How to apply for an Enisa?
To obtain an ENISA participatory loan, you must follow these steps:
1. Prior preparation. Before submitting the application, it is essential to verify that the company meets the requirements (legal form, tax address in Spain, sufficient own funds, being up to date with the Treasury and Social Security) and to clearly define the amount to be requested and the business plan that supports it.
2. Submission of the application. The request is submitted through the ENISA Customer Portal. Once submitted, the company has 30 days to complete and upload all the required documentation. If that period elapses without having completed it, the process must be started from scratch.
3. Admission phase. The ENISA admissions team verifies that the documentation is complete and that formal requirements are met. This phase can last up to 30 days.
4. Analysis phase. An analyst is assigned to evaluate the project in depth: technical and economic viability, promotional team, financial projections and equity structure. It is common for the analyst to request additional information or clarification.
5. Resolution and formalization. If the Committee approves the transaction, the company receives the concession communication. From there, you have up to 60 days to provide the final documentation (including the capital increase document registered in the Commercial Registry, if applicable) and sign the policy before a notary. The disbursement occurs 1-2 days after signing.
Estimated total time of the process: between 2 and 4 months from submission to account entry, although with the new continuous funding model (without seasonality), deadlines tend to be more agile than in previous years.
Having the support of a specialized consultant makes a real difference in this process. Not only does it offload the founding team from work that requires time and technical knowledge, but it significantly increases the chances of success and can have an impact on the final amount awarded. At Intelectium, we have been supporting startups and SMEs in applying for ENISA for more than 20 years, with a 100% successful model: we don't charge anything until the company receives funding.
What documentation does ENISA require?
The basic documentation that ENISA requests in all its lines includes:
— Deed of incorporation of the company and subsequent deeds affecting legal personality (changes of name, address, capital increases, etc.).
— NIF of the company and DNI/Passport of the signatories.
— Annual accounts for the last closed financial year deposited with the Mercantile Registry (if the company has already closed any financial year).
— Business plan and financial projections for 5 years.
— Certificates of being up to date with the Tax Agency and Social Security.
— Direct debit document and certificate of account ownership.
— Innovation report prepared by an external expert (in some cases).
— External audit of accounts, only if the amount requested exceeds 300,000 euros.
Incomplete documentation is one of the most common causes of inadmissibility. Having all the documentation updated and correctly provided right from the start is key to not missing the 30-day deadline given by ENISA after the registration of the application.
How long does ENISA take to resolve a request?
The entire process from the submission of the application to the account usually takes between 2 and 4 months, although the deadlines may vary significantly depending on the case. In well-documented operations with solid records, we have seen processes resolved in just 2-3 weeks. At the opposite extreme, when the capital increase is not properly written, documentation is missing or the analyst requests additional clarifications, the process can take up to 6 months.
In general, no. ENISA has tightened its judgment in recent years and, although there is no officially published minimum billing threshold, in practice analysts value projects without any commercial traction very negatively.
A company with no billing or with a very incipient turnover has a significantly lower probability of approval than one with a certain sales history, even if it is modest. There are exceptions, but they are just that: exceptions. Projects with a very specific profile: deep tech, healthtech, biotech or other sectors with long validation cycles, may have options if they compensate for the absence of billing with elements that provide solid external validation signals: letters of interest signed by potential customers, LOIs, ongoing pilots, agreements with hospitals or research centers, etc.
In any case, what ENISA always requires is that the company be incorporated as a commercial company, that it has its own funds equivalent to the amount requested, and that the business plan and financial projections be solid and credible.
If your company is in the pre-revenue phase, we recommend that you do an eligibility assessment before submitting the application. A prior analysis by a specialized consultant can save you time and guide you on whether the time is right or if it is worth reinforcing some aspects of the project first before presenting it.
Why work with Intelectium for your ENISA?We have been specializing in public funding for innovative startups and SMEs for more than 20 years. We have accompanied hundreds of companies in obtaining ENISA loans in all their lines and stages, from projects in the pre-revenue phase to companies in Series A rounds.
We work with a 100% successful model: we don't charge anything until your company receives funding. If you want to know if your company fits ENISA and how much you could achieve, write to us at
dealflow@intelectium.com and we'll give you a free assessment.
