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.

We mentioned the stages so that you can pigeonhole your company and choose the phase that best suits your company.

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.

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.

Co-finance the company's strategic plan for the coming years.

The requirements to qualify for Enisa growth equity loans are:

The amortization of the loan is up to 9 years and the grace period is up to 7 years.

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.

Minimum of €25,000 and maximum of €1,500,000. The level of own funds must be, at least, equal to the amount requested.

An opening commission of 0.5% of the capital granted is established.

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.

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.

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.

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.