On May 13, 2014 the Secretary of State for Commerce has published an official announcement of loans for the modernization of internal trade of this year.
This line will support, among other things, the opening, refurbishment or modernization of business premises, as well as the implementation of information and communication technologies (ICT). It shall have a budget of 29 million euros.
Of the total budget to be financed, a maximum of 50% shall be allowed for the needs in current assets of the business.
The deadline for applications ends on 13 July 2014, and the minimum investment required is € 30,000, being the maximum € 640,000. It is possible to finance until 80% of the budget with 5 or 7 years loans with one year of interest only or 10 years loan with two years of intrest only and a fixed interest rate of between 2.425% and 3.845%, plus up to 4.30%.
It is necessary to apply for aid before the start of the investment and the time allowed for implementation is four years for projects exceeding € 300,000 funding and two years for those whose financing is less than that amount.
Funds from this line of aids come from the Financial Fund for Aids to Domestic Trade but will be channelled through the Financial Institutions and the ICO through the mediation lines of the latter. Financial institutions will analyse the solvency of the project and require the necessary guarantees.