To provide financial and strategic support to companies with growth potential requiring co-investment to carry out their action plans, including but not limited to:


  • New or newly created entrepreneurial projects offering with a high growth potential for Cantabria. These projects must be innovative and be differentiated from products or service currently available on the market which offer the possibility of exploiting new market niches and create skills jobs in Cantabria.
  • Advances in the development of products and services until the launch in the market.
  • Organic and inorganic growth through the acquisition of other companies.
  • Projects for integration with other companies or businesses.
  • Shareholder renewal.
  • Establishment of foreign companies in Cantabria needing a local partner.
  • Management Buyout (MBO) and Management Buy-Ins (MBI).



What are we looking for in a project?


  • Projects considered of special interest to Cantabria.
  • Projects which contribute to the industrial development of Cantabria.
  • Projects based on a viable and profitable business model.
  • The technical, commercial and financial viability of the project.
  • Personal and financial commitment of the promoters.
  • Business capacity of the promoters and/or support of a professional management team.





  • The company must conduct its principal business and be registered and domiciled in Cantabria.
  • The company must be constituted as a for-profit, legal entity (a Private or Limited company, ESOP, Cooperative, Partnership).
  • To have no outstanding public debts in Cantabria, tax obligations or debts to AEAT or the Social Security system.
  • To not be considered an ‘undertaking in difficulty’ as established in EU directives on state aid for rescuing and restructuring non-financial entities in difficulty (2014/C 249/01).





  • Applications will be deemed presented when the completed form is duly submitted accompanied by the required additional documentation.
  • The application should be submitted signed by a legal representative or attorney-in-fact of the company.
  • The acceptance of an application will not be considered as approval of concession.



Investment Criteria


  • Location of the project in Cantabria or short-term commitment to domicile the company in Cantabria.
  • Financial commitment of promoters with a willingness to allow the temporary equity participation of third parties.
  • Management team with the competence and commitment to execute the project.
  • Project:
  • A solid business project with perspectives for high growth and a global vision supported by a solvent Business Plan and without competitors in Cantabria.
  • Innovative or differential project offering financial profitability and social benefits in Cantabria.
  • Positive valuation of the project and/or company operating within sectors considered to be strategic for Cantabria in its regional development policy.



Equity participation


  • Minority interest: Between 5% and 45% of the company share capital.





  • SODERCAN will not contribute more capital than the entrepreneur in undertaking the business project.
  • Equity participation will be determined on a case by case basis by SODERCAN depending, among other factors, on the valuation of the company, total company equity and financial structure of the company.
  • The contribution by SODERCAN, as the case may be, will be subject and conditioned by the budgetary or financial availability on the part of SODERCAN.



Period of SODERCAN participation in company equity


  • Temporal: the permanence of SODERCAN’s participation in company equity will generally be between TWO and TEN years.





  • The price of the exit of SODERCAN will be established at the moment it becomes an equity partner.



Other commitments


Simultaneous to the entry of SODERCAN in the company equity a contract between the partners will be established, previously agreed prior to the formal entry of SODERCAN. The contract will establish, among other issues, the following:


  • Establish a shareholder voting system that will require a reinforced majority (including the favourable vote of SODERCAN) for the adoption of certain decisions.
  • The right of SODERCAN to have a representative on the Board of Directors.
  • To conduct an obligatory audit of the company’s Financial Statements
  • The periodic supply of technical, financial and economic information to SODERCAN.
  • Justification of the use of funds supplied by SODERCAN.
  • Adjustments in equity participation, preferred liquidations, trigger clauses and sale/purchase options.


In certain cases this support may be complimented by further financing from SODERCAN in the form of ordinary loans or equity financing.