Abel Losada highlights that Pontevedra is the fifth province of Spain in terms of ICO guarantees to companies

The deputy delegate of the Government in Pontevedra, Abel Losada, stressed that the Government already mobilized, through the Official Credit Institute (ICO), 314.3 million euros for the financing of companies and self-employed people in the province, within the framework of the National Plan of response to the economic and social consequences of the war in Ukraine. Since the launch of this line of guarantees, in March 2022, 1,227 operations of 982 companies based in the province were approved.
The deputy delegate of the Government stressed that these ICO guarantees “are an example of public-private collaboration to boost the economy and, in our case, a way of evidencing the business “muscle” of the province of Pontevedra to which only Madrid, Barcelona, Valencia and Seville surpass in volume.”
This line was recently extended until December 1, 2024, and is in addition to the other measures approved by the Government, and extended this week by the Council of Ministers, to deal with the economic and social consequences derived from the conflict in Ukraine, and now also, in the Middle East.
EUR 10 billion
A Line of Avales-Ukraine of the ICO has a budget of 10,000 million euros and allowed, since its creation in March 2022, to formalize 37,276 operations of almost 30,000 companies, of which 96% are SMEs and self-employed. The amount of the guarantees requested amounts to 6,081.2 million euros, mobilizing funding from financial institutions for 7,818.9 million euros.
The initiative is aimed at all self-employed and businesses in all sectors affected by the economic effects of the Russian war in Ukraine, with the exception of the financial and insurance sector. For their part, financial institutions must apply the best banking practices and practices for the benefit of their clients.
The guarantees can guarantee up to 80% of the new loans for operations requested with a maximum guaranteed amount of up to 2.25 million euros in general, or 335,000 euros for companies in the primary sector, aquaculture or fisheries, in one or several loan operations. In these cases, the guarantee issued will be valid equal to the term of the loan granted, with a maximum term of 10 years. All operations will have, at the request of the debtor, an initial period of absence of the principal of 12 months.