Sodecan launches new credit facilities for innovative SMEs

The Canary Islands Economic Development Company (Sodecan) announced the new credit facilities for SMEs under the ‘Canarias Financia 1’ Fund to promote creation and development of innovative SMEs in the Canary Islands today.

The fund has a budget of €2.5 million for financing of projects during 2020, with private investors expected to contribute an amount equivalent to 20% of the total contribution by the ERDF.

The main features of the equity loans announced today are as follows:

1. Credit line for creation of innovative micro-businesses and SMEs

  • Beneficiaries: micro-businesses or SMEs with their registered office or permanent base in the Canary Islands.
  • Amount: Between €25,000 and €200,000 per project, with a maximum of 85% of the total eligible expenses of the project. The promoter must contribute the remaining 15% as a minimum from its own funds.
  • Maximum grace period: 5 years
  • Maximum term of the loan: 10 years
  • No commissions.
  • Interest rate:
    • Fixed portion: 1-year Euribor + 3.35% (maximum rate 1-year Euribor + 8%)
    • Variable portion depending on the evolution of the company activity.

2. Development line for innovative SMEs

  • Beneficiaries: SMEs with their registered office or permanent base in the Canary Islands.
  • Amount: Between €25,000 and €500,000 per project, with a maximum of 40% of the total eligible expenses of the project.
  • Maximum grace period: 5 years
  • Maximum term of the loan: 10 years
  • No commissions.
  • Interest rate:
    • Fixed portion: 1-year Euribor + 3.35% (maximum rate 1-year Euribor + 8%)
    • Variable portion depending on the evolution of the company activity.

Refer to the full announcement for more information on these products.

And if you prefer, keep informed with our Support Service for Companies! We can help you to prepare your application.