ICO Economia Sostenible

Banco Sabadell has subscribed the ICO Economía Sostenible 2010 line for its customers, which offers finance for projects aimed at sectors with long-term growth potential, generators of employment and sustainable from an economic, social and environmental viewpoint.

Beneficiaries:

Self-employed, Public or private entities, irrespective of size or legal personality, together with Individuals and homeowners’ associations.
Financeable items

• Acquisition and renovation of fixed production assets: New and second hand, classified in the Sustainable Economy sectors
• Acquisition of companies
• Refurbishment of dwellings (in the case of individuals and homeowners’ associations)

The investment to be financed may not have commenced prior to 1 January 2009 and must be executed within a maximum term of 24 months as from the date the financing is signed.

Non-financeable items. Restructuring of liabilities or refinancing, any taxes associated with the investment and working capital.

Repayment period:

• 3 years without a grace period for payment of the principal
• 5 years with 0 or 1 year grace period for payment of the principal
• 7 years with 0 or 2 years grace period for payment of the principal
• 10 years with 0 or 3 years grace period for payment of the principal
• 12 years with 0 or 3 years grace period for payment of the principal
• 15 years with 0 or 3 years grace period for payment of the principal
• 20 years with 0 or 3 years grace period for payment of the principal

Interest rate:

Tranche I: 
Fixed, in accordance with fortnightly quotation of ICO plus 1.15% 
Variable, (Euribor 6 months + differential), in accordance with fortnightly quotation of ICO, plus 1.15%

Tranche II: 
Fixed, in accordance with fortnightly quotation of ICO plus 1.50% 
Variable, (Euribor 6 months + differential), in accordance with fortnightly quotation of ICO, plus 1.50%
Maximum amount. Up to 100% of the project will be financed, VAT included:

Tranche I: Self-employed, Micro-companies and Small enterprises and similar size entities together with individuals and homeowners’ associations in the case of housing refurbishment projects: Up to 2 million euros, in one or more operations.
Tranche II: Medium size companies and other companies and similar size entities: Up to 50 million euros, in one or more operations.

Commission: No Commission.

Early repayment:
This may be partial or in full under the following conditions.
Variable rate: no penalty.

• Fixed rate: Up to 1% of the amount to be repaid.
• In all cases, if the repayment occurs within the 2 first years of the finance term, a commission shall be applied in proportion to the time of repayment.
• Compatibility and incompatibility of the aid:
  Finance via this line is compatible with aid received from the Autonomous Communities or other institutions, within the maximum limits in place as regards the accumulation of public aid established by the European Union.

This Line will be in effect until 20 December 2010 or before if the funds are exhausted