Royal Decree-Law 7/2020, of March 12, which adopts urgent measures to respond to the economic impact of COVID-19, extends the financing line to mitigate the effects of the opening of insolvency proceedings of the Thomas Cook business group, to all companies and self-employed workers with registered office in Spain that are included in certain economic sectors according to the published CNAE list.

While it is true that a series of measures have been announced to support companies in the area of ​​financing as a result of the coronavirus crisis, currently only one financing line aimed at the Tourism Sector and related activities COVID-19 / Thomas Cook is in operation.

However, as we have also informed you, a Resolution of March 25, 2020, from the State Secretariat for Economy and Business Support, has been approved, publishing the Agreement of the Council of Ministers of March 24, 2020, which approves the characteristics of the first tranche of the ICO guarantee line for companies and the self-employed, to mitigate the economic effects of COVID-19.

Financing line aimed at the Tourism Sector and related activities COVID-19 / Thomas Cook

Royal Decree-Law 7/2020, of March 12, which adopts urgent measures to respond to the economic impact of COVID-19, has extended the financing line provided for in Royal Decree-Law 12/2019, of October 11, which adopts urgent measures to mitigate the effects of the opening of insolvency proceedings of the Thomas Cook business group, to all companies and self-employed workers with registered office in Spain that are included in the following economic sectors:

REQUIREMENTS AND CONDITIONS

For whom?

Self-employed individuals and companies with registered office in Spain that formalize operations in the ICO Companies and Entrepreneurs Line, whose activity is within a CNAE of the tourism sector and related activities according to the CNAE list in the table above.

Maximum amount per customer:

• up to 500,000 euros, in one or more transactions.

Fundable concepts: 

• Liquidity needs that can be financed through the Companies and Entrepreneurs Line.
• Digitalization projects, and in particular those aimed at promoting teleworking solutions, included in the Acelera Pyme

Modality: loan.

Interest rate: fixed, up to 1.5% (maximum APR including fees).

Amortization period and grace period: From 1 to 4 years with 1 year grace period for principal.

Fees: the credit institution may charge a single fee at the start of the transaction, in addition to, where applicable, the early repayment fee.

Guarantees: to be determined by the credit institution, except for SGR/SAECA guarantees.

Validity: Loans can be formalized until December 31, 2020.

This ICO-guaranteed financing is subject to European Commission Regulation (EU) No 1407/2013 on de minimis aid. Prior to formalizing the transaction, the client must sign a Declaration of Responsibility for aid subject to the de minimis Regulation, which will be provided by the lending institution and will form an integral part of the loan agreement. In this declaration, the client will state the aid received in the current year and the two preceding years.

The Credit Institution will verify that the previous aid declared by the client plus the aid corresponding to the loan operation with ICO guarantee to be formalized does not exceed 200,000 euros.

For more information about this financing,  please consult the following link:

ICO Fact Sheet: Tourism Sector and Related Activities Covid-19 - Thomas Cook

There is also a free customer service telephone number, 900 121 121, for inquiries

Where do I submit the application?

Directly through the credit institutions that collaborate in this Line:

• SANTANDER
• BBVA
• CAIXABANK
• BCC (CAJAMAR GROUP)
• B. COOPERATIVE
• BANKINTER
• TERUEL RURAL BANK
• LIBERBANK
• Banco Sabadell
• CAJA RURAL DEL SUR
• CAJA RURAL DE NAVARRA
• RURAL BANK OF JAÉN
• Zamora Rural Savings Bank
• CAJA RURAL DE ASTURIAS
• GLOBALCAJA
• CAJA RURAL DE ARAGÓN (BANTIERRA)
• CAJA RURAL DE GRANADA
• UNICAJA
• ABANCA

(*) The list will be updated daily with the entities that join.

You can contact this professional office for any questions or clarifications you may have.

Warm regards,

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MGI Àmbit

A Àmbit Assessor, SL has 40 years dedicated to the tax, comptable and labor consultancy of the Pime.

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