Spain / Canary Islands – The Corona pandemic rescue loans from the ICO line are being modified by the Spanish government. This is what the Minister of Economic Affairs, Nadia Calviño, announced. The changes are to be decided and approved by the Council of Ministers today, Tuesday. According to the first information, the payment term of the loans is to be extended by 3 years. The moratorium on the start of payments is also to be extended. According to Minister Calviño, these measures were coordinated and approved with the banks and the EU Commission.
More than 30% of the approved ICO loans have a term of less than 4 years. Until now, the maximum payment suspension was 12 months. Due to the current situation in the corona pandemic, several business associations and other institutions had pointed out that there was a need to give companies and the self-employed more economic air and called for such measures to be taken in relation to loans.
By November 11, the ICO line with regard to the corona pandemic had reached a volume of 107.6 billion euros. The state guarantees with 60 to 80 percent and thus with a total of 82 billion euros. Calviño expects that the new framework conditions for the ICO loans will strengthen companies and the self-employed and also improve solvency. It is also hoped that this will also prevent bankruptcies.
As soon as the decree has been passed, we will adapt the article here with the new framework for the ICO loans. – TF
More articles on the topic:
Rules of the 2nd wave endanger 300,000 self-employed and 500,000 jobs in these, as of October 29, 2020
Cinema monopoly despite 150,000 € ICO credit before closing, from October 24th, 2020
Hundreds of millions of euros in Corona aid landed in the Canary Islands by July, from 21.09.2020
ICO loans may not be linked to other financial products or insurance! From April 7th, 2020
Corona: Help for tenants, probably only new loans again, who should pay all of this ?, from March 29, 2020
Criticism: Loans do not arrive at the small ones or are refused from 03/28/2020
All articles as an archive on the Cornavirus in the Canaries
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Source:Press conference Calviño
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