The Government extends ICO guarantees for the self-employed and companies at the end of 2023
Green light for ICO guarantees for the next financial year. The Council of Ministers has approved this Tuesday a Royal Decree-law by which is extended until December 31, 2023 the line of guarantees included in the Response Plan to the Russian war in Ukraine aimed at guaranteeing the liquidity of the self-employed and companies.
The line has an endowment of 10,000 million euros. In May it was activated a first tranche of 5,000 million managed by the Official Credit Institute (ICO) in collaboration with financial institutions, for which the Council of Ministers has introduced some modifications. Thus, this is divided into two compartments, one of 3,500 million for SMEs and the self-employed and another of 1,500 million for large companies, in order to “guarantee access to financing for companies of all sizes”.
In line with the latest extension of the temporary aid framework, the maximum thresholds for limited amount guarantees per company are increased to two million euros in general, 250,000 euros for primary companies of agricultural products and 300,000 euros for fishing and aquaculture, which will continue to maintain the previous conditions.
For loans of a higher amount, an absolute limit of 150 million euros per beneficiary is established in order to prevent the largest companies from exhausting the available guarantee, which is added to the amount limitations that They were already established based on their business volume or their energy costs.
Likewise, the commitment of financial institutions to maintain working lines for customers guaranteed under this line is extended until December 31, 2023 and it is established for those operations of more than 50 million euros the commitment of the beneficiary not to distribute dividends during the life of the operation.
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