The measures to deal with the COVID crisis introduce new features that affect companies that have applied for ENISA loans. We will detail information that may be of interest during the COVID crisis.
What is an ENISA loan?
ENISA (“Empresa Nacional de Innovación, SA”), is a public entity whose purpose is to collaborate in the financing of business projects. Financing is usually done through participatory loans for the development of business projects with an innovation component.
That is why it is a widely used option in the Startup sector.
Who can apply for an ENISA loan?
They are granted mainly to capital companies, among which are, of course, Startups.
Participating loans from ENISA do not require additional guarantees or personal guarantees. Instead, an innovative project must be submitted.
The requirements to apply for an ENISA participatory loan are different depending on its modality:
- ENISA Young Entrepreneurs
– The company must have been established in the 24 months prior to the application.
– The majority of the share capital must belong to individuals aged 40 or younger.
– The partners must contribute (through capital or own funds), at least 50% of the loan.
– The amount of the loan will range from €25,000 to €75,000. They have a maximum maturity of 7 years and a maximum grace period of 5 years.
- ENISA Entrepreneurs
– The company must have been established in the 24 months prior to the application.
– In this case, the limit on the age of the majority shareholder does not apply.
– Own funds must be at least equivalent to the amount of the loan.
– The amount of the loan ranges from €25,000 to €300,000. They have a maximum maturity of 7 years and a maximum grace period of 5 years.
- ENISA Growth
– It can be granted to companies older than two years, unlike the previous ones.
– Nor does the age limit of the majority shareholder apply.
– Own funds must be at least equivalent to the amount of the loan.
– The amount of the loan ranges from €25,000 to €1,500,000. They have a maximum maturity of 9 years and a maximum grace period of 7 years.
How to renegotiate an ENISA loan due to COVID?
By Instruction of March 27, 2020 , a series of renegotiation measures have been approved that affect companies that already have an ENISA loan and that are affected by the COVID crisis.
- In the first place, those companies that prove that the COVID crisis has caused them: periods of inactivity, reduction in sales volume or interruptions in the reception of supplies or services that make it difficult or prevent them from paying for them may request renegotiation. .
- With the request, a report justifying the difficulty in meeting the payment of the next due date must be provided. The financial situation of the company must be indicated prior to March 14, 2020 and indicate how the situation of payment difficulty has occurred.
- The amortization schedules of the loans and interest due will be taken into account, within the maximum period for repayment of the loan to MINCOTUR by ENISA.
- The interest rates of the first tranche in force will be maintained and the default interest rate may not exceed the rate of the first tranche increased by two percentage points.
- The renegotiation measures may be requested until December 27, 2020.
This publication does not constitute legal advice.
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