The ICF formalizes 180 million in loans this first semester

Since the arrival of the pandemic, the economy has been imbued in an unprecedented shock that has forced measures never before seen. And, when it seemed that the health crisis had already passed, others arrived, such as the supply crisis and the war in Ukraine. Despite this continuously complicated context, the Institut Català de Finances (ICF) is weathering the storm and recovering, registering a net profit of 11.1 million euros.

This is confirmed by the results for the first half of 2022. The public financial entity has provided investment solutions to 234 companies and entities for an amount of 179.8 million. The total amount is equal to that of the same period in 2021, when it granted 185.6 million euros, of which 37% were aid lines to overcome the impact of covid. Likewise, this first semester it has carried out 308 operations, while in 2021 there were 800, of which only about 130 were not lines to mitigate the effects of the pandemic.

One of the activity pillars that has grown the most in these first six months of the year has been the one focused on promoting entrepreneurship, with a total of 24.1 million euros invested, which are added to the 179.8 million euros allocated to loans and guarantees. In indirect investment, the ICF has committed 19 million euros in third-party management funds in an "excellent semester" and leaving behind the pandemic slowdown, as highlighted by the CEO of the ICF, Jordi Òliva, appointed less than a year ago. In 2021, it was 7.1 million euros.

Specifically, 15 million euros have been allocated to the equity capital firm Suma Capital, through the SC Climate Impact Fund III, which aims to reach 300 million euros to promote infrastructure for the energy transition. The remaining four million have gone to the venture capital Bonsai Partners, to its Bonsai Partners II fund, with which it wants to invest 165 million euros in technological startups.

On the other hand, public banking has directly invested 4.5 million euros through the ICF fund and has boosted three startups with participatory loans of 200,000 euros each. One of them has been Weecover. In 2021, startups that received these latter aids were Trendier, Aquí tu reforma, Fittest Freakest, Segle Clinical, Kubbo, iVoox, Oct8ne, Nuclio Digital School, Taclia, Kintai, Incapto, Nectios and VB Devices. These small loans are often the first support companies receive, as was the case with Housfy, Òliva recalls. Others that have already grown and also received them are Glovo, Wallapop, Colvin, Exoticca, Vytrus, Inbrain or Signaturit.

Waiver of banking license

In the presentation of the first half results, Òliva also assessed other issues, such as obtaining the banking license. The CEO of the ICF explained that the financial entity has waived the possibility of obtaining it, after the Bank of Spain dismissed its request to operate in the retail market. It will thus maintain its role as a public development bank.