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Public financing · Success fee · Spain

Money that does not take your equity.

Spain lends to innovative companies through participating loans of 25,000 to 1.5 million euro, with no guarantees and no dilution. Most foreign founders here never apply, and a large share of those who do are refused on one arithmetic rule. Check it below before anything else.

The rule that decides it Your own equity has to carry the loan.

Net equity means share capital plus reserves minus accumulated losses. It must be at least the amount you ask for. Nothing is stored or sent anywhere.

01How much do you want to raise?
02What is your net equity today?
03The company and the founders
Answer all three to see where you stand.
25,000750,0001,500,000

Line that fits—
What it costs youSuccess feeA percentage of what actually arrives. No money raised, nothing to pay beyond the agreed preparation.
Participating loans carry interest and are repaid. They are not grants, and they are not equity — which is the point: nobody takes a share of your company for them.
Check your eligibility properly ↗
Indicative. Amounts, lines and eligibility conditions are set by the lender and reviewed each year; the equity rule above is the one that disqualifies most applications before anything else is read. Your own position depends on your accounts, your business model and the line applied for.
01 · What this actually is

A participating loan, not a grant and not an investor.

The state lends through a public company, on terms no commercial bank offers to a company with no track record and no assets to pledge.

01
No guaranteesNo personal guarantee, no charge over assets. For a foreign founder with nothing pledgeable in Spain, this is the whole difference.
02
No dilutionYou keep your cap table. Compared with an equivalent equity round at an early valuation, that is usually the most expensive thing founders give away.
03
Open all yearApplications are received continuously rather than in windows, so the constraint is your readiness rather than a calendar.
04
Real budget behind itHundreds of millions allocated to the fund for the current year. This is not a token programme with a symbolic envelope.
02 · Why applications fail

Almost never because the idea was bad.

Refusals cluster around a small number of avoidable things, and the first of them is arithmetic rather than judgement.

Net equity below the amount requestedThe rule in the checker above. Fixable, but not on the day you apply
A business plan that does not reconcileProjections that contradict the accounts already filed
No demonstrable innovationInnovative is a test, not an adjective
Accounts not filed or filed lateA public lender reads the registry before it reads you
Debts with the tax authority or social securityChecked, and disqualifying
Asking for the maximum by defaultThe amount has to be justified by the plan, not by ambition
The equity rule is a corporate action, not a form. If your net equity is short, it is raised by capitalising the company, converting shareholder loans into equity or issuing new shares — each with notary, registry and tax consequences that take weeks and have to be done before you apply, not after you are refused.
03 · How we work on it

Paid mostly out of money that arrives.

A preparation fee covers the work of building the file. The substantial part of what we earn is a percentage of what is actually granted, which aligns us with the only outcome that matters to you.

01
Eligibility, honestlyEquity, filings, tax standing, innovation test and the right line. If you are not eligible yet, we say what would make you eligible and how long that takes.
02
Fix the structureWhere equity is short or the accounts are untidy, that is corporate work and we do it ourselves rather than sending you elsewhere.
03
Build the filePlan, projections and the innovation case, written so that the numbers in one document survive being compared with the numbers in another.
04
Submit and answerFollow the file through review and respond to requests. Then the funds, and the reporting obligations that come with them.
04 · Questions

Before you start.

We are a foreign-owned company. Does that disqualify us?

No. What matters is a Spanish company carrying on a real activity here, not who owns it. Foreign ownership does mean the file is read more carefully for substance — whether the activity, the people and the spending are actually in Spain — which is the same thing a bank or the tax authority reads it for.

Is it really not dilutive?

Correct. It is debt, it carries interest, and it is repaid. Part of the interest is typically linked to how the company performs, which is what makes it participating. Nobody takes shares, nobody takes a board seat, and it does not sit on your cap table.

How long from start to money?

Months rather than weeks, and the largest variable is you. Where the equity rule is already satisfied and the accounts are filed, the work is building the case. Where equity has to be raised first, add the time for a corporate action before the application can even be made.

What if we are refused?

You pay the preparation fee and no success fee. We would rather tell you at the eligibility stage that this is not yours to win, because a refused file costs us more than it costs you.

Can we apply ourselves?

Yes, and some companies should. If your equity comfortably exceeds the amount, your accounts are clean and your plan is already written to a standard you would show an investor, the marginal value of help is small. Most of the value we add is upstream of the form.

No guarantees, no dilution. One arithmetic rule in the way.

Check your eligibility properly ↗
Preparation fee, then a success fee · We fix the equity side ourselves