Bantierra will allocate 80 million euros to the financing of SMEs and entrepreneurs with the collaboration of Elkargi, Reciprocal Guarantee Society (SGR), as a guarantor, thanks to the agreement signed between both entities.
This agreement will involve the start-up of a line of credit that Bantierra will grant to finance initiatives that are viable from the economic point of view, Bantierra explained in a press release.
In this way, small and medium enterprises and the self-employed will now have more accessible financing to develop their projects.
Created by and for companies, Elkargi is the first Guarantee Company (SGR) in Spain for the volume of guarantees granted. Through its endorsement, it improves the credit conditions that banks grant to SMEs, self-employed workers, and entrepreneurs, facilitating their access to real and long-term financing. It has more than 15,200 partners among small and medium-sized companies, and self-employed.
Bantierra, the first cooperative credit Aragonese entity, and Elkargi have as the main objective to favor the start-up of new business projects and the consolidation of others already existing in all the areas where the financial entity carries out its activity.
The Director of Business Development of Bantierra, Manuel Navarro, and the Commercial and Development Director of new products of Elkargi, Jorge Belaustegui, signed on Tuesday the collaboration agreement in an act that took place at the headquarters of Bantierra in the Aragonese capital.
Both officials have expressed their satisfaction with this agreement that will allow to boost and strengthen small and medium-sized companies, as well as self-employed workers and entrepreneurs, “who constitute the basic framework of our economy, and are undoubtedly outstanding creative agents of wealth and jobs “. “No viable project should stay in the lurch for lack of funding,” the two representatives added.
This line of financing offers preferential conditions for the financing of productive investments
such as the purchase and renewal of machinery and facilities; to respond to short-term treasury needs; as well as so that the company can match its cash flows to the generation of future income.
The maximum amount per transaction for the investment of Fixed Assets may not exceed 900,000 euros and the amount of the Elkargi bond may be one hundred percent of the risk in the case of loan operations – three years and up. – or 50 percent for short-term financing operations, that is, up to three years and in the form of credit, commercial discount, confirming, international financing and documentary import credits.
The operations that are formalized, both loans and leasing of a general nature, as well as those included in the line for entrepreneurs and R + D + I, will have an interest rate that starts from the Euribor + one percent and varies depending on the term of the approved operations- Blogcampcee.