Second tranche of the ICO guarantee facility
The second tranche of the ICO guarantee facility, with an additional €20 billion, is now available to SMEs and the self-employed.
To access this guarantee facility, companies and professionals will have to meet the requirements established in the regulation (resolution of the Council of Ministers of 10), without financial institutions being able to add additional conditions.
The activation of this second tranche reinforces what was already provided for in the previous tranche, and it explicitly includes that:
- the cost to customers of loans benefiting from these guarantees should generally be lower than for loans and other transactions not covered by the ICO guarantee;
- institutions may not make the granting of this guaranteed financing conditional on the arrangement of other products, and they must apply best banking practices for the benefit of customers.
The Official Credit Institute (ICO by its Spanish acronym), within the scope of its competencies, will resolve any practical incidents that may arise in the execution of this guarantee facility and throughout the duration of the transactions.
More information on the ICO website.