Bankinter launches a credit facility of 15 million euros for entrepreneurial projects guaranteed by Afín SGR

Bankinter and Afín SGR, the mutual guarantee company of the Region of Valencia, have renewed and extended their collaboration agreement aimed at facilitating financing for self-employed individuals, microenterprises and SMEs in the region of Valencia. Under this new agreement, Bankinter increases the amount of its special line of financing from 5 to 15 million euros, which will be available to all entrepreneurial projects that have the Afín SGR guarantee and with an establishment or their head office in the region of Valencia.

The line launched by Bankinter will be aimed at meeting both investment and liquidity needs and at promoting foreign trade lines, with a maximum amount of 500,000 euros. The agreement has established terms ranging from 3 to 15 years, with a 2-year grace period, for investment transactions. As a new feature, the maximum term for transactions without a mortgage guarantee is set at 10 years. For working capital needs or internationalisation processes, the term is from 1 to 5 years. 

This new agreement also covers the Industrial Investment Support Programme which, by virtue of the Next Generation EU funds, the Ministry of Industry, Commerce and Tourism has channeled through the Spanish Mutual Guarantee Companies. This programme has resulted in the creation of a subsidised line known as Impulso Industrial (PAEI), which finances, including the subsidy, at Euribor -1% with no fees up to 100% of the amount of industrial investments made in the last 12 months or planned for 2023. In this regard, interested parties may apply for up to 1.5 million euros, with a term of between 3 and 15 years and up to a 3-year grace period.

The signing of the agreement, which took place at Bankinter's headquarters in Valencia, was attended by Antonio Berdiel, Deputy General Manager of Bankinter and Regional Manager of the regions of Valencia, Murcia and the Balearic Islands, and José María Badía, General Manager of Afín SGR.

Antonio Berdiel, Deputy General Manager of Bankinter and Regional Manager for the regions of Valencia, Murcia and the Balearic Islands, said that "one of Bankinter's priorities in the Valencia region is to help its companies to grow and, bearing this objective in mind, we have signed the agreement with Afín SGR. To this end, we have strengthened the pace of financing for entrepreneurial projects that have great potential and that will lead to greater economic progress in the region. As an example, Bankinter Group increased its financing to companies by 3% in the first quarter of the year, compared with a reduction on average in the financial sector.'

The General Manager of Afín SGR, José María Badía, stressed the importance of the renewal of this agreement: 'Expanding and improving collaboration agreements with financial institutions, such as the one signed today with Bankinter, demonstrates the value that the business community finds in these initiatives to provide financing on better terms. The pace of formalising guarantees is growing compared to previous years, and we are now approaching 100 million euros, which would represent an increase of 20% compared to the same period in 2022 and a confirmation of the essential role played by mutual guarantee companies.'

About Bankinter

Bankinter is the fifth largest bank in the financial sector, the most resilient bank in Spain and the third most resilient in Europe, according to the latest European stress tests. The Bank closed the first quarter with a profit of 185 million euros, 20% higher than in March 2022. It maintains a corporate finance portfolio of more than 30 billion euros, implying 2% year-on-year growth. It is one of the leading corporate banking institutions in Spain and Portugal, a business that represents one of its main strategic commitments.

Afín SGR

Afín SGR, the mutual guarantee company of the Region of Valencia, was founded in 1981 to facilitate access to credit for small businesses and the self-employed and to improve their financing conditions by granting guarantees. Afín SGR is a non-profit entity, subject to the supervision and inspection of Banco de España, with a presence in Alicante, Castellón and Valencia. Its activity includes providing guarantees and collateral to access credit facilities, negotiating better financing conditions with credit institutions, and offering information and advice to meet the financing needs of SMEs and self-employed individuals.