The public financial institution and the town councils of la Bisbal d’Empordà, Forallac, Cruïlles, Monells i Sant Sadurní de l’Heura, Corçà and Ullastret agree to promote funding for local businesses to mitigate the damage caused. The agreement is designed to meet companies’ cash flow needs while also enabling them to finance additional investments to make sustainability improvements to their facilities.

The Institut Català de Finances (ICF) and the town councils of la Bisbal d’Empordà, Forallac, Cruïlles, Monells i Sant Sadurní de l’Heura, Corçà and Ullastret have today concluded an agreement to promote funding for businesses which were adversely affected by the August 2022 hailstorm in l’Empordà.

The impact of hailstones up to 10 centimetres in diameter caused serious damage to industrial unit roofs, solar panels and other production assets of local businesses, organisations and self-employed individuals. In response to this incident, the ICF and the five town councils have come to an agreement to meet companies’ cash flow needs while also enabling them to finance additional investments to make sustainability improvements to their facilities.

The loans come with 50% off the ICF’s arrangement fee and all other fees will be waived. The term will be up to 15 years for investment and up to five years in the case of working capital. Businesses which would like to benefit from the agreement will be able to find out all the details of the loans at a meeting to be held at 3.30 pm today at la Bisbal d’Empordà Town Hall.

The Regional Minister of Economy and Finance, Natàlia Mas Guix, attended the signing ceremony and said that the ICF is a “key tool” for her ministry “but also for the country as a whole with its local approach”. Mas Guix pointed out that the agreement signed today “is not only intended to help companies in the county to recover from the damage caused by the hailstorm but is also a chance for these businesses to unlock technology, production and sustainability improvements.”

The ICF’s CEO, Vanessa Servera, noted that “signing this agreement confirms the ICF’s commitment to supporting companies at all stages of their business, both when things are going well and also when problems crop up which hamper their projects.”

The mayor of la Bisbal d’Empordà, Enric Marquès added that “the agreement will help meet the cash flow and investment needs of firms in our towns which were adversely affected by the hailstorm. We have a duty as local authorities to make sure that everything works and help as much as possible.”

About the ICF

The ICF is Catalonia’s public development bank and as such its main mission is to foster the growth of businesses and organisations. It uses loans and equity to fund significant transformational projects with a special emphasis on the green transition, reindustrialisation and social housing. It often operates alongside commercial banking by offering long repayment terms to make it easier to pay off the debt. Since 2014 it has been a member of the European Association of Public Banks (EAPB) which brings together most of the public banks and financial institutions operating in Europe.