In the Balearic Islands, some 23,000 companies contracted Spanish government loans that were made available due to the pandemic. These are ICO credits, understanding by ICO the Official Credit Institute.
President of the Federation of Small Businesses Pimem, Jordi Mora, explains that 18,900 ICO loans were formalized in the Balearic Islands. To these are added some 4,000 made with financial entities. Mora is one of those who now ask for shortcomings and extensions for the return.
It has the support of the technical director of the Fundació Impulsa, Antoni Riera. he advocates extend grace periods. The current situation is marked by an increase in all production costs, while companies have not yet fully recovered their activity. It is important that there is “a climate of tranquility, so that companies do not have any more problems.”
By the end of this month, and under the terms of the loan agreements, the companies are expected to start making payments. But Mora insists that “with a war and an economic recovery affected by the rising energy pricesit is practically unfeasible to return the ICOs.”
The Confederation of Business Associations of the Balearic Islands considers that, given the current circumstances and the uncertainties for recovery, it is “essential” that there be an extension.
Last week in Palma, the Minister for Industry, Commerce and Tourism, Reyes Maroto, suggested that The cabin will approve the extension at the meeting this Tuesday.
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