The Addendum to the Recovery, Transformation and Resilience Plan provides for the creation and endowment of the Entrepreneurship and SME Fund, which is integrated into Component 13, Investment 12 and has assigned milestones and objectives with expected fulfillment until 2026.

In addition, the Addendum indicates that the implementation of the SMEEF will require the signature of an Implementation Agreement that includes: a description of the decision process related to the Facility; the key requirements of the associated investment policy; the amount of the instrument; the fee structure for the implementing entity; the requirement to reinvest any reflows under the Facility's investment policy, unless they are used to service Recovery and Resilience Facility loan repayments; the monitoring, audit and control requirements; and; the minimum amount of digital investments. In fact, the entry into force of this Royal Decree will determine compliance with milestone L47 contained in the Council Implementing Decision (CID).

On the other hand, the Ninth Additional Provision of Royal Decree-Law 8/2024, of November 28, which adopts urgent complementary measures within the framework of the Plan for immediate response, reconstruction and relaunching in the face of the damage caused by the Isolated Depression at High Levels (DANA) in different municipalities between October 28 and November 4, 2024, regulates the creation of the Entrepreneurship and SME Fund (FEPYME) F. C.P.J., a fund without legal personality, hereinafter referred to as “FEPYME”, attached to the Ministry of Industry and Tourism through the Secretary of State for Industry. This same provision establishes that the activity and operation of the FEPYME; the administration of the Fund; the constitution, composition and functions of the administration and management bodies of the Commission will be established in the implementing regulations and in the agreement which the Ministry of Industry and Tourism signs with ENISA.

By means of this Royal Decree, the purpose and nature of the FEPYME will be determined, and its management and operation will be developed.

Innovative SMEs with high growth potential play a key role in the transformation and competitiveness of the business fabric. However, they often face difficulties in accessing financing due to the high risk perceived by traditional investors. In this context, the granting of equity loans is an effective tool for strengthening their capitalization, facilitating investment in innovation, the development of new products and expansion into new markets. This type of financing, aligned with the company's performance, minimizes the financial burden in its initial stages and favors its consolidation, thus promoting a dynamic and sustainable entrepreneurial ecosystem.

To regulate the operation of the Entrepreneurship and Small and Medium Enterprise Fund.

The main objective of the draft legislation is to regulate the operation of the FEPYME, as established in the Addendum to the PRTR and the Ninth Additional Provision of Royal Decree-Law 8/2024, of November 28.

This Fund, in turn, is created with the purpose of supporting innovative entrepreneurship and promoting the economic activity of SMEs, through participative loans that allow smaller companies to obtain financing and guarantee other commitments required for the development of their activity.

No other alternatives are considered, since according to the provisions of the Ninth Additional Provision of Royal Decree-Law 8/2024, of November 28th, it is established that the activity and operation of the FEPYME; the administration of the Fund; the constitution, composition and functions of the administration and management bodies of the Commission will be established in the implementing regulations and in the agreement which the Ministry of Industry and Tourism signs with ENISA.

Also, the Addendum indicates that for the implementation of the FEPYME it will be necessary to sign an Execution Agreement.

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Texto del proyecto de Real Decreto [PDF] [639.88 KB]

Main del Proyecto de Real Decreto [PDF] [866.29 KB]