The Galician Tourism Cluster seeks the involvement of banks to give financial oxygen to the sector

The Galician Tourism Cluster seeks the involvement of banks to give financial oxygen to the sector

Abanca, Sabadell Gallego and Caixabank have shown their interest in collaborating with the CTG in the implementation of a crash plan for companies in the sector

They will offer an initial financial advice in order to respond to the different cases

Within the framework of the different actions and initiative that the Tourism Cluster of Galicia is carrying out to mitigate the impact of the coronavirus crisis on the Galician tourism sector, a line of communication has been opened with different banking entities, Abanca, Sabadell-Gallego and Caixabank, with the aim of transferring to them the needs and conditions that companies in the tourism sector have in order to achieve their involvement in a crash plan for companies and facilities in refinancing or shortages in operations already carried out.

“Now it is time to hold on and in this process of waiting until we can return to work more or less normally the role of banks is essential. Companies need liquidity to support the fixed costs and commitments that they still have despite the fact that the establishments remain closed and that is why we have contacted these banks to ask them for conditions for refinancing and flexible payments,” explains the president of the CTG, Cesáreo Pardal, who is grateful for the good response received. “The welcome given by the three entities with which we have spoken has been very positive and we are grateful that they have conveyed to us their intention to support the sector”.

From the Cluster Tourism of Galicia has been transferred to them the need to have measures of shock plan so that the companies can face the situation in these first compasses of the crisis but also it has been asked to them that, in the measurement that can, offer a first financial advising to give answer to the many doubts that this situation is generating in the industralist.

In this sense, the three financial institutions have transferred to the CTG their willingness to analyze in each case possible processes of renegotiation of the payment schedule and refinancing, in addition to providing advice to apply for ICO loans launched by the Government in this situation. In any case, the Cluster will continue to be in contact with other financial institutions with the aim of achieving measures that will strengthen access to financing and allow more flexible options to be established in operations that have already been formalised.