Santander continues to consolidate itself as a responsible bank and a reference for SMEs and corporates and improves its financial and non-financial offer with a new fund, Fondo Smart, endowed with €620 million to provide loans to finance long term business growth. This new fund is the largest private debt fund in Spain and offers businesses a new financing alternative for projects that boost growth, sustainability, innovation, digitalisation and create jobs.
This new fund updates the Fondo Advance which was introduced in 2014 and offered €250 million in financing to SMEs mainly through ordinary debt. Fondo Advance was available for companies in business for more than three years with projects to invest in growth financing of one million euros or greater to be repaid over three years or more. Its reserves, however, have been depleted and it will now be replaced with a larger fund designed for a broader range of businesses.
The new Fondo Smart, is broken down into three lines depending on the development phase of the projects:
The structure of the financing will be flexible and based on the needs of companies. The Fondo Smart will also allow companies to focus on sustainable growth, pursue high impact projects and take advantage of advisory services related to financial and non-financial solutions.
Rami Aboukhair, country head of Santander España, said: “With Fondo Smart we help fulfill our purpose as a responsible bank that helps businesses prosper and reinforce our long term relationship with clients. We accompany businesses as they grow and make strategic financing available to them to boost projects that support sustainable growth, innovation, digitalisation and generate employment”.