If you have a startup or an innovative project and are looking for funding, ENISA (Empresa Nacional de Innovación, S.A.) could be your best ally. This public entity offers participative loans with flexible conditions designed to support entrepreneurs at different stages of their business journey.
In this guide, we’ll clearly and concisely explain what ENISA is, how its funding lines work for new businesses, and the steps you need to take to access its loans.
If you’re looking for an ENISA loan, keep reading.
What is ENISA and how can it help you?
ENISA is a public entity under the General Directorate of Industrial Strategy and Small and Medium Enterprises (Dirección General de Estrategia Industrial y de la Pequeña y Mediana Empresa), which is part of Spain’s ministry of industry and tourism.
Its main goal is to boost entrepreneurship and innovation by offering participative loans to startups and SMEs looking to grow without requiring personal guarantees or traditional collateral.
The key advantage of ENISA is that it evaluates your project based on its potential and feasibility rather than just financial guarantees. This means that if you have an innovative business model and a solid plan, you can secure funding without giving up equity in your company.
ENISA provides different types of participative loans designed to support entrepreneurs at every stage of their business, from launch to expansion. These loans come with very attractive terms, which we will explain in detail below.
Key results and impact of ENISA
Over the years, ENISA has financed more than 7,800 SMEs and startups, disbursing approximately €1.4 billion in participative loans. These investments have significantly contributed to the country’s economic and social development.
Between 2005 and 2019, ENISA granted 6,487 loans to 5,701 companies, demonstrating its continued commitment to supporting entrepreneurship and innovation.
Approval rates for ENISA loans have varied over time. For example, in 2016, the approval rate was 56%, dropping to 37.2% in 2017 and reaching 41.1% in 2018. These fluctuations reflect the competitive and selective nature of the evaluation process.
Enhance your funding round with ➡️ ENISA public funding.
Below is the evolution of ENISA loan approval rates in recent years:
Additionally, the amounts funded vary depending on the financing line and the startup’s stage.
Below is an estimate based on the most recent data:
Latest updates on ENISA funding programs
💰 €303M for innovative projects: €200M allocated for 2025 and €103M for 2026.
📅 No more waiting for the annual budget: ENISA will now operate with its own fund.
🔑 Fully operational by Q1 2025: applications can be submitted year-round without specific deadlines.
⏱️ Fast processing: the average analysis time remains at 35 days, ensuring efficiency.
- Loans by stages: funding can be approved in multiple phases, starting with an initial disbursement upon approval, followed by additional payments upon reaching specific milestones. This eliminates the need to submit new applications and ensures a continuous flow of funds. As a result, loan amounts are expected to increase, reaching up to €300K.
- Co-investment for loans exceeding €300K: for projects with risks over €300K, ENISA will require the participation of a professional investment fund (VC) under similar terms. This encourages greater involvement from other market players.
- Fund sustainability: the fund is projected to reach self-sufficiency by August 2026 and will operate for 20 years, ensuring a steady flow of resources to support the ecosystem.
What are the requirements for your startup to apply for an ENISA loan?
To qualify for any ENISA funding line, you must meet the following requirements:
- Be an SME as defined by the EU.
- Have a legal entity separate from its partners and engage in a for-profit economic activity.
- Operate in any sector except real estate and finance (except for tech companies serving those sectors).
- Have its registered office in Spain.
- Have an innovative or disruptive business model with clear competitive advantages.
- Ensure co-financing of your project’s financial needs. Without co-investment, you cannot secure an ENISA loan.
- Demonstrate a balanced financial structure and professional management.
- Your equity must be at least equal to the loan amount (except for the Young Entrepreneurs line, which requires at least 50%).
- Prove the technical and economic feasibility of your business project.
Why is it a good idea to apply for an ENISA loan for your startup?
ENISA has become one of the leading financing options for new businesses in Spain, supporting thousands of entrepreneurs over the years due to its advantages:
- Financing is available for businesses at various stages of development.
- Interest rates include two components: an initial rate (Euribor differential) and a second variable rate based on the company’s financial performance, capped according to the loan rating.
- Financial expenses (interest, opening, and cancellation fees) are tax-deductible for Corporate Tax purposes.
- Participative loans strengthen the company’s financial structure since they can be considered equity for capital reduction and dissolution purposes under commercial law.
- Long repayment terms (up to 6 years) and grace periods (up to 2 years).
- No collateral or personal guarantees are required. The entrepreneur is not personally liable for repayment, but the application process requires a highly detailed viability plan, which ENISA will thoroughly evaluate before approval.
Success story: learn about one of our clients
ENISA funding lines for startups
ENISA offers several financing lines to support SMEs and startups at different stages of growth and in specific sectors.
Below are their main features:
Startups and SMEs
The ENISA Startups and SMEs funding line is aimed at financing viable and innovative companies, whether in their early stages or in the process of growth, that seek to boost their business projects and strengthen their business model.
Its main goal is to provide financial support to startups looking to scale or develop new lines of activity, particularly in their initial phases.
To qualify, companies must meet certain requirements, including:
-
Be classified as an SME according to the European Union definition.
-
Have an independent legal entity and a registered office in Spain (companies from the EU with a subsidiary or business presence in Spain may also apply).
-
Have an innovative business model with clear competitive advantages.
