HOW IT WORKS

WITH APPLICATIONS OPENING SOON, the guaranteed and subsidised SIF credit line aims at facilitating access to bank loans and improving financing conditions for Social Innovation and Social Entrepreneurship Initiatives (SISEI).

WHO CAN APPLY

SIF Debt is for SMEs and Social Sector Organisations promoting SISEI accredited by the Portugal Social Innovation Mission Unit.

HOW LONG IS THE APPLICATION PERIOD

Twenty-four months that can be extended for periods of 6 months, if funds are available. It can be used until 30 June 2023.

WHAT IS THE MAXIMUM AMOUNT PER LOAN

Up to 100% of costs associated with the SISEI, with a limit of EUR 2,500,000.00.
Loans requests are subject to approval by the Bank considering its current credit risk policy.

WHAT IS THE LOAN MATURITY

Up to 10 years from the loan contract date (including a 3-year grace period).

WHAT STATE AID IS PROVIDED

The SIF credit line allows you to:

  • Obtain a mutual guarantee
  • Benefit from a subsidised interest rate and guarantee fee

Aid is granted under the De minimis Regulation or the GBER – General Block Exemption Regulation, based on the organisation’s characteristics and type of aid. The maximum loan  is limited to state aid availability for the promoters of the SISEI.

Thus, and due to this limitation, upon approval of the credit operation, the Managing Entity of the Credit Line may indicate the need to reduce the amount of the approved loan and/or guarantee, as well as to limit grants to a shorter period than the loan maturity, to adjust it to available state aid.

WHERE CAN PROJECTS BE IMPLEMENTED

The SISEI to be financed within this Credit Line must be implemented in the NUTS II Northern, Central and Alentejo Regions of Portugal.

WHAT ARE THE AREAS OF INTERVENTION

SIF supports initiatives in several areas of intervention, such as:

  • Promoting employment, training and education
  • Promoting social, financial and digital inclusion
  • Promoting active ageing
  • Promoting health and well-being
  • Other areas that are considered Social Innovation and Social Entrepreneurship Initiatives

Due to specific European restrictions on State aid, some sectors are excluded.

WHAT TYPE OF EXPENSES CAN BE FINANCED

Expenses related to implementing the Social Innovation and Social Entrepreneurship Initiative accredited by the Portugal Social Innovation Mission Unit.

The loans can´t be used to:

  • Financing restructuring or debt consolidation;
  • Directly or indirectly settle or replace financing wich has been previously negotiated with the Bank, regardless of the terms;

Transactions to purchase land, property, financial assets, used goods, vehicles that are not considered a “means of production” and road goods transport vehicles purchased by road goods transport companies on behalf of third parties.

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