State fund to give credit to small firms and job creators

Automatic summary, not yet reviewed

1. The bill would create a Fund for employment in small and medium-sized companies and for entrepreneurs. Its goal is to provide credit to companies with projects that create jobs.
2. Companies with fewer than ten workers, those with ten to fifty whose owner is registered as self-employed, and those that hire unemployed people on permanent contracts could apply. So could companies hiring unemployed researchers, those signing training contracts with unemployed young people, and unemployed people who become self-employed or start businesses.
3. The Fund would be endowed with up to €1,000 million from the State General Budgets, financed with public debt. It could also raise money in the markets, and its debts would carry a State guarantee.
4. Loans would be granted at the 12-month Euribor plus 50 basis points. The Government would have to approve the Fund's operating rules by Royal Decree within three months.

Who it affects

• Small and medium-sized companies that hire unemployed people on permanent contracts: They could access loans from the Fund.
• Companies of any size that hire unemployed researchers or sign training contracts with unemployed young people: They could use the Fund.
• Unemployed people who become self-employed or start businesses: They would have access to the Fund.
• Unemployed young people who join cooperatives or worker-owned companies as partners: They would have access to the Fund.

Words worth knowing

Euríbor (Euribor)

The interest rate at which European banks lend money to each other. It is used as a reference for many interest rates.

Puntos básicos (basis points)

Hundredths of a percentage point. 50 basis points equal 0.5%.

Real Decreto (Royal Decree)

A rule approved by the Government, without going through Congress.

Crédito extraordinario (extraordinary credit)

Extra money added to the State General Budgets for a new expense.

It summarizes the text as it was introduced. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries