ICO financing line for economic sectors affected by Covid-19. RDL 7/2020, of the 12th of March

This guide contains information to process the special financing lines of the ICO, included in the first section of the ICO line of guarantees for companies and self-employed workers, to mitigate the economic effects of COVID-19.

Rafael Guerrero

Date 06/04/2020

This guide contains information to process the special financing lines of the ICO, included in the first section of the ICO line of guarantees for companies and self-employed workers, to mitigate the economic effects of COVID-19. 

1.- Who can request it?

They may be recipients of the extended financing line in accordance with the provisions of article 12 of Royal Decree-Law 7/2020, of the 12th of March, companies and self-employed persons with registered office in Spain that formalise operations in the "ICO Companies and Entrepreneurs" Line, whose activity falls within one of the following CNAEs:

Cód. CNAE2009            Title CNAE2009


493                                 Other types of land passenger transport.

4931                               City and suburban passenger land transport.

4932                               Taxi transportation

4939                               Types of land passenger transport n.e.c.

511                                 Passenger air transport.

5110                               Passenger air transport.

5221                               Activities associated with ground transportation.

5222                              Activities attached to maritime transport and inland waterways

5223                               Activities associated with air transport

551                                 Hotels and similar accommodation.

5510                               Hotels and similar accommodation.

552                                Tourist and other short-stay accommodation.

5520                              Tourist and other short-stay accommodation.

559                                Other accommodation.

5590                              Other accommodation.

56                                  Food and beverage services.

561                                Restaurants and food stands.

5610                              Restaurants and food stands.

5621                              Provision of meals prepared for events.

5629                              Other food services.

7711                              Car and light motor vehicle rental.

7721                              Leisure and sports items rental

7911                              Travel agency activities.

7912                              Activities of tour operators.

799                                Other reservation services and related activities

7990                              Other reservation services and related activities

855                                Other education

91                                 Libraries, archives, museums and other cultural activities

9004                              Management of show rooms

9102                              Museum activities

9103                              Management of historical places and buildings

9321                              Activities of amusement parks and theme parks.

9329                              Other recreational and entertainment activities.


2.- What requirements must be fulfilled?

In any case, companies and freelancers must meet the following requirements:

1.- You will not be able to appear in a delinquent situation when consulting information files on capital solvency and credit made by financial institutions (CIRBE).

2.- You may not be in a collective insolvency proceeding or meet the requirements to be subject to a collective insolvency proceeding at the request of your creditors.

3.- This financing cannot be used to carry out previous or subsequent refinancing of other loans with the Financial Institution.

In the case of having the status of a large company, they must be in a situation equivalent to a credit rating of B- or higher.


3.- What can we finance?

The bankable concepts foreseen for this line are the liquidity needs bankable through the Line of Companies and Entrepreneurs. As well as the digitalina projects and in particular those aimed at promoting teleworking solutions included in the Accelera Pyme program.

4.- And the Maximum Amount per company?

The maximum amount that a company can request in one or several operations, for all Financial Institutions, is € 500,000.

5.- What modality?

These lines are granted under the Loan modality.


6.- What Deadlines?

The amortisation terms of the operations for the clients will be 1, 2, 3 or 4 years, with 1 year of lack of principal.


7.- At what types and commissions?


The rate authorised by the ICO for these financing lines is 1.5% maximum, including the commissions of financial institutions.

Fees and expenses:

The Credit Institution may apply a commission at the beginning of the operation. The cost to the client of this commission plus the interest rate may not exceed the maximum APR of 1.5%.

In addition, a voluntary early redemption fee may be applied which, in general, will be 1% of the amount cancelled.

The commission mentioned in the previous paragraph will not be applied to operations that are within the scope of Law 41/2007, on the regulation of the mortgage market, in which case the commission to be applied will be the following:

• 0.50% on the amount paid in advance, if the amortisation occurs during the first 5 years.

• 0.25% on the amount paid in advance, if the amortisation occurs from the fifth year.

In the event that the contract is within the scope of Law 5/2019, of the 15th of March, regulating real estate credit contracts, and the commissions that are applicable under the provisions of this section were higher to those established in said Law, the bank will set the applicable commission or compensation that complies with the provisions of Law 5/2019.

In the event of mandatory early amortisation, a commission will be accrued as a penalty of 2% on the amount improperly formalised.


8.- In which Financial Institutions?

Entities adhered to the line "ICO Companies and Entrepreneurs" that formalise a guarantee contract with ICO for the indicated purpose. And that to date are:






















9.- Until when can you request it?

The maximum date for formalising transactions with customers will be the 31st of December 2020 or until the line is exhausted.

10.- Who covers the risk of the operation?

The Ministry of Industry, Commerce and Tourism will guarantee financial entities 50% of the risk of default of loan operations, covering the principal instalments unpaid by the company in the percentage indicated above, not assuming the risk of non-payment of other concepts, such as ordinary interests, default interest or commissions and expenses, among others. The guarantee of the Ministry of Industry, Commerce and Tourism will be managed by the ICO with financial entities.

The guarantees of the company or freelance will be determined by each financial institution, except with the endorsement of the SGR or SAECA (unpaid instalments are considered those in which 90 days have elapsed from the date they should have been paid).


11. What documentation must be presented?

In addition to the documentation that each financial institution considers necessary to study the operation, the client must provide the following documentation that accredits the status of beneficiary of this financing with the guarantee of the ICO:

Copy of the CIF (companies) or NIF (self-employed)

• Copy of deed or statutes where the corresponding corporate address is agreed at the time of the transaction signing date.

• Form 036 or 037 where the client's CNAE appears.

In addition, it is necessary to provide a Minimis Aid Declaration, the form of which will be provided by the financial institution that processes it.

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