Company Requirements
To be able to apply for this financing line, your company must meet the following requirements
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Legal form: Must be a business corporation.
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Size: Must meet the criteria to be considered a small or medium-sized enterprise (SME): fewer than 250 employees and an annual turnover not exceeding €50 million or an annual balance sheet total not exceeding €43 million.
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Location: Have its registered office, facility, or branch for production or business operations in Spain.
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Purpose: Seek to finance the company’s resilience, competitiveness, and/or internationalization.
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Length of Operation: Must have been in operation for at least 4 years. In co-financing operations structured with financial institutions, companies that have been in operation for less than 4 years may be eligible.
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Accounting Status: As of the balance sheet date of the two fiscal years immediately preceding the application, the company must be subject to the requirement to have its annual financial statements audited (Art. 263 of the Capital Companies Act), or must have voluntarily submitted the financial statements for the two fiscal years ending prior to the application to an auditor for review.
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Minimum credit rating: The credit rating must not be lower than category B on the Standard & Poor’s scale; applications from beneficiaries with a rating of B- or lower will be rejected. If the applicant is part of a group (Art. 42 of the Commercial Code), the ratings of both the beneficiary and the group are considered, with the lower of the two ratings prevailing.
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Financial Condition: Must not have reported losses in the last two fiscal years or negative net worth in the most recent fiscal year.
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No delinquency: Must not be listed as delinquent in the Bank of Spain’s Central Credit Register (CIRBE) as of the dates of application and transaction execution.
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Licenses and Permits: Must be in possession of all licenses, authorizations, and permits necessary for the project’s execution and must comply with applicable national and EU regulations (competition, public procurement, and environmental regulations).
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Excluded Sectors (not eligible): public-law entities, public universities, autonomous bodies, public commercial enterprises and corporations, and public foundations; illegal economic activities; projects that violate human rights or fail to comply with environmental or labor laws; pornography and/or prostitution; weapons, ammunition, and lethal dual-use materials (with limited exceptions); companies on international sanctions lists; companies whose parent company is domiciled in non-cooperative jurisdictions or on the FATF’s call for action list; projects with religious, political, labor union, or business association content; social media; casinos and similar establishments; and companies in the financial sector, financial intermediation, insurance, and banking services (except for FINTECH and INSURTECH).
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An independent audit of the annual financial statements will not be required when the company:
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Participates in a public direct financial guarantee program that covers at least 50% of the loan’s face value.
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Back 100% of the nominal value of the transaction with a guarantee from a regional or national SGR, provided that such guarantee is in turn re-guaranteed by CERSA for at least 50% of the guaranteed amount.
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Guarantees at least 75% of the face value of the financing through a guarantee from private financial institutions with a current official investment-grade credit rating (issued by an agency accredited by ESMA).
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Groups of companies: In the case of groups of companies as referred to in Article 42 of the Commercial Code, the conditions and eligibility requirements must be met by both the client and the group to which the client belongs, if applicable.
