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Source: Arrabe Asesores 26 July 2011

ICO-FuturE 2011 LINE

The registered office and fiscal or facility in Spain to develop its activity in the Spanish tourism industry will benefit from this ICOFuturE line

Application Deadline: open until 19/12/2011 or sooner on the depletion of funds provided by the MITT.

Regulation: RSL 4/19/2011. Agreement April 8, 2011. BOE 20/04/2011

Beneficiaries: companies with registered office and fiscal or facility in Spain to develop its activity in the Spanish tourism sector. Enterprises owned or operated:

• hotels, tourist apartments, tourist camps and lodgings.
• catering establishments: restaurants, cafes, bars, discos, nightclubs ....
• Travel Agencies: wholesalers, retailers, "online", central reservation ...
• complementary tourist establishments, resorts, theme parks ....

Investments: can finance productive investment in fixed assets (including VAT or similar tax) which are contained within:

1 .- Investments aimed at improving the sustainability of these facilities through the implementation of systems
? to promote saving and water (sanitary, kitchen and reuse)
? saving energy (solar, elevators, power, lighting, heating and air conditioning)
? conservation and improvement of the environment (using clean energy as electric cars, water purification, reduction of noise pollution and emissions ...)
? implementation of environmental management systems certifications recognized by accredited entities.

2 .- Investments to facilitate accessibility and removal of architectural barriers for people with disabilities in the tourism sector.

3 .- Investments aimed at the implementation of quality systems (Q Spanish Tourism Quality, ISO 9000, etc.) that allow progress in improving its products and services as a competitive factor distinguishing mark in domestic or international.

4 .- reform and modernization led to the introduction of new technologies in the process or product and organizational systems on the improvement of management systems and direct marketing. (Telematics communication, adaptation DTT, wifi areas ...).

5 .- Investment in the specialization and differentiation of the tourist establishment to attract a specific niche or market segment, as can be, but not limited to: sports and complementary services linked to tourism products, facilities for health care, business centers, convention centers and conference and meeting rooms.

In no event shall be financed through this line:
• Investments regular maintenance
• Investments in real estate acquisition or vehicles (except electric cars to transport clients)
• Restructuring debt or refinance
• working capital.

Investment financing can not be older than at May 10, 2011, and must be put in within 24 months from the signing of the subsidiary credit institution with the mediator. The latter term may be increased by 12 months in those cases duly accredited in the delay directly resulting from obtaining the administrative licenses that are mandatory for the realization of investments.

Funding may be requested in the form of loan or lease.

You can finance up to 100% of the investment project, including VAT or similar tax, up to 10 million euros in one or more transactions per customer per year, with the following maturities:

• 3 years with no grace period for payment of principal
• 5 years with no grace period or 1 year grace period for payment of the principal
• 7 years, 2 years grace period or grace period for payment of the principal
• 10 years with no grace or 2 year grace period for payment of the principal
• 12 years with no grace or 2 year grace period for payment of the principal
• 15 years with no grace or 3 year grace period for payment of the principal
• 20 years with no grace or 3 year grace period for payment of the principal

The interest of the ICO to transfer credit institutions will be fixed throughout the term of the line.
All operations up to 2 million, will have a bonus interest rate of 35 basis points.

Interest rate for the client:

Operations within the annual APR interest rate
Section I
to € 2 million Tranche II
Of more than 2 to 10,000,000 €
4.478% 3 years 4.828%
5.419% 5 years 5.769%
5.879% 7 years 6.229%
10,12,15 and 20 6.339% 6.689%

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