ENISA Crecimiento

Funding of up to 1.5M€ for startups

Financiación

Esta línea está diseñada para apoyar modelos de negocio viables que quieran mejorar sus sistemas de producción.

Modalidad

Empresas y autónomos del estado español.

Amortización

Hasta 9 años de amortización con carencia de hasta 7 años

Interest

Aplicado en dos tramos. El primer tramo será de Euribor +2 o+ 3,75% y el segundo de un 8% máximo adicional en función de la rentabilidad de la empresa.

Guarantees

No exigen avales ni garantías personales

Amortization

9 years, with a 7 year grace period

Funding

The company must make or have recently made a capital injection

Modality

Participatory loans

Interest

Applied in two sections. The first tranche will be Euribor + 3.25% and the second will be an additional 6% maximum depending on the company's profitability.

Guarantees

They do not require personal guarantees or guarantees, which makes it much more interesting than a traditional bank loan

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ENISA Growth is a funding program for startups and SMEs created to improve the competitiveness of companies. The Enisa Crecimiento funding line is designed to financially support startups or SMEs, with viable and profitable business models that want to improve their production systems or expand. Enisa co-finances the company's strategic plan for the coming years with a minimum of €25,000 and a maximum of €1,500,000. However, more than €300,000 in funding cannot be requested from Enisa if the company does not audit accounts. Therefore, if your investment round or capital increase is much higher than the amount of 300,000 euros, we always recommend auditing accounts as far as possible, in order to be able to request a larger amount of funding from the bank.

This is a participatory loan that is not convertible to equity. Enisa's main difference from a bank loan is that “the financing body” is at risk with the transaction and applies a variable interest rate depending on the company's profits. In addition, it does not require personal endorsements or guarantees from entrepreneurs.
What is Enisa's Crecimiento objective?
We mentioned the stages so that you can pigeonhole your company and choose the phase that best suits your company.
  • Finance the project through corporate transactions.
  • You intend to expand your productive capacity, through technology, increasing the range of products/services or diversifying markets.
  • They need capitalization or debt in regulated markets.
  • You are looking for a change in the model of the product systems or a competitive improvement.
What projects does Enisa Crecimiento fund?
Business projects with viable and profitable business models executed by SMEs that are focused on improving their production systems and/or changing their production model and expanding through expansion of productive capacity, technological advances, increasing the range of products/services, diversifying brands...; seeking capitalization and/or debt in regulated markets and financing business projects through corporate transactions.
Which companies can benefit from the Enisa Growth line?
The applicant company must be an SME with more than 24 months of experience. The business model must be innovative or novel, and cannot be framed in the real estate and financial sector, with few exceptions. Startups or SMEs that are less than 24 years old should go to the ENISA Young Entrepreneurs line, for projects led by entrepreneurs under 41 years of age, or to the Enisa Entrepreneurs line, which has no age limit.
What is the purpose of the investment?
Co-finance the company's strategic plan for the coming years.
What requirements do they ask for?
The requirements to qualify for Enisa growth equity loans are:
  • Have a main activity and registered office in the national territory.
  • Own funds must be at least equivalent to the amount of the loan.
  • The accounts for the last closed financial year must be in the Mercantile Registry or in a corresponding public register.
  • Excluding financial sectors and real estate sectors.
  • You will have to demonstrate the technical and economic viability of your business project.
  • To be an SME, in line with the EU definition.
  • Have your own legal personality.
  • Co-financing of the financial needs associated with the business project.
  • That the business model is novel, innovative or with clear competitive advantages.
How long is the loan repayment and grace period?
The amortization of the loan is up to 9 years and the grace period is up to 7 years.
What interest rates does the Enisa Crecimiento loan have?
The interest on the Enisa loan will be applied in two tranches: the first tranche will be EURIBOR + 3.75% and the second an additional 8% maximum depending on the company's profitability. The liquidation of interest and capital is carried out on a quarterly basis.
How much is the minimum and maximum amount of funding that can be obtained?
Minimum of €25,000 and maximum of €1,500,000. The level of own funds must be, at least, equal to the amount requested.
What fees do you have?
An opening commission of 0.5% of the capital granted is established.
Requirements
The startup must have its own funds (at least) equivalent to the amount of the loan.
The startup must be at least 2 years old at the time of the request.
The startup must have launched the product or service to the market, with certain metrics that validate the project (even if it does not yet monetize or have recurring revenues).
How does Enisa evaluate projects?
The evaluation committee focuses on the history and metrics that the company has achieved to date. Therefore, it is important for the company to have clear metrics that demonstrate, among others, its ability to scale the solution in the market and to attract and retain customers. In addition, it is important that companies that apply for an Enisa loan have a solvency situation, the fact that a project has a negative cash flow or a very high burn rate will diminish the chances of obtaining the requested funding.
Substitute or complementary funding
Enisa acts as a co-investor. The fact that Enisa's funding is conditioned on the fact that the company makes or has recently made a capital contribution equal to or greater than the amount requested means that after a capital increase or in parallel with the investment round itself, it is a good time to apply for a loan from Enisa. From Intelectium, we recommend applying for an Enisa loan to leverage private funding rounds, as they help entrepreneurs to obtain more working capital, avoiding an excessive dilution of their shareholder power in the early stages of the company.
What is the process for obtaining an ENISA Growth?
First, you must make your request through the customer portal. You have to be sure to provide all the necessary documentation for ENISA to begin the analysis phase. ENISA will evaluate your application and must determine the amount of the loan and its conditions, assessing whether it issues a favorable opinion. If your project is chosen you will receive a communication. From then on, you will have a period of three months to provide the documentation that is required in order to sign before a notary for the formalization of the loan.
Learn more about the funding agency
The National Innovation Company is under the Ministry of Industry, Trade and Tourism, through the General Directorate of Industry and Small and Medium-sized Businesses. The DGIPYME offers direct funding to SMEs and entrepreneurs through ENISA.
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