Deadline for submitting applications will end on 31/05/2018


Purpose / Objective

With the aim of complementing the public financing instruments currently available on the market, the IGAPE is making these resources available to Galician enterprises in two different ways:

- IGAPE-EIB-Working Capital loans: these are aimed at providing a source of stable working capital that allows companies to strengthen their financial structure and undertake plans for growth. Payments for suppliers for the provision of goods, creditors for provisions of services, leases and/or supplies, personnel costs, taxes and duties, financial expenses associated with operations and insurance premiums for policies to cover risks associated with the company’s activities.

- IGAPE-EIB-Investment loans: To facilitate funding for investments in Galicia, complementary to personal financing.

Types of support

Loans that will not be considered as state aid, awarded on a non-competitive basis, of two kinds:

A) IGAPE-EIB-Working Capital loans, aimed at providing a source of stable working capital that allows Galician industrial or exporting companies to strengthen their financial structure to undertake plans for growth.

B) IGAPE-EIB-Investment loans, aimed at financing investment projects in Galicia, primarily in the industrial sector and which are strategically relevant.

Potential beneficiaries

1.- Loans may be awarded to:

a) Trading companies considered as independent SMEs according to Article 2.1 of the regulations.

b) Trading companies that may be considered as dependent SMEs according to Article 2.1 of the regulations, within the limits for the amount of loans of this kind set out in financing agreements signed between the IGAPE and the EIB.

c) In the case of the IGAPE-EIB-Investment loan programme, loans may be made available to enterprises that do not fit the definition of being an SME, providing they belong to the motor vehicle sector. In this case, these loan operations must be formally authorised beforehand by the EIB.

d) In the case of the IGAPE-EIB-Working Capital loan programme, the companies must have their registered offices and tax residence in Galicia. In the case of the IGAPE-EIB-Investment programme, the borrower must have or create at least one centre of operations in Galicia, and all of the investments must be made in Galicia.

2.- Financial holding companies or leasing companies may not receive financing through the loans described in these regulations.

3.- Loans will not be given to companies subject to any of the circumstances described in Article 10.2.b) of the Galician Subsidies Law, namely: “Requesting a declaration of insolvency, being declared bankrupt in any type of proceedings, being declared insolvent, being subject to any type of court intervention or being disqualified according to the Insolvency Law without having completed the disqualification period indicated in the insolvency proceedings.”

Sectors eligible for subsidy

1.- In the case of IGAPE-EIB-Working Capital loans, these may be awarded to companies that undertake industrial activities as defined in Sections B and C of the Spanish National Classification of Economic Activities (CNAE) for 2009, as well as any other activities whose geographic scope of operation includes foreign markets.

2.- In any event, companies undertaking any of the following activities are excluded from this programme:

a) The manufacture of arms, weapons and ammunition, military or police installations of infrastructures, and material or infrastructures intended to limit the individual rights of liberty of persons (prisons and detention centres of all kinds).
b) Games of chance and their associated installations.
c) The production, transformation or distribution of tobacco.
d) Activities involving the use of live animals for experimental or scientific purposes.
e) Activities whose impact on the environment can only be mitigated or compensated to a very minor extent.
f) Activities that may be controversial for moral or ethical reasons.
g) Activities whose sole purpose is property development.

Main project requirements

*Maximum amount of the loans:

1.- IGAPE-EIB-Working Capital Loans

The minimum amount of the loans of this kind that may be requested from the IGAPE is €150,000, up to a maximum of €500,000. Within these limits, the maximum amount that the IGAPE may award will be 25% of the total supply and personnel costs, with a maximum limit of 50% of the company’s equity, based on the annual accounts from the last financial year.

In the case of companies created within the last 42 months, whose financial statements for the financial year do not represent their needs for working capital, the IGAPE may decide on the maximum amount of the loan based on the increase of the structural working capital using another alternative criterion. To do so, the applicant must provide a study based on the needs for increased working capital according to an analytical method, based on a forecast of activity and the company’s operating cycle, detailing costs, margins and average payment periods for suppliers, storage, manufacturing, sales and charging.

2.- IGAPE-EIB-Investment Loans.

Projects may be financed whose eligible investment is between €150,000 and €25,000,000. The amount of the loan will not exceed 50% of the eligible investment under any circumstances.

The amount of the loan granted by the IGAPE may be lower than the requested amount and the maximum limits indicated above, if, as a result of the technical analysis of the project, of the eligible investment, of the company’s financial requirements, of an evaluation of the reimbursement capacity, of an analysis of the risks associated with the operation, of the guarantees offered, of the need to increase its equity or ability to access alternative financing, it considers it justifiable to provide a lower amount.

* Interest rate:

The interest rate will be defined as follows:

1. Reference rate: for 2015, the reference rate will be 0.187 percentage points:

2. Additional rate: this will be determined according to the credit rating of the beneficiary company at the moment of granting the loan, and the level of guarantees offered to the IGAPE. As a result, the additional rate will vary between 0.6% and 4.00%, with the risk classification and guarantee scores being determined according to the criteria set out in article 12.2.

* Repayment:

1. IGAPE-EIB-Working Capital loans granted by the IGAPE will have a maximum repayment period of 5 years, and may include a grace period for a maximum of 1 year.
2. In the case of IGAPE-EIB-Investment loans, the maximum repayment period will be 12 years, without exceeding the economic and technical lifespan of the assets being financed. This may include a grace period that depends on the characteristics of the project.
3. In both cases the minimum repayment period will be 24 months.
4. In general, on completion of the grace period, the loan will be repaid by means of equal quarterly instalments. Increasing repayment instalments may be defined in order to adapt the repayment calendar to the reimbursement capacity of the borrower, when justified in the application due to the nature of the project.

