Export subsidies available
Export subsidies available
One of the biggest challenges that an SME has to face when it wants to open new markets is the financing of its internationalisation projects. Exporting has a high cost in terms of commercial prospecting, sending samples, qualified staff with languages, international certifications, travel, international trade fairs, etc. But fortunately companies have some export aid available: ICO credits (initial coin offering).
What are ICO Credits?
They are lines of mediation or aid available to companies to finance the internationalisation and export process of national companies, they are subsidies for exporting. The loans are applied for through the banks assigned to each programme. They are responsible for processing, studying and accepting the applications according to the conditions set by the ICO. They also assume the risk.
What export aid is available?
ICO International 2018
Funds or aid designed for Spanish companies or mixed companies with a minimum of 30% Spanish company capital, which make productive investments in international markets and/or need to cover their liquidity needs.
Tranche II of the Line is aimed at granting Supplier Credit, Buyer Credit and Complementary Financing to companies.
ICO Exporters 2018
Funds or subsidies aimed at Spanish self-employed and companies that need to obtain liquidity through the advance payment of invoices to supply their exports or to cover the cost of production of the goods they intend to export.
ICO International Channel 2018
Financing aimed at the self-employed and companies to support their internationalisation process.
The main new feature of this aid compared to the ICO International Line or ICO Exporters is that the loans are requested from local banks or international institutions based in the countries where the investment projects or export activity is being carried out.
Other available subsidies for exporting
In Spain, there are various subsidies and programmes aimed at supporting companies in their export process. Here are some of the most relevant ones:
- ICEX España Exportación e Inversiones: This entity offers a wide range of services and programmes to support the internationalisation of Spanish companies, including advice, training and financing.
- Grants for internationalisation: Through programmes such as the Company Internationalisation Plan (PIE), grants can be obtained to cover export-related expenses, such as market research, international trade shows and promotion abroad.
- Chambers of Commerce: Many Chambers of Commerce in Spain offer export support programmes, including advice, training and access to trade missions.
- European funds: There are funding programmes through the European Union, such as the European Regional Development Fund (ERDF), which can be used for internationalisation projects.
- Autonomous community aid: Many autonomous communities (Spanish CCAA) have their own aid and programmes to promote exports. It is advisable to check with the regional ministry of economy or trade in your region.
- Financing programmes: Entities such as the European Investment Bank (EIB) and the Official Credit Institute (ICO) offer specific lines of credit and financing for companies seeking to expand internationally.
It is important for interested companies to find out about the requirements and deadlines of each programme, as they may vary.