{"id":3761,"date":"2026-04-24T12:45:31","date_gmt":"2026-04-24T12:45:31","guid":{"rendered":"https:\/\/kishmaria.com\/business-financing-in-spain-through-enisa-how-to-secure-a-loan-and-minimise-risks\/"},"modified":"2026-04-24T12:45:31","modified_gmt":"2026-04-24T12:45:31","slug":"business-financing-in-spain-through-enisa-how-to-secure-a-loan-and-minimise-risks","status":"publish","type":"post","link":"https:\/\/kishmaria.com\/en\/business-financing-in-spain-through-enisa-how-to-secure-a-loan-and-minimise-risks\/","title":{"rendered":"Business Financing in Spain Through ENISA: How to Secure a Loan and Minimise Risks"},"content":{"rendered":"

\"\"<\/p>\n

Spain has become an attractive destination for international entrepreneurs aiming to develop innovative projects in Europe. Thanks to the Startup Law (Ley 28\/2022), the country offers tax incentives, streamlined administrative procedures, and financial support for innovation-driven businesses through ENISA. <\/p>\n

In this guide, experts from Laduchi Consult provide a step-by-step roadmap for obtaining financing from ENISA for your existing Spanish company, helping you expand and grow your business successfully.<\/p>\n

Contents<\/strong><\/p>\n

What is ENISA?<\/p>\n

How ENISA Evaluates Startups and Assigns Credit Ratings<\/p>\n

ENISA Credit Rating Levels and Their Meaning<\/p>\n

ENISA Loan Terms for Startups: Amounts, Duration, and Key Features<\/p>\n

Steps to Apply and Obtain ENISA Approval<\/p>\n

Common Reasons for ENISA Rejection<\/p>\n

Why Properly Positioning Your Business Matters<\/p>\n

Conclusion<\/p>\n

Frequently Asked Questions About ENISA<\/p>\n

 <\/p>\n

What is ENISA?<\/strong><\/p>\n

ENISA (Empresa Nacional de Innovaci\u00f3n) is a Spanish government agency that provides financial support to innovative startups and established companies pursuing high-potential projects. Its primary mission is to foster business growth through favourable loans and to strengthen the country’s entrepreneurial ecosystem.<\/p>\n

 <\/p>\n

Receiving ENISA approval signals business credibility and viability, which can simplify the process of attracting additional investors and strategic partners.<\/p>\n

 <\/p>\n

How ENISA Evaluates Startups and Assigns Credit Ratings<\/strong><\/p>\n

 <\/p>\n

ENISA employs a comprehensive risk assessment system to determine the safety of financing a specific business. All funding decisions are reviewed by the Monitoring, Evaluation, and Control Committee, ensuring transparency and reliability. <\/p>\n

 <\/p>\n

The evaluation process focuses on three main factors:<\/strong><\/p>\n

 <\/p>\n

Financial Performance \u2013 Proof of the company’s operations and historical financial results.<\/p>\n

Qualitative Factors \u2013 Team experience, competitive advantages, and market potential.<\/p>\n

Business Plan \u2013 Projections for upcoming years to assess growth and scalability.<\/p>\n

 <\/p>\n

Based on these criteria, ENISA assigns a credit rating. Experts may adjust ratings based on additional factors, such as strong collateral or a solid financial base. This method ensures fair and evidence-based financing decisions. <\/p>\n

 <\/p>\n

ENISA Credit Rating Levels and Their Meaning<\/strong><\/p>\n

 <\/p>\n

While a rating is not mandatory for loan approval, it may serve as grounds for rejection. Applications must achieve at least a C3 rating according to the current model. However, even a C3 rating does not guarantee approval \u2014 other factors are also considered. <\/p>\n\n\n\n\n\n\n\n\n\n\n
<\/td>\nRating<\/td>\n

Meaning<\/strong><\/strong><\/p>\n<\/tr>\n<\/thead>\n

A1, A2, A3<\/td>\nLow credit risk<\/td>\n<\/tr>\n
B1, B2, B3<\/td>\nPotential risk under unfavourable economic conditions<\/td>\n<\/tr>\n
C1, C2, C3<\/td>\nSignificant credit risk, but with limited margin of safety<\/td>\n<\/tr>\n
D1<\/td>\nDefault is possible<\/td>\n<\/tr>\n
D2<\/td>\nDefault appears likely<\/td>\n<\/tr>\n
D3<\/td>\nDefault is almost certain (non-payment nearly inevitable)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

ENISA Loan Terms for Startups: Amounts, Duration, and Key Features<\/strong><\/p>\n

ENISA provides transparent and favourable loans tailored for innovative startups:<\/p>\n

    \n
  • Loan Amount: \u20ac25,000 \u2013 \u20ac1,500,000<\/li>\n
  • Term: Up to 7 years<\/li>\n
  • Grace Period: Typically 2 years, up to 5 years possible<\/li>\n
  • Fee: 0.5%<\/li>\n
  • Repayment: Principal and interest on the first tranche are paid quarterly, after the end of each quarter.<\/li>\n<\/ul>\n

