The health pandemic has put thousands of small and medium-sized businesses on the ropes. Instruments such as the European Recovery Fund will serve to mitigate the effects of the crisis. However, access to these aids can be complicated in some cases and it is advisable to be prepared. Banco Santander has developed a platform for its clients to easily identify the most appropriate European grants and subsidies according to their business profile. It is a comprehensive tool so that they can benefit from aid from the funds Next Generation Europe and maximize its use.
Thanks to an agreement with KPMG and LocalEurope, companies will have access to this digital search platform for aid from European funds which, in addition, integrates an optional processing and advice service through specialized consultants. Santander’s objective is to make the most of these aid and prevent ignorance or complexity in its processing from reaching SMEs.
This new service has unlimited and free access for Banco Santander customers and will allow companies to access all the information on the calls for projects charged to these funds, grants and tenders from all public administrations. It is a tool that works with algorithms that allow locating those funds that are most adapted to each of them.
The platform offers various functionalities, such as a help seeker and grants, simulators access to funds for clients to assess the likelihood of obtaining aid or custom diagnostics. It also has a process of requirements assessment and verification, guides and videos explanatory of the aid, or training courses, among other options.
Currently a basic service is available for non-customers and a service premium free for bank clients, who will also have at their disposal the specialized advisory services of KPMG and LocalEurope at very competitive prices. Between services premium highlights a marketplace exclusive of consultants specialized in aid processing and direct aid management automation services, which will allow applications to be optimized.
Next Generation EU It is a temporary recovery instrument endowed with 750,000 million euros that will help repair the immediate economic and social damage caused by the coronavirus pandemic. According to the European Commission, “Europe after COVID-19 will be greener, more digital, more resilient and better adapted to current and future challenges.” Of these resources, 672,500 million euros will be channeled to the 27 member countries of the European Union via the Recovery and Resilience Mechanism: 312,500 million euros in grants and 360,000 in loans. Spain has 81.9 billion euros in direct transfers (including ReactEU), and 67.3 billion in loans.
So that companies can know in detail the characteristics of the recovery plan, its keys and pillars, On the Santander Spain website the entity has designed a space with all the necessary information, in addition to direct access to the aid search platform.
Since the beginning of the pandemic, Banco Santander has accompanied companies in all the countries where it operates to help them face the challenges derived from the crisis, offering them tailored solutions to keep business going. For example, the entity recently signed with the European Investment Bank (EIB) two agreements under the Pan-European Guarantee Fund, part of the package of measures of 540,000 million euros with which the EU responds to the economic impact caused by COVID-19 .
Specifically, the EIB will provide Santander with two guarantees of up to 500 million euros each to support SMEs, midcaps and large companies affected by the pandemic. The two guarantee lines, for a total of 1,000 million euros, are intended to inject liquidity into companies, advancing the payment of bills to suppliers. In turn, Santander puts an additional 1,000 million, so that the volume of financing that will be made available to companies affected by the crisis caused by the coronavirus pandemic will reach 2,000 million euros.