Major Banks Join DANA ICO Guarantees

Caixabank, Santander, BBVA, Sabadell and Caixa Popular have asked to be included in the guarantee line launched by the government through an ICO to help companies and citizens affected by DANA.

The Council of Ministers last Monday approved the activation of the first tranche of 1 billion euros dedicated to this program, which will be allocated to each module depending on demand, up to a total credit lines of 5 billion euros.

The goal is to provide financial assistance to companies and citizens affected by the disaster.

According to the state institute, to facilitate the deployment of the line and make the cost of operations as profitable as possible, the Ministry of Economy guarantees managed by the ICO will cover 80% of the funding amount and will be free. loan.

The new ICO funding is divided into three areas. The first two are aimed at providing victims – individuals, the self-employed, communities of owners and companies – with assistance from public administrations and insurance compensation, even if an official assessment of losses has not yet been carried out. In both cases, the amount will be indicative, in accordance with the terms of the policy and the losses incurred. A fixed interest rate of 0% per annum will apply to individual customers for the first three months and 2.5% per annum for loans from three months to five years.

The third line of ICOs is aimed at affected companies whose main activities are carried out in the affected regions, with the goal of providing them with liquidity and allowing them to restore their economic activities.