The Government of the Balearic Islands, through the Ministry of Finance and External Relations, and the mutual guarantee company ISBA SGR, are launching a line of ISBA credits – policies of up to 300,000 euros at zero interest – which will provide liquidity to interested petrol stations to help them operate normally in their service to users.
The Minister of Finance and External Relations, Rosario Sánchez, announced this measure after meeting with the president of the Association of Service Stations of the Balearic Islands, Joan Mayans, and other representatives of the sector, along with the director general of ISBA, Jesús Fernández, the director general of the Treasury, Financial Policy and Assets, Aina Galmés, and the director general of Consumer Affairs, Fèlix Alonso.
The Regional Ministry of Finance and Foreign Affairs and ISBA are activating this financial support measure for the sector to offer liquidity to service stations in the face of any possible liquidity needs they may have following the implementation of the discount for users applied by the Spanish government (20 cents per litre of fuel), through the rebate approved last week and in force until 30 June.
This line allows access to credit policies to obtain liquidity of up to 300,000 euros under advantageous conditions. The Government will cover the interest rate and the cost of the guarantee, so companies will be able to apply at zero interest. In this way, the action of the Government and ISBA to support the business fabric of the Balearic Islands in the face of the economic and social repercussions of Russia’s invasion of Ukraine is reinforced.
Councillor Rosario Sánchez has valued the key role of ISBA, with the support of the Government, in supporting companies and the self-employed, especially in recent years to cope with the impact of the COVID pandemic and now also in the scenario caused by the war. Thus, he stressed that, during 2020 and 2021 and the first months of 2022, the ISBA credits promoted by the Government have helped more than 3,300 companies and the self-employed, with financing of more than 285 million euros in approved operations.
She also stated that this initiative by the Government and ISBA is a complementary support measure to the rebate approved by the Spanish Government to reduce the price of petrol for users and help mitigate the impact on families of rising fuel prices, and to the system of advances to companies by the Ministry of Finance, through which, since last Friday, applications for advances can be made to the State Tax Administration Agency (AEAT).
In this regard, the Minister of Finance and External Relations also offered the representatives of the Association of Service Stations of the Balearic Islands the cooperation of the Government and its willingness to pass on to the Ministry of Finance any queries and proposals from the sector regarding the application of this state measure.