* Guarantees:

The IGAPE will accept suitable guarantees depending on the characteristics of each operation. If as a result of the monitoring and control process carried out during the operation any clear decline in the borrower’s solvency is identified, the necessary steps will be taken to reinforce any reimbursement obligations.

Investments or eligible costs

According to the type of loan, the actions to be financed must meet the following eligibility criteria:

A) Loans Igape-BEI-current assets, allocated to finance the working capital required for structural business growth. The funds of the loan will be applied to the payment of suppliers of goods supply, lenders by providing services, leases and / or supplies, personnel costs, taxes and duties, financial expenses associated with the operational and insurance premiums to cover risks associated business activity.

B) Loans Igape-BEI-Investment fund new investments and / or interventions extension or improvement of existing facilities, to be held in the region of Galicia. Deemed fundable investment:

- The acquisition of productive assets materials. Financing the purchase of land will be excluded unless for technical reasons resulting altogether indispensable for investment, in which case the investment cost minus the costs of land acquisition and other costs not eligible, should always be higher the amount of funding from the BEI. Funding for the purchase of agricultural land is totally excluded.

- Intangible assets: Computer software and acquisition of intellectual property, including manufacturing licenses and patents. To be considered for financing, shall also comply with all the conditions of Article 3.4 of the bases.

- The creation of distribution networks in domestic or other within the EU (acquisition of assets or brands, operating costs and personnel costs).

- Increased permanently from working capital needed for business growth. Understood as working capital the value of inventories (raw materials, goods in process and finished product) plus the balance resulting from the difference between the accounts of customers and suppliers.

The investment goods subject to funding must be acquired property to third parties by the beneficiary. In case of acquisition of property through forms of deferred payment, they must also become fully owned by the beneficiary before the end of the period of execution of the project, having recorded this time the maturity and payment of the deferred amounts.

The expenditure financed must be hired and paid directly between the aid beneficiary and the provider end. Suppliers may not be affiliated with the entity applicant or their governing bodies or managers.

We BEI loans Igape-Investment-the period of implementation of the project will start on the date the holder to present loan application, and will end on the date indicated in the grant agreement. All receipts from realization of investments and payment must be dated in that period, and any other conditions established in the grant agreement, unless expressly set another deadline.

Deadline for submitting applications

The deadline for presenting applications will start on the day after the publication of this decision in the Official Bulletin of Galicia and end on 31 May 2016.


Financing will not be granted to projects eligible for support from other financial instruments managed by the IGAPE as direct loans. In particular, this will apply to projects eligible for funding with Jeremie-IGAPE loans, or other similar programmes implemented as a part of the ERDF 2014-2020 programme.

Legislative Reference

Resolution of 22 of October 2015 (Official Bulletin of Galicia No.135 of 03/11/2015) - Regulatory Framework and Call for 2015

Information and processing in

Presentation of applications:

1.- In order to present an application for financing, the interested party must complete a form describing their circumstances and the project, using the application available online at

The following documents in electronic format must be attached to the form:

a) Report from the Risk Information Centre of the Bank of Spain (CIR) corresponding to the last available period, consisting of an electronically signed PDF document which the applicant must obtain from the Virtual Office of the Bank of Spain (currently online at https://sedeelectronica.bde.eres)

b) A report in PDF format, containing at least the following information:
1.- Background information on the company
-Technical and technological capacity: human, technical and material resources, collaborations, cooperation, R&D&I patents, quality and environmental certification.
-Commercial capacity of the company: commercialisation channels, markets, degree of internationalisation, exports.
-Economic capacity of the company: main assets and most significant aspects of its financial statements.

2.- The market
-Size, characteristics, competition, etc.
-Commercial analysis of the product (market quota and comparison with competition).

3.- For IGAPE-EIB-Working Capital loans:
-Justification of the need to increase its working capital: growth forecast and financing requirements.
-Description of the company’s working processes, specifying delivery periods for materials, storage periods for raw materials, transformation periods, sales periods.
-Description of its main suppliers and customers, detailing volumes and payment terms.
-Details of financial operations affecting the company, detailing their terms and due dates.
-Economic analysis of the project (economic forecasts for the loan period, financing structure, profitability and cash flow forecasts).

4.- For IGAPE-EIB-Investment loans:
-Origin and justification (necessity, opportunity and appropriateness of the project or action with regard to the company).
-Technical description (content, methodology, phases, etc.)
-Requirements for technical resources (detailed description with estimated prices of new investments).
-Requirements for material resources (description of materials acquired and used).
-Personnel requirements associated with the project.
-External subcontracting (collaborators, scope and phases of collaboration).
- Economic analysis of the project (economic forecasts for the loan period, financing structure, profitability and cash flow forecasts).

5.- Declaration of other loans obtained from the budget of the Autonomous Region of Galicia, and their current situation.


- Companies receiving the loans will have 4 months from the date of being informed of the approval of the operation in order to formalise it, after which period the loan will be cancelled and the file closed, unless any reasons are presented that justify extending this period.

- The maximum period for disposing of the loan will be 1 year from its formalisation. In any event this period may not exceed the grace period for repaying the loan.

- A maximum of 4 drawdowns will be accepted for the disbursement of the loan.