Bankinter updates its set of 'Next Generation EU' solutions for companies to meet their financial needs
The bank supports Spanish companies with projects subsidised with European grants and offers the 'Next Generation EU Loans' for initiatives where said funds do not cover 100% of the investment.
In addition, the bank provides specific advances on subsidies so companies can start their projects without waiting for funds.
It also helps customers process their grants more easily with the 'Next Generation EU Guarantees', which are required before grants are received
The support and advisory service launched by the bank almost a year ago already supports 1,800 companies, up 67% from four months ago.
Bankinter reinforces its support for Spanish business projects so companies can get started with the Next Generation EU programme more quickly. In order to do this, it has updated its European funds service with a set of specific financial solutions.
The objective is for companies to be able to streamline their initiatives within this aid framework, which has been approved by the European Commission. To that end, they will be able to access Next Generation EU loans, which offer convenient finance, since they cover the portion of the investment that is not covered by European grants. Grants do not usually cover 100% of the amount required to start a project.
To bridge this gap, companies will have access to various options, both in terms of the timeframes for returning the loan and the repayment terms.
In addition, when EU grants are not paid until the specific business project has been started, Bankinter offers an advance payment of the subsidy as a solution, which can cover up to 100% of the grant secured by the companies. The bank has already been offering this option.
What's more, there are Next Generation EU Guarantees, which speed up the processing of projects. Companies can use national and international guarantees, since a guarantee is a requirement before they receive the funds awarded as a grant. Companies that already have a guarantee facility open at the bank can complete the process more quickly and completely online.
Information about these products can be found in the specific section on European funds on the Bankinter website:Finance for Companies | NGEU | Bankinter Corporate
Vital support with an advisory service.
From the outset, Bankinter offers support for Spanish companies so that they can benefit from European grants, which will undoubtedly contribute to strengthening the Spanish economy.
The bank's support for the Next Generation EU programme started almost a year ago with the launch of an advisory and support service for companies designed specifically for this programme.
In January, 1,076 companies were taking advantage of this service and now, only three months later, that figure is up by 67%, with 1,800 companies making use of this specific service.
For the advisory service, the bank signed an agreement with FI Group, a consultancy company specialising in the management of European funds and leader in terms of volume (36.3%) and acceptance (97.2%) of reasoned reports for tax deductions for R+D+i, according to data from the Ministry of Science and Innovation. In addition, one in ten transactions financed by the Centre for the Development of Industrial Technology (CDTI) in 2020 was managed by FI Group, which also has a 90% success rate in managing grants requested by the Institute for Diversification and Saving of Energy (IDAE). FI Group has 38 international offices and 1,500 employees.
This Bankinter service is free for customer companies until they receive the grant and helps them with the necessary procedures as well as providing support with structuring and drafting projects, technical assistance and submisssion of applications to the relevant government portals. Customers can also be audited with the aim of verifying and financially justifying the finance obtained, in addition to receiving other benefits.
A total of 34 agreements with business associations
It should also be noted that Bankinter has already signed a total of 34 agreements with business associations from a range of sectors to offer its partners both access to its comprehensive advisory service on European funds, as well as its financial support, through this set of Netx Gen EU solutions.