Everything you need to know to apply for an ICO loan (infographic)
Posted: Sun Dec 22, 2024 4:28 am
Financing for companies and self-employed workers is necessary to promote economic activity, which is why the ICO loan is a fundamental tool to boost credit for companies and self-employed workers , since up to 12,500,000 euros can be financed, in one or more operations , over a period of four years, if there is no investment project and up to 20 years if there is one.
One of the main advantages of ICO loans is that there are no opening fees to pay , and you can obtain variable interest financing at rates between 2.57% and 6.3%, although you can also opt for fixed interest rate loans.
What can be financed with ICO credit?
ICO loans are philippines phone lookup an excellent option to obtain liquidity to cover working capital needs , such as current expenses, payrolls, payments to suppliers, purchase of merchandise, advance payment of invoices, renewal of credits, etc.
But in addition to the current assets, the ICO grants longer-term loans to finance productive investments within the national territory, so that an ICO loan can be requested to finance:
New or second-hand productive fixed assets.
Passenger vehicles, the price of which does not exceed 30,000 euros plus VAT. Commercial vehicles may be financed 100%.
Technological innovation .
Rehabilitation or reform of buildings, common elements and housing (VAT or similar taxes included) in the case of communities of owners, groups of communities of owners and individuals.
Investments made prior to the signing of the transaction may be financed, provided that they were not initiated before 1 January 2015.
From the date of signing the operation, the client will have one year to make the investment to be financed .
Where can I apply for ICO funding and what documentation must be submitted?
An ICO loan can be requested from any of the credit institutions that collaborate with the ICO, which are usually almost all of them, so the best place to start is to ask at your usual office, since it will be the credit institution where the application is submitted that will decide on the granting of financing .
One of the main advantages of ICO loans is that there are no opening fees to pay , and you can obtain variable interest financing at rates between 2.57% and 6.3%, although you can also opt for fixed interest rate loans.
What can be financed with ICO credit?
ICO loans are philippines phone lookup an excellent option to obtain liquidity to cover working capital needs , such as current expenses, payrolls, payments to suppliers, purchase of merchandise, advance payment of invoices, renewal of credits, etc.
But in addition to the current assets, the ICO grants longer-term loans to finance productive investments within the national territory, so that an ICO loan can be requested to finance:
New or second-hand productive fixed assets.
Passenger vehicles, the price of which does not exceed 30,000 euros plus VAT. Commercial vehicles may be financed 100%.
Technological innovation .
Rehabilitation or reform of buildings, common elements and housing (VAT or similar taxes included) in the case of communities of owners, groups of communities of owners and individuals.
Investments made prior to the signing of the transaction may be financed, provided that they were not initiated before 1 January 2015.
From the date of signing the operation, the client will have one year to make the investment to be financed .
Where can I apply for ICO funding and what documentation must be submitted?
An ICO loan can be requested from any of the credit institutions that collaborate with the ICO, which are usually almost all of them, so the best place to start is to ask at your usual office, since it will be the credit institution where the application is submitted that will decide on the granting of financing .