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ICO, is a good source of financing of our projects, with its financial lines we will be able to make sure that the interest that we must pay will be the possible minor. During first and the second year we will even pay only I interest, and so we will assure the yield our project from the first moment, when having minimum fixed costs.
One of its lines of financing is the one that we propose to you.

Resources Available

This Line has an economic grant of 50 million Euros for entrepreneurs.

Use

From the date of company/signature to the 31 of December of 2007 or before if the exhaustion of bottoms takes place.

Final borrower
With the object of the anticipated thing in this line of financing, new company will be considered, or new activity in the case of professionals, that one that satisfies the requirements following:

• To be constituted from the 1 of 2006 July.
• Not to have more than 49 workers to 31 of December of 2006, fulfilling the rest of requirements of SME established by the definition of the EU, as far as invoicing (nonsuperior to 50 million Euros) and/or balance (nonsuperior to 43 million Euros).
• Not to belong to economic an enterprise group either, nor to consolidate annual accounts.

New fixed assets. Between the previous requirements to consider an investment project financiable that affects the immobilized ones, the following limits will have to be fulfilled:

• If the presented/displayed project includes investment in “technological” immaterial assets, destined to the innovation or technological modernization of the SME, such as computer science networks of local use, programs or pages Web, will not be subject to limitation.

• If the presented/displayed project includes investment in “nontechnological” immaterial assets, such as concessions, licenses, tax exemptions, crossings and other similars contemplated by the PGC, will not be superior to 50% of the total investment to finance.

• The expenses of constitution and first establishment in companies of new creation finance (constituted from 1 of 2006 July), with the limit of 10% of the total investment to finance.

The games of material assets are not subject to limitation.

In any case the real estate assets nor the reconstructions of liabilities or refinancings do not finance, circulating, IVA and other taxes related to the investment

The financiable maximum amount will be 90% of the net project of investment, (excluded IVA and other taxes).

Term of amortization
The beneficiary can choose between:

• 5 years without deficiency or with a period of deficiency of 1 year.
• 7 years without deficiency or with a period of deficiency of 2 years.

Maximum amount of financing by beneficiary
The amount of the maximum loan will be of 100,000 Euros by beneficiary and year, or in an operation or several.

Type of interest
The beneficiary can choose between:

Fixed type:

• Reference ICO +1 p.p without endorsement SGR
• Reference ICO + 0.75 p.p with endorsement SGR
Variable type:

• Euribor 6 months + 1 p.p without endorsement SGR
• Euribor 6 0.75 months + p.p with endorsement SGR

ICO will discount with 1 p.p the type of interest of the operation, that will be applied to the anticipated amortization of capital. The corresponding amount of this advantage, is of 30 Euros by each 1,000 Euros of financing.

Endorsement of Societies of Reciprocal Guarantee

The beneficiary will be able to choose to ask for the operation with endorsement of a SGR. The cost of this endorsement for the applicant could not be superior to 1%.

Advantage of the CCAA

The CCAA will be able additionally to discount the type of interest of these loans, so an Agreement could be subscribed Frame of compatibility of aid with ICO, being necessary the establishment by a.c. of a Receiving Center of requests, that will be responsible for the study of the operations for its later formalization by the collaborating Organization of Credit.

Commissions

The type of interest that ICO communicates is TAE and the Organizations of Credit cannot acquire amount some for commissions, such as opening, study or availability.

Anticipated amortization
• Fixed type: a 1% will be imputed in advance on the reimbursed amounts, to the date of liquidation of interests.
• Variable type: penalty will not be imputed having to be realized in the dates of semester revision of the type of interest.

Procedure

Directly in the offices of the main Banks, established Savings banks and Small farm loan banks in Spain. The requests are studied, approved and formalized by banks and boxes in the indicated conditions.

Documentation and guarantees of the operation
The industralist will present/display the documentation that each organization of credit considers necessary to study the operation. The credit organization analyzes the request of the operation and, based on the solution of the applicant and the viability of the investment project, it determines the guarantees to contribute, that can be for example: Hypothecating, Personal, joint or shared in common Endorsement, Societies of Reciprocal Guarantee.

The industralist must be able to credit the accomplishment of the financed investment, committing itself to contribute invoices, receipts of payment, projects, writings or any other document that can serve like supporting as the realized investment.

This Line is incompatible with Lines ICO - SME 2007 and ICO MICROCRÉDITOS 2007, not being able to ask for financing of both lines for the same investment.
This Line is put under the condition of mínimis of the European Union and is compatible with the received aid of the Independent Communities or other institutions, having to respect the maximum limits established by the European Union.

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