ICO Emprendedores 2010

Beneficiaries:

• Micro-companies incorporated as from 1 January 2009.
• Professional self-employed persons who meet the Micro-company requisites and commence a new activity, who are those registered for the Economic Activities Tax (IAE) as of 1 January 2009:

A micro-company is that which employs from 1 to 9 workers at 31 December 2009 and whose turnover and/or general balance sheet at 31 December 2009 does not exceed 2 million euros.

Financeable items

• Fixed production assets: New and second hand
• Acquisition of saloon vehicles priced under 24,000 €
• Acquisition of companies
• Expenses inherent to the incorporation of the company with the limit of 10% of the total project.

The investment to be financed may not have commenced prior to 1 January 2009 and must be executed within a maximum term of 12 months as from the date the financing is signed.

Non-financeable items Restructuring of liabilities or refinancing, any taxes associated with the investment and working capital.

Repayment period:

• 3 years without a grace period for payment of the principal
• 5 years with 0 or 1 year grace period for payment of the principal
• 7 years with 0 or 2 years grace period for payment of the principal
• 10 years with 0 or 3 years grace period for payment of the principal
• 12 years with 0 or 3 years grace period for payment of the principal

Interest rate:

• Fixed, in accordance with fortnightly quotation of ICO plus 2.15%
• Variable, (Euribor 6 months + differential), in accordance with fortnightly quotation of ICO, plus 2.15%

Maximum amount. Up to 100% of the project will be financed, VAT included:

• Up to 300.000 euros, in one or more operations.

Commission:

• No commission.

ICO Discount:

ICO will, via the Bank discount the beneficiary 1.50% of the interest rate of the operation which shall be applied as the net current value and intended for early repayment of capital. The amount of this discount is 65 euros per every 1,000 euros finance.

Early repayment:

This may be partial or in full under the following conditions.

• Variable rate: no penalty.
• Fixed rate: Up to 1% of the amount to be repaid.

In all cases, if the repayment occurs within the 2 first years of the finance term, a commission shall be applied in proportion to the time of repayment.

Compatibility and incompatibility of the aid:

This line is incompatible with finance via the ICO-NACIONAL 2010 line. It is subject to the de minimis condition of the European Union and is compatible with the aid received from the Autonomous Communities or other institutions, within the maximum limits established by the European Union.

This Line will be in effect until 20 December 2010 or before if the funds are exhausted