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The Council of Ministers approved the agreement between the Ministry of Industry, Tourism and Commerce and the Spanish National Innovation Company (ENISA), that will allow for the implementation of a line of funding for loans to SMEs totaling €53.8 millions in 2011.

These loans will be devoted to supporting business projects promoted by SMEs. In order to be eligible for this line of funding, companies must be small and medium enterprises (SME) —as defined in Regulation (CE) 800/2008— and must present specific projects aimed at consolidating and improving the company’s competitiveness.

The total amount of each loan ranges from 100,000 euros to 1,500,000 euros and will be subject to a variable interest rate with two brackets:

  • A first bracket at the one-year Euribor rate plus 0.75%.
  • A second bracket depending on the company’s profitability, although in no case will the sum of the two brackets total more than 6%.

This agreement comes on the heels of those passed by the Council of Ministers on 29 April and 27 March, with €20 millions earmarked for both. The first line was geared towards young entrepreneurs and the second towards technology-based companies.

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