SAECA and Liberbank update their agreement and facilitate the financing of the farming sector
22 April 2016 | Madrid
- The new agreement will improve the terms for having access to financing current assets and investment needs from the farming estates
The Sociedad Anónima de Caución Agraria (SAECA) and Liberbank have updated their collaboration agreement concluded in August 2012 and renovated in June 2015, whose purpose was financing any kind of transaction which seeks to create, preserve, or improve the forest, farming, stockbreeding, or fishing wealth, materializing into agro-food business, the improvement or installment of irrigation systems, the purchase of land or of machinery, farming or stockbreeding facilities, the purchase or improvement of rural dwellings, current assets, and of any other regarding the farming sector.
The Director for Commercial Banking at Liberbank, Mr. Marcos Fernández, and SAECA’s General Director, Mr. Rafael Pizarro, have been the signatories of this agreement, in which stands out the reduction of the interest rate to the annual EURIBOR plus a maximum of 1.25%.
The agreement already stipulated that SAECA would facilitate the required guarantees and bonding facilities for the loans granted by Liberbank to the farming sector under preferential terms and conditions, with a redemption term of up to 15 years, and the transactions would be subject to a maximum limit of up to 250,000 € in the case of natural persons, and of up to 400,000 € in the case of legal persons.
The above agreement allows applicants to have access to financing without having to mortgage their assets, since the guarantee is of a personal nature, as well as having at their disposal a wide term for reimbursing the loan and better financial terms and conditions.
SAECA and Grupo SEPI
SAECA belongs to Grupo SEPI, a corporate holding which includes a total of 16 state-owned companies in which it has direct, majority shareholding participations, with a workforce of around 73,000 professionals in 2014; the Spanish state-owned television and radio corporation, Corporación Radiotelevisión Española, which is attached to SEPI, and one public foundation. Equally, SEPI has direct minority shareholdings in a further ten companies, and indirect shareholdings in more than one hundred companies.