What are the requirements to apply for an ICO loan?

The Official Credit Institute is a public entity managed by the Ministry of Economy, whose main function is to grant loans and support companies in innovation and development. It has several lines of credit and help adapted to the circumstances in which those who wish to receive them are. One of them is focused on entrepreneurs and SMEs. Are you interested? In this article of .com we explain what are the requirements to apply for an ICO loan.

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Characteristics of ICO credits

The ICO has a great variety of different lines by which it can grant credits and loans to those who need them. There are grants aimed at companies and entrepreneurs, reciprocal guarantee companies or the internationalization of a company, among others.

In this case, we focus on the help line for companies and entrepreneurs, since it is one of the most requested and of the most commonly used.

The most important features are:

  • We can request a maximum of 10 million euros.
  • We will have to request it through an intermediary, which is usually our trusted bank. Most banks are assigned to ICO loans, such as Bankia, BBVA, Santander, La Caixa, etc.
  • Individuals may also request this loan for housing rehabilitation.
  • The interest may be fixed or variable, as determined.

Requirements to apply for the ICO loan

As if it were any other type of credit, there are a number of requirements that we must meet in order to access it. These are the following:

  • It must be to obtain liquidity or to finance investments .
  • In the event that it is to finance investments, they must be of the following type: vehicles, assets for production, rehabilitation of real estate, acquiring companies.
  • The amortization period must be between 1 and 20 years depending on the destination of the loan.
  • The financial institution will determine what is fixed as collateral.
  • We will have to present a project that certifies what the amount we obtain will be inverted.
  • The ICO will not charge commission, only in case of early amortization.