    Interest Rates<\/strong><\/p>\n

    Loans are offered at market conditions to avoid classification as state aid. The fixed margin is calculated on top of the 12-month Euribor: <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    <\/td>\nRating<\/td>\n

    Euribor Margin for the 1st Interest Tranche (above 12-month Euribor)<\/strong><\/strong><\/p>\n

    		Maximum Rate for the 2nd Interest Tranche<\/td>\n<\/tr>\n<\/thead>\n
    A1<\/td>\n4.00%<\/td>\n4.50%<\/td>\n<\/tr>\n
    A2<\/td>\n4.25%<\/td>\n4.75%<\/td>\n<\/tr>\n
    A3<\/td>\n4.50%<\/td>\n5.00%<\/td>\n<\/tr>\n
    B1<\/td>\n4.75%<\/td>\n5.25%<\/td>\n<\/tr>\n
    B2<\/td>\n5.00%<\/td>\n5.50%<\/td>\n<\/tr>\n
    B3<\/td>\n5.25%<\/td>\n5.75%<\/td>\n<\/tr>\n
    C1<\/td>\n5.50%<\/td>\n6.00%<\/td>\n<\/tr>\n
    C2<\/td>\n5.75%<\/td>\n6.25%<\/td>\n<\/tr>\n
    C3<\/td>\n6.00%<\/td>\n6.50%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    ENISA loans can fund product development, marketing, team expansion, and international growth, making them versatile tools for businesses at any stage \u2014 from early startup to scaling.<\/p>\n

    Steps to Apply and Obtain ENISA Approval<\/strong><\/p>\n

    Obtaining ENISA financing is a structured, step-by-step process combining financial, legal, and strategic evaluations. It is important to complete every step, as skipping any part can put your application at risk. <\/p>\n

    Step 1: Submission<\/strong><\/p>\n

    Start by registering and submitting documents via the ENISA portal. Required materials include: <\/p>\n

      \n
    • Company overview, operations, and market data.<\/li>\n
    • Financial statements for previous years and future forecasts.<\/li>\n
    • Growth strategy and funding requirements.<\/li>\n<\/ul>\n

      Mandatory Documentation:<\/strong><\/p>\n

        \n
      • Declaration signed digitally by the responsible person.<\/li>\n
      • Notarised documents of the ultimate beneficial owners and the company structure.<\/li>\n
      • Articles of incorporation, registration certificates, bylaws, and amendments.<\/li>\n
      • Financial reports from the last 3 years plus current interim data.<\/li>\n
      • Optional Supporting Materials \u2014 any additional documents that help strengthen your application.<\/li>\n<\/ul>\n

        Deadlines and Conditions<\/strong><\/p>\n

        After submitting the application, the company has 30 days to upload all documentation.
        If documents are not provided on time, the application is considered cancelled and the process must be restarted. <\/p>\n

        Timelines for Additional Information Requested by ENISA<\/strong><\/p>\n

          \n
        • 15 days \u2013 for quantitative data (financial statements, debt details, etc.).<\/li>\n
        • 7 days \u2013 for qualitative information (details about the team, business model, etc.).<\/li>\n<\/ul>\n

          Grounds for Rejection at Submission<\/strong><\/p>\n

          ENISA may reject an application if:<\/p>\n

            \n
          • The company does not qualify as an EU-defined SME.<\/li>\n
          • There are outstanding debts to public institutions or breached financial obligations.<\/li>\n
          • The company operates in excluded sectors (e.g., real estate, finance) or its business model carries high social or environmental risks.<\/li>\n
          • There is a violation of the EU DNSH (Do No Significant Harm) Regulation 2020\/852.<\/li>\n
          • The company’s financial structure is unstable \u2014 insufficient equity, negative net assets, etc.<\/li>\n
          • Legal, ethical, or regulatory risks are identified.<\/li>\n<\/ul>\n

            Step 2: Evaluation<\/strong><\/p>\n

            This is the key stage. ENISA assesses: <\/p>\n

              \n
            • Overall business viability;<\/li>\n
            • Credit rating (A\u2013D);<\/li>\n
            • Recommended funding amount.<\/li>\n<\/ul>\n

              Timelines:<\/strong><\/p>\n

                \n
              • Additional data requests: 7\u201315 days;<\/li>\n
              • Full evaluation: varies by complexity and business stage.<\/li>\n<\/ul>\n

                Accuracy is critical at this stage. Inflated projections or unrealistic data significantly reduce the chances of approval. <\/p>\n

                Step 3: Approval<\/strong><\/p>\n

                Initial financing decisions are made by the ENISA FEPYME Investment Committee.<\/p>\n

                Further decisions depend on the loan amount:<\/p>\n

                  \n
                • Up to \u20ac300,000 \u2013 approved by the ENISA CEO, who may either approve or veto the committee’s decision, but cannot change the original terms.<\/li>\n
                • Above \u20ac300,000 \u2013 approved by the Board of Directors, who may similarly approve or veto the committee’s decision without altering the terms. An additional audit is conducted at this funding level. <\/li>\n<\/ul>\n

