New fund 5M to promote new Basque companies that have passed through the Basque Ekintzaile programme. The programme is divided into two parts, to meet the needs of companies according to their characteristics, Basque Fund Tranche I and Basque Fund Tranche II.
Basque Fund Tranche I
This programme is aimed at SMEs that have been operating for a maximum of 3 years and have previously participated in the Ekintzaile programme, are active in the industrial sector and have a minimum capital of €25,000.
The Fund's contribution, in a combination of equity participation and/or equity loansThe amount of the loan may be double the share capital contribution of the promoters of the company, with a maximum of €100,000. The participating loans will be for a period of 7 years with a 2-year grace period and an interest rate of EURIBOR +1.25%.
Basque background tranche II
In addition to having participated in the Ekintzaile programme and developing their activity in the industrial sector, this programme is aimed at companies with growth potential, which are a maximum of 5 years old.
The programme is aimed at companies with different characteristics, on the one hand, companies with high growth potential with a minimum share capital of €250,000 and a turnover of at least €400,000. The contribution of the Fund will be a combination of equity participation and/or equity loans, which may be up to a maximum of €400,000. Such companies have to meet the requirement of creating at least 10 jobs within 3 years.
On the other hand, companies with growth potential, with a minimum share capital of €100,000, a minimum turnover of €250,000 and a commitment to create at least 5 jobs in 3 years. The Fund's contribution, in a combination of equity participation and/or participating loans, may be up to a maximum of €300,000.
Companies with ICT-related projects with a minimum share capital of €100,000 and a minimum turnover of €500,000 can also benefit from this programme. The contribution of the Fundin a combination of equity participation and/or participating loans may be up to a maximum of €150,000.
The participating loans in any of the modalities will be for a period of 7 years with a 2-year grace period and an interest rate of EURIBOR +1.25%.
If you think that your company may be eligible for these grants, please do not hesitate to contact us, ABRA INVEST has a highly experienced public finance team to assist you.
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