Many have suffered a drop in turnover due to the spread of the Covid-19 "Coronavirus", which is why Royal Decree-Law 8/2020 of 17 March, in its article 29, approved a State Guarantee Line of up to 100 billion euros.
There are many doubts about it, so we are going to explain the most common ones and give you a calculation daughter so that you can calculate the ICO loan.
What does the ICO loan cover?
- Wage payments
- Unsettled supplier invoices
- Rental of premises, offices and facilities
- Supply costs
- Working capital requirement
- Other liquidity needs, including those arising from maturing financial or tax obligations.
What does the ICO loan NOT cover?
The official credit institute is clear on this point. The loan may not be used to restructure previous loans, nor to amortise them (pay them off), nor may it be used to pay dividends, interim dividends or for any purpose other than the stated purpose.
How much does the loan cost?
All ICO loans have a one-year grace period, which means that during the first year we only pay interest, i.e. we do not pay back anything. This may seem like a bad thing, but no, this is actually a good thing because with one year we don't have to worry about starting to pay it back until the next year. The purpose of the one-year grace period is to give applicants a break so that they can recover from the economic standstill of the quarantine period.
Regarding interest rates, we know that there is a table published by the ICO depending on the years and whether there is a grace period or not, however, we have processed ICO loans with a lower interest rate than the one that would correspond according to this table, so this may vary.
We advise you to contact your bank and once they tell you the conditions of the loan, enter the data in our template.
Calculate your free ICO loan
At Vicox we have prepared an Excel file for you to calculate your loan. All you have to do is download the file and replace the data in the yellow boxes. Don't worry, the instructions in the file will guide you and if you have any doubts you can leave us a comment in this article.
Download the file here
Where can I apply?
All these entities are processing ICO loans.
- ABANCA
- BANCO CAIXA GERAL
- COOPERATIVE BANK
- BANCO SABADELL
- BANKIABANKINTER
- BANTIERRA
- NEW CAJA RURAL ARAGON
- BBVA
- BCC (CAJAMAR GROUP)
- R. CENTRAL
- CAIXABANK
- CAJA RURAL DE ASTURIAS
- CAJA RURAL DE SORIA
- CAJA RURAL DE GRANADA
- CAJA RURAL DE JAEN
- CAJA RURAL DE TERUEL
- CAJA RURAL DE ZAMORA
- CAJA RURAL DEL SUR
- CAJA RURAL NAVARRA
- CAJASIETE
- EBN BANCO DE NEGOCIOS, S.A.
- GLOBALCAJA
- IBERCAJA
- LIBERBANK S.A.
- MICROBANK
- SANTANDER
Documents to attach to your application
The entities we have mentioned will send you a document where you indicate how much money you need and for what. Normally it will be an Excel like this one.
The bank will ask you for a number of documents to assess your creditworthiness. As a minimum you will need:
- Certificate of being up to date with Social Security payments.
- Certificate of being up to date with payments to the AEAT (tax office).
- Balance sheet for the financial year 2019 (only if you are an SME)
Any other documents you are asked for are easy to obtain, as they will be the usual things like VAT returns (forms 303 and 390), but you will probably not be asked for anything else.
Where to obtain documents
- Certificate of being up to date with Social Security payments: You can obtain it from the electronic headquarters of the Social Security, you can find the link here here
- Certificate of being up to date with tax payments: You can obtain it from the AEAT's electronic headquarters, you can find the link here here
- Balance sheet for 2019: To be provided by your manager.
