The ICO has already guaranteed 3,625 million in loans for SMEs and the self-employed

The State, through the Official Credit Institute (ICO), has already guaranteed a total of 3,625 million euros in loans for SMEs and the self-employed affected by the coronavirus crisis, out of the 4,739 million guaranteed in total, which have allowed the granting of 6,129 million euros in credits.

In the round after the Council of Ministers held this Tuesday, the Minister of Finance and government spokesperson, María Jesús Montero, explained that this line of guarantees, which is already in its second tranche, is going to function as a "true lifeguard" by providing liquidity so that many companies can meet their obligations and return to normal.

In total, 48,542 operations have been approved, although they are figures that "with each passing day are increasing," added Montero, who estimates that this line of guarantees will benefit 1.3 million companies.

In Montero's opinion, the measure "is allowing liquidity for the set of companies and, fundamentally, for SMEs and the self-employed", the main recipients of these initiatives given their lower "business muscle".

Therefore, these public endorsements are going to promote "a true lifeline so that many companies with strong tensions in their treasury can face their obligations and leave a normal situation."

The Minister of Finance recalled that the second batch of guarantees is currently activated, also for the amount of 20,000 million euros, of which 100% will go to SMEs and the self-employed, unlike the first tranche, where only 50 % was dedicated to small businesses.

Regarding the problems when accessing them, Montero has assured that the Government will continue to "monitor this situation" and that it will take into account "if there is any sector with difficulties in accessing or if there is any requirement that we have to eliminate.


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