The IFI Innova loans, managed by the Regional Government of Galicia through the Galician Innovation Agency (Gain) and the Galician Institute for Economic Promotion (Igape), were created in 2018 with a clear objective: to increase support for small and medium-sized Galician businesses in the financing of new innovative projects. Thus, they constitute a key tool for improving the competitive position and innovative capacity of our business fabric. Projects must be aligned with the RIS3 Smart Specialisation Strategy of Galicia.

This credit line offers advantageous conditions, which are of particularly interest in the current context.

They can be applied for by small and medium-sized Galician companies, specifically technology-based companies, in the seed or startup phase, but also SMEs with a proven track record who wish to undertake innovative projects.

Fundable costs are considered to be personnel expenses related to the development of the project, costs of capital goods, research or hiring of research or technological development entities.

• Loan amount requested: between 50,000 and 500,000 euros.
• Financing scheme: 70% from IFI Innova and the remaining 30%, own funds or bank credit
• Fixed interest rate: One-year Euribor +0.10%
• Repayment term: up to 12 years
• Grace period of up to 4 years
• No guarantees up to 200,000 euros

Support for innovative SMEs

Through the two previous editions of this programme, which took place in 2018 and 2020, a total of 31 projects relating to Galician SMEs were already supported with an investment of 5.25 million euros and a complete mobilisation of funds of about 7.6 million.

An example of an innovative project supported by this programme is that of Boibel Forestal, a company from Frades (A Coruña) in the forestry services industry. IFI Innova's support allowed it to assess the biotechnological knowledge obtained from years of research on the production of extracts and the biochemistry of hybrid clones resistant to Castanea Xhybridadye disease, to bring a new product to market, to contribute to the circular economy by commercialising a by-product of forest biomass, and to target high value-added markets.

Another IFI Innova success story is that of the biotech startup BFlow, which develops devices that mimic the behaviour of a human organ in the laboratory, thus reducing the time and cost of drug development and animal studies.

This new call offers a financing programme of 2.5 million euros, co-financed through the European Feder funds. The deadline for submitting applications is 30 September or until the credit has been used up.