The bank makes the largest private debt fund in Spain available to companies that bill up to €100 million
Santander creates 620 million euros fund to finance business growth. Source: shutterstock.com
Santander has created a new fund, Fondo Smart, endowed with €620 million to provide loans to finance long term business growth. This new fund is the largest private debt fund in Spain and offers businesses a financing alternative for projects that boost growth, sustainability, innovation, digitalization and create jobs.
This new fund updates the Fondo Advance which was introduced in 2014 and offered €250 million in financing to SMEs mainly through ordinary debt. Fondo Advance was available for companies in business for more than three years with projects to invest in growth financing of one million euros or greater to be repaid over three years or more. Its reserves, however, have been depleted and it will now be replaced with a larger fund designed for a broader range of businesses.
The new Fondo Smart, is broken down into three lines depending on the development phase of the projects:
- Fondo Smart Impulse is for the rapid expansion or post-startup phase.
- Fondo Smart Growth for the growth or SME phase.
- Fondo Smart Progress, for the consolidation or post-SME phase.
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