Unicaja Banco and Salamanca City Hall have signed today an agreement to facilitate to freelancers and SMEs based in the city access to funding with guarantees provided by the Instituto de Crédito Oficial (ICO, Official Credit Institute). This way, it will cover their liquidity needs, reducing the costs linked to the formalization of those transactions.
The agreement has been signed today by the Mayor of Salamanca, Carlos García Carbayo, as President of the Sociedad Municipal de Turismo, Comercio y Promoción Económica; and by Unicaja Banco’s Regional Manager, Manuel Rubio.
Both institutions wish to contribute to cover the liquidity needs and to solve the economic difficulties caused by the halt or reduction of activities in the last months as a consequence of the health crisis caused by the coronavirus. Salamanca City Hall and Unicaja Banco share the idea that it is necessary to support SMEs and freelancers -a key in the generation of wealth and employment- for them to overcome the financial problems that they are facing in the development of their business activity.
The agreement of Unicaja Banco with Salamanca City Hall, through the Sociedad Municipal de Turismo, Comercio y Promoción Económica, will facilitate to SMEs and freelancers access to credit transactions under the ICO Facility established by the Government following the Royal Decree of 17 March. The City Hall will bear the costs associated to the formalization of the liquidity loans.
According to the conditions set by the ICO, the loans would reach up to 90,000 euros for micro-SMEs and SMEs, and up to 50,000 euros for freelancers and professionals. Repayment term is 5 years, with one year of interest-only repayment. The agreement will be in force until 30 September.
Unicaja Banco has been working in the last months to mitigate the economic impact of the crisis caused by the coronavirus on SMEs, freelancers and other companies. For those purposes, among other measures, it strengthens the guarantee funding facilities. In particular, in addition to the ICO Guarantee Covid-19 Facility, approved by the Government, the bank has joined the liquidity measures created other regional institutions.
The availability of the guarantee facilities approved by these public administration to companies and freelancers falls within the support that the bank gives at any time to the business sector, key in the economy boost and job creation.
In addition to joining these guarantee facilities for credits and liquidity of freelancers, SMEs and companies, Unicaja Banco offers flexible solutions to its business customers affected by the economic impact of the Covid-19.
In particular, it can facilitate to freelancers and companies flexible financing conditions (extended terms, interest-only periods or flexible repayment conditions in general), which are adapted on a case-by-case basis.
Since the start of the coronavirus crisis, Unicaja Banco has been promoting a set of measures to support its customers and to ensure the safety of clients and employees. The bank focuses its efforts on the launch of flexible payment and financing solutions for its customers, especially for those in a situation of vulnerability.