The GEM (Global Entrepreneurship Monitor) Spain 2022-2023 report highlights a healthy entrepreneurial landscape full of potential. Although entrepreneurial activity is still not equal to that of other countries with higher incomes, we can say that in Spain it has been possible to build a solid and constantly evolving ecosystem in this sense.
This was stated by Ana Fernández Laviada, president of the Entrepreneurship Observatory in our country when presenting these data: “The percentage of company closures in Spain is the lowest in its group, consolidating this country as a favorable environment for the survival of initiatives. entrepreneurs.” This is where the innovation and courage of those behind these projects come into play, but also the commitment of entities like Banco Santander that believe in them and offer the necessary financing to carry them out.
Challenges and opportunities: the rise of entrepreneurship in Spain
The development of the entrepreneurial culture in Spain has been gradual with the opening of the economy in the sixties and seventies, and the accession to the EU in the decade of the 80s. However, the truth is that its great impetus would come in the 21st century, with the rise of the Internet and technology companies.
Currently, there are around 11,000 startups that employ more than 140,000 people in Spain. Their main source of inspiration is passion and vocation: many of them start with a small investment and the hope of being able to grow and gain a foothold in the business community. It is not an easy path by any means: each extraordinary situation greatly affects your expectations.
However, in the midst of all these adversities, it is possible to find opportunities for development and growth. After the 2008 crisis, for example, the tech sector emerged strongly to claim the importance of innovation. Now, in a post-pandemic context, the entrepreneurial spirit is resurfacing again, proposing 100% digital solutions that are allowing companies to be able to adapt, grow and compete in an increasingly globalized world. Renewable energies, artificial intelligence and financial technology or fintech stand out and attract investments.
Embarking on this journey can be difficult – if not impossible – if you do not have the right support. And, in addition to the vision and desire, a line of financing and advice is needed to launch these projects. And this is where Banco Santander comes in.
ICO Lines: a public-private strategic alliance to promote entrepreneurship
The ICO Lines represent a good example of the public-private collaboration necessary to encourage SMEs and entrepreneurs. The Official Credit Institute provides the necessary liquidity and it is the financial entities that assume the risk of the operations. These loans are designed to cover a wide range of business needs, ranging from small investment projects to the international expansion of companies.
Those who access this financing have the opportunity to allocate the funds to various activities, from technological investment to the acquisition of fixed assets, renovations and even liquidity for operating expenses. In addition, flexible repayment terms are offered that can extend up to 20 years and include grace periods of up to 3 years.
Last year, according to ICO data, Banco Santander was the entity that most entrepreneurs trusted to request these loans. The entity provided a total of 875 million euros (practically double that of the previous year), which represents 39% of the quota. This figure once again reflects the solid commitment of the entity chaired by Ana Botín in supporting and supporting SMEs and the self-employed. So much so that the prestigious English magazine Euromoney has recognized it as the Best Bank in the World for SMEs in 2023, for the third time in six years.
Banco Santander, global leader in banking services for SMEs
Banco Santander has become an indispensable ally for the four million SMEs it has as clients, to whom, in addition to these financing possibilities, it offers a wide range of services designed to meet their specific needs, such as advice, treasury or investment.
Furthermore, the banking entity, in line with ICO’s SDG approach, maintains its commitment to the transition towards a more sustainable economy. To this end, it supports those companies focused on reducing their carbon footprint and adopting clean technologies, for whom it offers green financial products and services, sustainable financing and specialized advice.
But Santander’s commitment goes beyond the financial. Through initiatives such as Santander Universities and the Santander X program, the bank supports new generations of entrepreneurs.
2024-02-15 05:03:31
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