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Access to finance

05 November 2009
by Ina Dimireva -- last modified 26 July 2012

An overview of the sources of finance available to SMEs in Spain.


Legal requirements

Public finance

Indirect aid

To increase the chances of obtaining a bank loan, SMEs can go through a Mutual Guarantee Organisation (Sociedad de Garantía Recíproca); this is a non-profit organisation that acts as a guarantor, becoming liable should the business owner fail to make his/her repayments.

MGOs are guaranteed by a higher organisation, known as the Compañía Española de Reafianzamiento, S.A. (CERSA). This organisation basically provides refinancing or partial cover for the risk undertaken by MGOs. CERSA also has a helpline for companies with under 100 employees.

Compañía Española de Reafianzamiento, S.A. (CERSA)

Direct support

AXIS is a government-run organisation independent from the ICO, and is an example of a Spanish private investor specialising in venture capital.

AXIS - Participaciones Empresariales, S.A.

The Official Credit Institute (Instituto de Crédito Oficial - ICO) is a government business organisation, which reports to the Ministry of Finance and Finance.


All finance facilities offered by ICO

The SEPIDES is another state-run agency offering businesses located in impoverished areas specific finance facilities.


Business owners can request a certain amount of money from this type of institution, which they must pay back together with the agreed interest, within the period established.

The grants and subsidies available to business owners include grants for the recruitment of employees from certain groups, social security subsidies, etc.


Official Credit Institute (ICO)

Grant and aid seekers:

Madrid Chamber of Commerce

Valencia Chamber of Commerce

The One-Stop Shop for businesses (Ventanilla Única Empresarial Virtual) is a website providing information to business owners in Spain.

One-Stop Shop for Businesses

Business owners can seek advice from Local Government, as well as the provincial Chambers of Commerce.

Directory of Chambers of Commerce

The Spanish government finances businesses through the following programmes:

  • Plan Avanza: this scheme, implemented by the Spanish Government in conjunction with local governments, offers support and finance to businesses to help them adapt to new technologies.

    Plan Avanza

    Avanza PYME

  • ARTE PYME scheme: programme of subsidies to SMEs to help them carry out advanced telecommunications service projects.


  • PROFIT scheme: this publishes competitions for government grants and aims to encourage greater technological research and development among businesses.


     Main sources of public financing

Business support organisations can advise businesses on how to find financing.

Business support — Spain

Source: Your Europe

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