Company Requirements
To be able to apply for this financing line, your company must meet the following requirements
- Be a commercial company (or an Economic Interest Grouping, in the case set out below) with its registered office, or a production or business establishment or branch, in Spain.
- Be an SME (fewer than 250 people and annual turnover up to €50 million or annual balance sheet total up to €43 million).
- Have the audiovisual and cultural sector as its main activity:
- Film and audiovisual production companies.
- Animation, video game and digital content companies.
- Distribution and marketing companies for audiovisual works.
- Technical and auxiliary service companies for the audiovisual sector.
- Economic Interest Groupings (AIE) set up to produce a specific work or cultural project.
- Have been operating for at least 4 years. AIEs are exempt from the minimum age and minimum rating where there is continuity or an economic link with companies or partners acting as joint guarantors that meet the required rating.
- Hold a credit rating of at least category B on the Standard & Poor’s scale (applications with a rating of B- or lower are rejected; for groups, the lower rating prevails).
- Report no losses in the last two closed financial years and no negative net equity in the last closed year.
- Not be listed as in default on the CIRBE (Bank of Spain credit register) on the application date or the formalisation date.
- Have the annual accounts of the last two years audited (compulsorily or voluntarily), unless the operation is 100% guaranteed by an SGR with a CERSA counter-guarantee of at least 50% of the guaranteed amount.
- Have the guarantee of an SGR (mutual guarantee society) with an agreement with ICO (the SGR may originate the operation, or ICO refers it to an SGR after the application).
- In corporate groups (art. 42 of the Commercial Code), both the applicant and the group must meet the requirements.
