Madrid, 6th July 2021.- COFIDES presented the Recapitalisation Fund for companies affected by COVID-19 to the Chamber of Commerce of Gran Canaria, in order to give an insight into the functioning of the solvency fund driven by the State.
At the meeting, chaired by the President of the Chamber of Commerce of Gran Canaria, José Sánchez Tinoco and the CEO of COFIDES, José Luis Curbelo, members were explained the mechanisms that will give medium-sized companies affected by the pandemic the opportunity to access the necessary financing with a view to getting their business back on track.
José Luis Curbelo, CEO of COFIDES, highlighted that “the role of all entities that have a direct relationship with the Spanish business fabric, and in this specific case, with Canary Islands companies, need to be aware of the solvency fund, as they are a source of information. In this way, we can reach a greater number of companies that could benefit from financing such as this”.
For his part, José Sánchez Tinoco, President of the Chamber of Commerce of Gran Canaria, stated that the primary objective at present must be to preserve viable companies as much as possible to prevent liquidity problems from jeopardising their solvency. In this regard, he stated: “Today we have the opportunity for the CEO of COFIDES to give an in-depth explanation of this important fund” and reasserted the Chamber's will to strive towards economic recovery and job creation, “nevertheless, this Chamber, together with the other Canary Islands Chambers, is currently managing the line of direct State aid to the self-employed and companies affected by the pandemic, to the tune of €1.144 billion, the most substantial line of aid that companies in the Canary Islands have received”, he concluded.
The objective of the Recapitalisation Fund for companies affected by COVID-19, endowed with €1 billion of public funds, is to prevent the loss of jobs and the productive fabric at national and regional level.The selected companies will be able to access funding of between €3 million and €25 million (between €3 million and €15 million for SMEs; between €4 million and €25 million for non-SMEs), which will be temporary investments in the form of equity investments, equity loans and other financial instruments. The average duration of the financing will be roughly eight years, although the spirit of the Fund seeks the rapid amortisation of the investments (around five years) and each case will be analysed on a case-by-case basis.
From 30th June, medium-sized companies experiencing temporary difficulties as a result of COVID-19, but which are viable in the medium and long term, can apply for funding by emailing fondorecapitalizacion@cofides.es. COFIDES will also set up a platform through which electronic documentation can be submitted.
ABOUT COFIDES
COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
ABOUT THE CHAMBER OF COMMERCE OF GRAN CANARIA
The Official Chamber of Commerce, Industry, Services and Navigation of Gran Canaria is a public law corporation that carries out consultative functions and collaborates with the Public Administrations in all matters vis-à-vis representing, fostering and defending the general interests of commerce, industry, navigation and services.
