Financial institutions in Spain have granted loans worth a total of 98.411 billion euros to companies, SMEs and the self-employed through 771,507 loans guaranteed by the Official Credit Institute (ICO), according to data provided by the Ministry of Economic Affairs and Digital Transformation and Europa Press.
At the end of March, Pedro Sánchez’s government approved zero-cost loans through the ICO to help families affected by the crisis to pay their bills. The idea was that, once those families have managed to recover from the effects of the pandemic, they would pay back the microloans over six to ten years, depending on their economic capacity and the difficulties they experience. This measure is designed for the unemployed, workers affected by ERTEs or reduced working hours and for self-employed people who see their income drop due to the fall in economic activity and restrictions on mobility.
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