € 17,867,565.6
Signature date(s)
22/07/1998 : € 17,867,565.6
Link to source
Data sheet
Inside the project
How and Why
A much-needed support
Why
- Catalonia represents 19% of total Spanish GDP
- With over 625 000 small businesses, Catalonia is the region with the highest number of small businesses, representing 18.4% of Spanish SMEs.
- Catalan small businesses struggled because of the COVID-19 downturn and needed support to keep going.
How
- EIB’s loan accelerates the deployment of ICF support at favourable conditions to a wider spectrum of small companies
Sectors & Countries
Play video
2:03
Story
Responding to decline
COVID-19 dealt a particularly heavy blow to companies that rely on tourism or travel. For many, financing backed by the European Investment Bank has been a lifeline.
“We will have to work hard over the next few years and watch expenses closely,” says Rafael Ruiz, chief financial officer of the Barcelona Technical Centre, an engineering firm in Martorell, northwest of Barcelona, that has 148 employees and designs products for the automobile, aeronautics and railway sectors.
Ruiz’s company took out a €950 000 loan from the Institut Català de Finances, also called the ICF, the public Catalan bank for small businesses and entrepreneurs.
By receiving this loan, we have been able to keep paying salaries and cover other commitments, despite the drop in projects.
Backing the business platform
We make loans to financial institutions which subsequently "on-lend" to final beneficiaries. Our support improves access to finance and financing conditions for SMEs and mid-caps.
By partnering with IFC, EIB financing can reach businesses that would not usually have access to its favourable terms, because they’re too small or too risky.
Here are some benefits of our intermediated loans for small businesses:
- Attractive pricing: our pricing reflect the Bank’s advantageous funding conditions on the market
- Long tenors: our financing terms consider the economic life of each projects
- Signalling effect: the Bank’s financing in often seen as a quality stamp, helping the project attract additional investors
The extra financing came just in time for companies such as Atrápalo, an online travel agency based in Barcelona that employs 220 people. Atrápalo took out a €500 000 loan from the Catalan public bank to help pay its staff and prepare for the unexpected.
Are you an SME or mid-cap looking for finance?
We benefit from our partners’ expertise, local knowledge and proximity to the projects themselves.
Related media
To grow big, support small
Two innovative companies get back on their feet and empower other small businesses, backed by the European Guarantee Fund
EFSI and small firms: When the Rhine feeds its tributaries
How Europe’s big investment plan reaches small companies
Links
Related projects and stories
EIB advocates for more investment and green financing at Poland’s leading economic conference
European Investment Bank delegation led by Vice-President Teresa Czerwińska participated in the Economic Forum, Poland’s leading economic conference that took place in the south-western town of Karpacz on Sept.3-5.
Inauguration of the Herzegovina Bridge, supported by EIB Global
The inauguration of the new Herzegovina Bridge which extends nearly 1km across the Neretva River, along with the Počitelj-Zvirovići subsection of the highway, represents a significant infrastructural achievement in Bosnia and Herzegovina. As a vital component of Corridor Vc, this major transportation route aims to increase connectivity while improving travel times, traffic safety and economic relations. In line with the European Union’s Global Gateway strategy, the project has been financed with a €5 million EU grant under the Western Balkans Investment Fund, as well as a €105 million loan from the European Investment Bank (EIB Global), allocated to the entire Počitelj-Bijača section.
Small-island solidarity and climate common sense
Climate change will remain a top international priority for decades to come, but the most urgent risks require immediate action and new ideas, write EIB President Nadia Calviño and EU Commissioner Jutta Urpilainen.
General enquiries and comments
The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.
Media enquiries
Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.
Complaints mechanism
Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.
Zero tolerance against fraud and corruption
The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.
Related publications