We are facing an exceptional situation that requires swift and decisive action to limit its damage. For the good of society, we must all be involved in this mission, each according to our role and responsibility. Since the beginning of the health crisis caused by the coronavirus, banks have been collaborating with the Government on approved measures, but they are also implementing other voluntary, more generous measures to help their customers withstand the effects of the economic paralysis. <\/p>\n
Protecting the productive fabric is a priority for recovering growth and employment once the state of emergency is overcome. ICO-guaranteed loans are essential to achieve this. That is why banks are committed to working with all parties involved to expedite procedures as much as possible so that SMEs and companies receive the liquidity they need in time to avoid insurmountable problems. <\/p>\n
The objective is being met. In the first month of the program’s operation, more than 300,000 financing applications have been approved for \u20ac40 billion. The largest volume of transactions and financing corresponds to self-employed workers and SMEs, accounting for 98% of total applications and more than \u20ac26.1 billion in bank financing. More than 90% of the guarantees have been used to finance new credit operations. The program’s reach is reflected in the fact that 75% of the funding has gone to self-employed individuals and micro-SMEs with fewer than 10 employees. <\/p>\n
A total of 118 banks are collaborating with ICO in this program thanks to the commitment and dedication of all their employees, who do not always receive all the social recognition they deserve. If public-private collaboration has always been effective and necessary, it is now more so than ever to alleviate the economic and social problems arising from COVID-19. Making economic predictions is almost impossible at this time. But if one thing is clear, it is that the decisions we make today shape the future and the achievement of our objectives. That of the banking sector\u2014yesterday, now, and tomorrow\u2014is to work in favor of the interests of citizens and the Spanish economy. <\/p>\n
Although the evolution of ICO loans is encouraging, it should not lead us to complacency, because the need for liquidity and financing is pressing. This very week the third tranche of guarantees has been approved, great news that facilitates the task of banks in meeting the demand from companies. They have not stopped doing so at any time, but have complemented officially guaranteed loans with others where they assume all the risk. Their commitment to citizens is clear and becomes even more evident in difficult times like this. <\/p>\n