What type of companies are we looking for?
Financing is available for companies in one of the following stages:
- Companies wanting to grow, expand, acquire new companies or diversify their markets.
- Family companies looking for the support of a professional partnership.
- Companies wanting to become more competitive or change their production model.
- Companies or entrepreneurs outside of Cantabria looking for a local partner to help them establish a presence in Cantabria.
- Innovative companies with high growth potential requiring resources to carry out their expansion or development plans.
- Companies and entrepreneurs with projects for investment and the development of new business lines/markets.
- Strategic projects for the region.
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 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.
What is the process?
- Submission of the completed application form accompanied by all additional documentation required by SODERCAN.
- Analysis of the project by SODERCAN.
- If the analysis is positive: the operation is forwarded to the Board of Directors for authorisation.
- Notarisation of all documentation.
- Justification and oversight of the project.
- SODERCAN will provide financing for the approved business plan. This plan must be realistic and coherent.
- SODERCAN may offer financing up to a maximum of 50% of the approved business plan.
- To determine the specific amount of financing provided by SODERCAN two factors will be taken into consideration: the amount of proprietor equity and the financial structure of the company.
- All financing of business projects, as the case may be, will be subject to the availability of funds or budget on the part of SODERCAN.
- Market interest rates will be applied, fixed according to the financial conditions given by shareholders or financial entities, the current interest rate of the ICO or ENISA, the official interest rate and established reference rate as set by the Communication Commission for the revision and modification of fixed reference rates.
- 0.25% opening commission.
- Up to 10 years (including, as the case may be, the initial rate period).
Maximum initial rate period:
- Up to 2 years.
- Quarterly amortisation of principal and interest.
- Bank guarantee, partner guarantor, mortgage, etc. to be evaluated by SODERCAN according to circumstances.
Contribution of partners:
- The company will be required to make a significant contribution to financing the business plan from company equity, shareholders or creditors not of the public-sector of Cantabria, other companies of the group or new investors who may provide financing or contribute equity to the company.
- Obligation to present Annual Financial Statements.
- Periodically provide SODERCAN with technical, economic or financial information.
- Justification of the dispensing of funding provided by SODERCAN.