The Diplomat
Last Tuesday, the Council of Ministers approved the extension by 100 million euros of the line of financing for SMEs and small export and investment projects (PYMEPP), charged to the Fund for the Internationalization of Enterprise (FIEM).
The FIEM PYMEPP line was created for the promotion, development of investment projects and financial support to the internationalization of Spanish companies, especially necessary in “the socio-political context due to the war in Ukraine and the consequent restrictions to bank financing for small internationalization operations”, according to the Government.
Due to the good performance of the FIEM PYMEPP line, the small amount of its current available balance (45 million euros as of October 31, 2022) and the fact that it is being rapidly consumed, “it is appropriate to extend the financing by 100 million euros,” it added.
The average loan amount is around one million euros. The highest financing granted was 5.7 million euros and the lowest was 35,000 euros, according to the evolutionary data of the financing line. The FIEM PYMEPP line allocated credits in 28 countries until October 2022, “reflecting the great geographic diversification of the line of action and which boosts the growth and promotion of Spanish companies abroad”.
