Factsheet for measure
ES-2020-12/575
– measures in Spain
New insurance coverage line for export-oriented SMEs
Línea extraordinaria de cobertura aseguradora para PYMES internacionalizadas
Background information
With extraordinary character and with a duration of 6 months from the entry into force, it is established the creation of an insurance coverage line of up to €2,000 million with the guarantee of the Reserve Fund for the Risks of Internationalization.
The objective of this policy is to help export-oriented SMEs to get access to funding and coverage of risks incurred during the COVID-19 crisis.
Content of measure
The financial liquidity needs of the exporting company will be eligible provided that they respond to new financing needs and not to situations prior to the current crisis.
The beneficiaries of this policy are SMEs according to the definition in Annex I of Commission Regulation EU 651/2014, as well as other larger companies, provided they are unlisted entities, in which the following circumstances concur:
*That they are internationalized companies or in the process of internationalization, by meeting at least one of the following requirements: companies in which the international business, reflected in its latest available financial information, represents at least a third (33%) of its turnover; or companies that are regular exporters (those companies that have exported regularly over the last four years according to the criteria established by the Secretary of State for Commerce).
*That the company faces a liquidity problem or lack of access to financing as a result of the impact of the COVID-19 crisis on its economic activity.
*Those companies in bankruptcy or pre-bankruptcy are expressly excluded, as well as those companies with incidents of default with companies in the Public Sector or debts with the Administration, registered before December 31, 2019.
The percentage of credit risk coverage in the operations subscribed under this line will not exceed the limit that may be established at any time in accordance with the EU regulations on State aid.
Use of measure
No stats on the use of measure are available
Target groups
Actors and funding
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Actors
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Funding
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National government
Company / Companies
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National funds
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Social partners
Social partners' role in
designing the measure
and form of involvement:
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Trade unions
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Employers' organisations
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|
Role
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No involvement
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No involvement
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Form
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Not applicable
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Not applicable
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Social partners' role in the
implementation, monitoring and assessment phase:
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No involvement
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Main level of involvement: Unknown
Involvement
Social partners were not involved in designing, implementing or monitoring this measure
Views and reactions
Employer organizations were supportive of this policy measure
Sources
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18 March 2020: Royal Decree-Law 8/2020, of March 17, on extraordinary and urgent measures to face the economic and social impact of COVID-19.
(www.boe.es)