                  Step 4: Signing<\/strong><\/p>\n

                  Once approved, a notarised contract is signed, serving as the legal basis of the loan. The signing period is up to 180 days. <\/p>\n

                  After disbursement, ENISA continues monitoring the company’s financial performance, reporting, and compliance with obligations.<\/p>\n

                  Key Criterion: Equity<\/strong><\/p>\n

                  Loan size depends directly on the company’s equity and credit rating \u2014 ENISA applies a financial leverage model. Early-stage startups: ratio up to 2:1 (loan:equity). Mature companies: lower ratio, given their established financial history and stability.<\/p>\n

                    \n
                  • Early-stage startups: ratio up to 2:1 (loan:equity).<\/li>\n
                  • Mature companies: lower ratio, given their established financial history and stability.<\/li>\n<\/ul>\n

                    Please note: it is almost impossible to obtain approval without invested funds or sufficient equity (to receive \u20ac100,000 in financing, a company must have capital of \u20ac1,000,000). <\/p>\n

                    Common Reasons for ENISA Rejection<\/strong><\/p>\n

                    In practice, as well as according to ENISA regulations, projects may be rejected for several key reasons. Understanding these factors helps entrepreneurs prepare in advance and improve their chances of approval.<\/p>\n

                    Weak Business Plan. If the submitted document does not clearly demonstrate the project’s strategy, revenue projections, scaling plans, and innovation potential, ENISA may consider the proposal insufficiently developed. Learn how we prepare business plans for ENISA.<\/p>\n

                    Insufficient Capital. ENISA loans are always evaluated in relation to the startup’s own funds. Without adequate equity, even a convincing business plan is unlikely to secure financing or entrepreneur visa approval. <\/p>\n

                    Lack of Innovation. ENISA assesses projects based on uniqueness and technological innovation. If the product or service does not significantly differ from existing solutions, the project may fail the evaluation. <\/p>\n

                    Documentation Errors. Incomplete or inaccurate information about the company, beneficiaries, financial model, or declarations (including DNSH compliance) almost always results in rejection.<\/p>\n

                    Non-Compliance with DNSH and ESG Requirements. ENISA verifies whether the business adheres to environmental sustainability and ESG principles. Violations at this stage can lead to rejection, even if other metrics are strong. <\/p>\n

                    What Happens in Case of Rejection<\/strong><\/p>\n

                    If the Investment Committee rejects the application, or if the CEO or the Board of Directors vetoes the decision, the review process concludes. All decisions are documented in official records, specifying the reasons for approval or rejection to ensure full transparency. <\/p>\n

                    Why Properly Positioning Your Business Matters<\/strong><\/p>\n

                    Securing financing through ENISA in Spain is not just about paperwork. Even a seemingly simple idea can become attractive to ENISA if it is presented correctly, emphasising its innovation potential and strategic value. <\/p>\n

                    Experts at Laduchi Consult specialise in helping startups with exactly this: properly structuring the project, highlighting its strengths, and preparing it for ENISA approval. With our support, you minimise risks, save time, and significantly increase your chances of successfully obtaining financing for your business. <\/p>\n

                    Conclusion<\/strong><\/p>\n

                    ENISA creates opportunities for the financing and development of innovative businesses in Spain. The key to success is effectively demonstrating your project’s potential, scalability, and value to the country. Even a simple idea can be appealing if it is properly “packaged” and all documentation is prepared correctly, including the business plan and financial model. <\/p>\n

                    Our expertise allows startups to confidently navigate every step of the process: from strategy and document preparation to ENISA approval. With our assistance, your chances of securing funding, obtaining a credit rating, and receiving an entrepreneur visa increase significantly.<\/p>\n

                    If you are ready to prepare your project and go through the ENISA approval process, submit your application below \u2014 we will guide your startup through every step toward success. <\/p>\n","protected":false},"excerpt":{"rendered":"

                    Spain has become an attractive destination for international entrepreneurs aiming to develop innovative projects in Europe. Thanks to the Startup Law (Ley 28\/2022), the country offers tax incentives, streamlined administrative procedures, and financial support for innovation-driven businesses through ENISA. In this guide, experts from Laduchi Consult provide a step-by-step roadmap for obtaining financing from ENISA […]<\/p>\n","protected":false},"author":1,"featured_media":2886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-3761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/kishmaria.com\/en\/wp-json\/wp\/v2\/posts\/3761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kishmaria.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kishmaria.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kishmaria.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kishmaria.com\/en\/wp-json\/wp\/v2\/comments?post=3761"}],"version-history":[{"count":0,"href":"https:\/\/kishmaria.com\/en\/wp-json\/wp\/v2\/posts\/3761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kishmaria.com\/en\/wp-json\/wp\/v2\/media\/2886"}],"wp:attachment":[{"href":"https:\/\/kishmaria.com\/en\/wp-json\/wp\/v2\/media?parent=3761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kishmaria.com\/en\/wp-json\/wp\/v2\/categories?post=3761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kishmaria.com\/en\/wp-json\/wp\/v2\/tags?post=3761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}