Since 2009, there has been a significant reduction in lending from banks to the Spanish economy, intensified during the years 2012 and 2013. In this context, the effect of this reduction on small and medium-sized enterprises (SMEs) is particularly remarked.
The Cortes Generales approved in April 2015 the Ley de fomento de la financiación empresarial, which includes a set of measures with a dual purpose: to make SMEs financing more accessible and flexible, and to move forward in the development of alternative mechanisms of financing.
The Ley incorporates three important developments:
The technical note prepared by Management Solutions’ R&D department analyses the main regulatory developments concerning the financing of SMEs introduced by this Ley, as well as its main implications.
The main changes introduced by the Ley 5/2015 de fomento de la financiación empresarial affect the legal regime of SMEs, mutual guarantee institutions and EFC.
Scope of application:
SMEs, defined as in the Recomendación 2003/361/CE, mutual guarantee institutions and EFC.
Download the technical note by clicking here (only in Spanish).
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