The purpose of the new credit facility, intended for the self-employed and micro-enterprises in the restaurant and trade sector, is to encourage the reopening of businesses in the restaurant and trade sector by committing to new business models that help to relaunch activity, cover liquidity needs and ensure that jobs are preserved.
The ICF and Avalis de Catalunya have launched a new credit facility, with the support of the Generalitat, for the catering and trade sector affected by the COVID-19 crisis. The loan beneficiaries are the self-employed and micro-enterprises in the restaurant and trade sector, who have been affected by the temporary closure of their establishments as a result of COVID-19. The facility is initially allocated at 20 million euros.
The purpose of the facility, named Avalis ICF Restauració i Comerç, is to encourage the reopening of businesses in the restaurant and trade sector by committing to new business models that help to relaunch activity, cover liquidity needs and ensure that jobs are preserved.
The purpose of the loans, which are fully guaranteed by Avalis de Catalunya, is to cover the liquidity needs of the self-employed and micro-enterprises in two of the sectors most affected by the health crisis. The amount of the loans has been set at 15,000 euros plus the cost of risk and mutual aid inherent to Avalis de Catalunya. Beneficiaries will be able to apply for 5-year loans with a grace period included in the term.
The Chief Executive Officer of Avalis de Catalunya, Josep Lores, explained that the new credit facility "provides direct liquidity to one of the business collectives whose activity has been the hardest hit due to COVID-19". "We hope that these fixed-amount loans will give an oxygen boost to the self-employed and micro-enterprises that have had to temporarily close their establishments," stated Lores.
The Chief Executive Officer of the ICF, Josep-Ramon Sanromà, stressed that “as a public bank, together with Avalis de Catalunya, we have set out a credit facility that complements the direct aid enabled by the Government of Catalonia for the restaurant, trade and aesthetics sector”.
This new credit facility comes in addition to the other financial solutions launched by the ICF and Avalis – backed by the Government of Catalonia – in recent months to cover the liquidity needs of the business community affected by the COVID-19 crisis. In total, upwards of 1 billion euros is available to self-employed workers, companies and entities in order to provide direct liquidity and ensure that jobs are preserved.
The new loans, available from Wednesday 21 October, can be applied for online through the Avalis de Catalunya website (www.avalis.cat).
About Avalis de Catalunya
The mission of Avalis de Catalunya, S.G.R., a non-profit organization, is to help SMEs and the self-employed in Catalonia access credit and obtain better financing terms by providing guarantees to financial institutions and the ICF. Likewise, it aids with the bidding and execution of public tenders.
The institutional partners of Avalis de Catalunya include the Generalitat de Catalunya, the Institut Català de Finances, industry organizations such as Foment de Treball and PIMEC, as well as almost all financial institutions operating in Catalonia.
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