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Spain's Council of Ministers approved a Royal Decree on 29 July 2025 regulating the Fondo de Emprendimiento y Pyme (FEPYME), developing the ninth additional provision of Real Decreto-Ley 8/2024. The fund is capitalised with EUR 303 million drawn from the EU Recovery and Resilience Mechanism (MRR) under Spain's Recovery, Transformation and Resilience Plan (PRTR). ENISA, the state entity specialising in SME financing, administers the full loan lifecycle — evaluation, processing, formalisation, monitoring and control.
Loans are participative (préstamos participativos) ranging from EUR 25,000 to EUR 1.5 million, require no collateral beyond the viability of the underlying business project, and carry a repayment term of up to seven years, including up to five years of grace period. The programme targets innovative entrepreneurship and SME activity broadly rather than a specific sector — eligibility rests on business-plan innovation criteria rather than industry classification. The application window runs until 31 August 2026.
Severity is set low-moderate (2/5): EUR 303 million is a meaningful but not economy-wide facility, it is loan (not grant) capital requiring repayment, and it is generally available to qualifying SMEs rather than targeted at specific firms, sectors, or foreign competitors.
industrial-support instruments (see also the PERTE programmes and ICO credit lines already on the register).
friction, but expands the pool of state-backed financing available to Spanish innovative SMEs through August 2026.
Royal Decree was not located in the sources checked; the government Recovery Plan portal announcement is treated as primary given it is a gob.es domain describing an official Council of Ministers act.