-
Contribute equity at least equivalent to the loan amount.
-
Submit the financial statements for the last closed fiscal year and, for loans above €300,000, provide externally audited accounts.
The loan amounts range from €25,000 to €1,500,000, depending on factors such as the company’s financial structure and level of equity.
One of the main advantages of ENISA’s participative loans is that no personal guarantees or collateral are required.
The maximum term is 7 years, with a grace period of up to 5 years, and both interest and principal repayments are made on a monthly basis.
Digital Entrepreneurs
This ENISA funding line is designed to support technological and innovative initiatives led by women, regardless of the company’s sector or stage of development.
Eligibility requirements:
-
The applying company must be led by women and demonstrate that at least 20% of its ownership is held by women. In addition, women must occupy key positions within the management team.
-
While ENISA does not explicitly specify the 20% threshold in its official criteria, our experience suggests this is the most appropriate benchmark.
Funding details:
-
Amount: between €25,000 and €1,500,000
-
Grace period: up to 7 years
-
Repayment term: up to 9 years
-
Interest rate: a first tranche based on Euribor + 3.75% and a second variable tranche ranging between 3% and 8%, with an average of around 5%.
-
Opening fee: 0.5%
One distinction between the various ENISA programs lies in the ministry responsible for their management:
-
The Startups and SMEs line is managed by the Ministry of Industry and Tourism.
-
AgroInnpulso is managed by the Ministry of Agriculture, Fisheries and Food.
-
Digital Entrepreneurs is managed by the Ministry of Equality.
Audiovisual and Cultural & Creative Industries
This funding line supports startups and SMEs in the audiovisual, cultural, and creative sectors, promoting digitalization, sustainability, and the international growth of Spain’s cultural industries. It is managed by ENISA in collaboration with the Ministry of Culture.
Main requirements:
-
Co-financing of the project’s financial needs.
-
Equity at least equivalent to the amount of the loan requested.
-
A balanced financial structure and professional management.
-
Audited financial statements required for loans exceeding €300,000.
This line offers loans ranging from €25,000 to €1,500,000, with a maximum term of 9 years and up to 7 years of grace period. No guarantees or collateral are required, making it an accessible option for companies in the audiovisual, video game, performing arts, or cultural industries that aim to expand and professionalize their operations.
AgroInnpulso
The ENISA AgroInnpulso line is designed to promote digital transformation and innovation within the agri-food and rural sectors, fostering modernization, sustainability, and competitiveness. It is managed by ENISA in collaboration with the Ministry of Agriculture, Fisheries, and Food.
Its goal is to provide easier access to financing for SMEs and startups developing technological, digital, or innovative projects linked to agri-food activities — encouraging the adoption of new tools that enhance productivity and sustainability.
Loan amounts range from €25,000 to €1,500,000, depending on factors such as the company’s financial structure and equity contribution. The maximum term is 9 years, with a grace period of up to 7 years.
Want to learn more about it? ➡️ Request more information
When can I apply for an ENISA loan for my startup?
You can apply for an ENISA loan at any time of the year, as their financing programs remain open on an ongoing basis. This flexibility allows you to submit your application when it best fits your business needs and timeline.
However, to improve your chances of approval, consider the following:
-
Apply in the first half of the year
- First-come, first-served basis: ENISA evaluates applications in order of submission. Applying within the first six months increases the likelihood of getting approved within the same fiscal year.
- Lower competition: fewer applications are typically submitted early in the year, reducing wait times and increasing your chances of approval.
-
Prepare your documentation in advance
Ensure all required documents are complete and in order before submitting your application. This helps speed up the evaluation process.
-
Understand processing timelines
- Admission phase: takes up to 30 days, during which your application is reviewed for completeness.
- Analysis phase: a dedicated analyst evaluates your project in detail. This process can take between 2 to 6 months, depending on its complexity.
-
Know the approval rate
ENISA receives a high volume of applications each year. For instance, in 2021, 1,853 applications were submitted, with an approval rate of 30%.
A well-prepared and strategically aligned application significantly increases your chances of securing funding.
How to secure an ENISA loan for your startup: step by step
01 Preparation
- Analyze your project’s scope and determine the optimal loan amount.
- Gather all necessary documentation to strengthen your application.
02 Application submission
- Submit your formal application to ENISA, including all required documentation.
- At The Startup CFO, we handle the entire submission process, including account setup on the ENISA platform if needed.
03 Evaluation process
- ENISA conducts a thorough technical and financial analysis of your project.
- At The Startup CFO, we manage all communication with ENISA and respond to any requests to streamline the approval process.
04 Loan approval & formalization
- If your loan is approved, we assist in finalizing all necessary documentation before signing the agreement.
05 Ongoing support
- We provide continued support, including annual interest payments on the second loan tranche and submission of annual financial statements.
Why work with a specialized consultant for ENISA funding?
Applying for an ENISA loan is a demanding process that requires a flawless project presentation. Any errors or weak justifications could lead to rejection.
Partnering with an expert consultant significantly improves your chances of success.
A specialist can:
✔ Help you identify the most suitable financing line for your business.
✔ Ensure compliance with all requirements.
✔ Maximize the feasibility of your application.
At The Startup CFO, we share the risk with you: we only charge if we secure the funding for your company.
📩 Contact us to boost your chances of success: info@tscfo.com
