The investment of the Xunta, which allocates 30 million euros for the implementation of this line, will allow the mobilization of 250 million euros in loans that will help mitigate the effects of coronavirus on the Galician business network. This line of financing will cover operations of double the salary costs of the previous year or 25% of the turnover with a maximum of 200,000 euros. The beneficiaries will have up to four years to repay these loans, with a one-year grace period, and the Xunta will pay 100% of the interest.
The implementation of this line of financing joins other support initiatives that the Xunta de Galicia has already launched to support the industrial fabric such as the deferment of repayment and interest on the settlement of loans formalized with the Xunta de Galicia. Through Xesgalicia, the Xunta also adds a third line of 10 million euros to cover the needs of productive restructuring of Galician companies that decide to undertake the manufacture of medical equipment needed to cope with the coronavirus.
The Regional Minister of Economy, Employment and Industry, Francisco Conde, held today a meeting by videoconference with representatives of the Galician clusters in order to inform them, first hand, of the measures in labour and business matters that the Xunta is adopting on the occasion of the state of alarm decreed by the coronavirus.
The meeting was attended by the Cluster of Automotive Companies of Galicia (Ceaga), the Association of Galician Naval Clusters (Aclusaga), the Galician Wood Cluster, the Galician Audiovisual Cluster, the Galician Aquaculture Cluster, the Galician Granite Cluster, the Galician Food Cluster and the TIC Galicia Cluster, the Galician Textile Cluster, the Galician Renewable Energy Cluster, the Life Sciences Business Technology Cluster (Bioga), the Galician Health Cluster, Anfaco-Cecopesca, the Galician Slate Cluster, the Galician Tourism Cluster, the Galician Logistics Cluster and the Graphic and Book Product Cluster.
At the meeting, the Minister explained the details of the new line of financing approved to provide immediate liquidity to SMEs and self-employed.
Conde also referred to the implementation of the Committee of manufacture of health equipment, whose two immediate initiatives afternoon-night the creation of a platform to coordinate the demand for protective equipment and supply of the Galician business fabric as well as the activation of a line of investment aid to facilitate companies to carry out the necessary transformations to address the immediate manufacture of protective equipment.
The meeting is part of the round of consultations with all social and economic agents to listen to their demands, learn first-hand about the uncertainties that the situation caused by the coronavirus is generating and report on the measures taken.