THE Provincial Council of Biscayin collaboration with the financial institution Solventis and the financial institution Elkargi, and with the participation of Banco Sabadell, Banco Santander, BBVA, CaixaBank, Kutxabank, Laboral Kutxa and Rural Kutxalaunches the second Innovation Fund. This instrument offers SMEs in the region advantageous conditions for finance your R&D&i projects and allows Individuals deduct 15% of their income tax contribution, Personal income tax.
Saving people can be done Flat-rate contributions over 5 years of 2,500 or 5,000 euros each year. Interest, 15% of these contributions, will be effective in the tax return for the year following its filing, with a limit maximum of 750 euros which will be deducted from personal income tax. Deposits must be made through participating banking entities, which will generate a flow of capital for innovation loans in SMEs in Biscay.
With the promotion of the Provincial Delegation of Biscay according to Provincial Regulation 2/2018, managed by Solventis and with the intermediation of financial entities such as Banco Sabadell, Banco Santander, BBVA, Caixabank, Kutxabank, Laboral Kutxa and Rural Kutxa, the fund seeks capture the savings of individuals who want an investment opportunity with social value, while guaranteeing the support and safe return of your capital. In this way, Biscay uses its fiscal capacity to strengthen the competitiveness of the territory. offer small and medium-sized businesses a new source of financing for your R&D&i projects.
The participation of Elkargi as a guarantor entity will ensure the operation and return of money to savers. Likewise, the regional company Beaz will certify that the projects financed by the Innovation Fund are intended for research and development of small and medium-sized businesses of the territory.
Gain competitiveness
This new boost to the Innovation Fund has ambitious objectives in its second phase in relation to its allocation: it aims mobilize 70 million euros in four years maximum. Thus, Biscay gains in competitiveness by promoting business innovation as part of its commitment to economic activity and quality employment, thanks to the collaboration of different banking and financial agents, of the company guarantor and individuals.
After drawing up a positive assessment of the first edition of this savings, investment and financing instrument, the general deputy of Biscay, Elixabete Etxanobe, indicated that “in 2018, the Provincial Delegation of Biscay characterized fiscally the ELTIFs , Long-Term Innovation Funds. European term. We have become a pioneering administration in defining the characteristics and tax treatment of this tool which attempts to stimulate innovation in the entrepreneurial fabric and encourage citizen participation in financing innovation projects of small and medium-sized businesses.
“The Innovation Fund is the second generation of the predecessor fund of the same name, a pioneering project in the financing of technological innovation in its form as a European regulatory instrument, which makes it possible to achieve linking local family savings to the financial needs of businesses“, said Ramiro Martínez-Pardo, president of Solventis SGIIC.
Zenón Vázquez, general director of Elkargi, for his part emphasized that “today we present a innovative alternative financing vehicle which will allow companies to diversify their sources and improve their competitiveness, in this very globalized and changing environment. The financial part is strategic for business growth and with this objective we launched this fund to promote technological innovation in SMEs.
Since its creation in 2018, the Innovation Fund has succeeded in mobilizing more than 50 million euros in just over five years, for the benefit of 168 SMEs of Biscay who were able to realize their innovative projects thanks to funding of 53 million euros.
