Spanish SMEs with international activity are facing an increasingly complex environment. Changes in the global tariff landscape, trade tensions between countries, and new regulatory barriers are affecting many companies that export or are part of international value chains.
To strengthen their competitiveness, the Spanish government has launched the ICO Growth Exporters line, a financing instrument that combines long term loans with direct support from Next Generation funds.
This program has a total budget of €750 million and allows companies to access financing for investment projects linked to international growth. One of its main advantages is that up to 30% of the loan may become non repayable support.
Below we explain how it works, who can access it, and which projects can be financed.
What is the ICO exporters line
The ICO Growth Exporters line is a financing program designed to improve access to credit for SMEs affected directly or indirectly by changes in the global tariff environment.
Its objective is to strengthen the resilience and international competitiveness of Spanish companies, supporting investments that help diversify markets, improve productive capacity, and adapt to a more demanding global environment.
The program is part of the Spanish Recovery Plan and is funded through Next Generation EU funds, which allows it to combine financing with public support.
Specifically, companies can benefit from two types of support:
- Interest rate subsidy on the loan
- Non repayable tranche (TNR) that may reach up to 30% of the loan amount, with a maximum of €200,000 per company
Main financing conditions
The financial structure of this line is designed to support strategic investments in the medium and long term.
Minimum loan amount
- From €50,000
- No formal maximum amount
Financing coverage
- Up to 80% of the investment
- Up to 100% in certain expenses, such as consultancy or credit rating required to access the financing
Loan maturity
- Between 5 and 10 years
- With up to 2 years of grace period
Interest rate
- Reference rate: 12 month Euribor + 1.75%
- Additional 100 basis points subsidy if eligibility requirements are met
Fees
- Opening fee: 0.5%
- Early repayment fee: 0.5% (1% in case of borrower default)
The non repayable tranche: up to €200,000 in direct support
One of the most attractive features of this financing line is the non repayable tranche (TNR).
This support is applied to the early repayment of the final installments of the loan, provided that the company meets the eligibility conditions and justifies the eligible project expenses.
The main characteristics are:
- Up to 30% of the loan amount
- Maximum €200,000 per company
Additionally, the line also includes partial interest rate subsidies, which means the final financing cost can be significantly lower than a standard loan.
Which projects can be financed
The financing is aimed at projects that support international expansion and strengthen productive capacity.
Among the eligible investments are:
Tangible assets
- Industrial land and buildings
- Technical installations
- Machinery and equipment
- Tools and industrial equipment
- Technology equipment
- Renewable energy installations
Intangible assets
- Technological development
- Software and digital transformation
- Intellectual property
- Databases and algorithms
- Management systems
- Brand development
International expansion
- Internationalization services provided by ICEX Spain
- Participation in international trade fairs
- Market expansion activities in new countries
Strategic investments
- Acquisition of corporate shareholdings
- Investments aimed at securing supply of key inputs
- Share buybacks in family businesses to facilitate generational succession
Working capital linked to the project
The financing may also cover working capital linked to the investment project, up to 30% of the total investment, including:
- Hiring employees
- Customer financing
- Inventory
- Operational liquidity needs
Which companies can apply
The program is designed for SMEs with international activity or integrated into global value chains.
To access the financing, companies must meet several requirements.
General requirements
- Be a commercial company
- Have registered office or operations in Spain
- Qualify as an SME under EU regulation
- Have at least 4 years of operating history
- Be up to date with tax and social security obligations
- Not be classified as a company in crisis
International activity requirements
Companies must be directly or indirectly affected by changes in the global tariff environment.
This includes:
- Companies with international activity representing more than 5% of their revenue
- Suppliers of sectors affected by tariff changes
- Companies integrated in international value chains
How to apply for the financing
Unlike many other ICO programs, this line is managed directly by ICO through a fully digital process.
The application process generally includes:
- Online application through the ICO platform
- Eligibility and credit assessment
- Submission of financial and technical documentation
- Loan agreement signature
In some cases, ICO may require a guarantee from a Mutual Guarantee Society (SGR) to support the operation.
Required documentation
The application must include several documents that allow ICO to evaluate the project and the financial position of the company.
These include:
- Signed application form
- Declaration of compliance with eligibility requirements
- Annual accounts of recent financial years
- Technical project report
- Documentation proving international activity (such as customs documents)
- VAT annual summary declaration
Application timeline
The financing line is available from February 20, 2026 until December 31, 2026, or until the allocated funds are exhausted.
Why this financing line may be particularly attractive
This instrument is particularly interesting for companies that already operate internationally or are planning to expand abroad.
It combines three elements that are rarely found together in traditional financing:
- Long term financing
- Subsidized interest rates
- Direct non repayable support
For many SMEs, this can result in significantly lower financing costs, especially for projects linked to international growth.
In addition, the program allows financing not only productive assets but also technology, digitalization, internationalization activities, and working capital linked to expansion projects.
If your company exports or is growing in international markets, this line may be an interesting opportunity to finance new investments with a significant public funding component. Schedule a call with our team and we will review it with you.
And if you are interested in exploring other public funding opportunities, we have prepared a 2026 public funding calendar. You can download it and see which options best fit your project.
