The ICF together with companies: the case of Olis Bargalló

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he Covid-19 health crisis has had a strong impact on the economy and the Catalan business fabric. As a consequence of this global pandemic, freelancers, SMEs, and entities have seen their activity reduced and their businesses, strategic plans, and jobs endangered.

With the aim of covering the liquidity needs of companies and also preserving jobs, the ICF has activated, since the outbreak of the crisis, multiple financing solutions to face this reality. Specifically, the entity makes available to the economic fabric more than 1,100 million euros in the form of loans and guarantees with a dual objective: to finance working capital and ensure jobs.

Pursuing this objective, the ICF has financed more than 1,500 entrepreneurs, SMEs, and entities in recent months. One of these companies supported by the ICF is Olis Bargalló. This agri-food sector SME, based in Castelleví de Rosanes (Barcelona), has seen its turnover considerably reduced due to Covid-19.

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Olis Bargalló was founded in 1850 with the aim of offering the best oil on the market. Since then, this family business has evolved, seeking new products adapted to new times and the needs of its customers. Its products are mainly marketed in the restaurant sector, which represents almost 100% of its turnover.

In this sense, Covid-19 has had a strong impact on its revenue volume. The restaurant sector has been one of the most affected by the crisis, with the closure of facilities and subsequent capacity restrictions to comply with safety measures. This scenario led the company to request the "ICF-Avalis Liquiditat" loan from the ICF to meet supplier payments, a financing line that has a 100% guarantee from Avalis de Cataluña.

Thanks to this credit, Olis Bargalló has been able to assume payments to third parties without jeopardizing its activity. The manager of Olis Bargalló, Francesc Baraglló, explained that "with the ICF we have financed a part of this risk we had with suppliers and the truth is that the management has been very fast and has gone very well."

The ICF, as Catalonia's public bank, continues to support the economic fabric to finance projects that allow building a sustainable future in which growth and innovation are the backbone of the economy and businesses.