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How Enisa participative loans work in 2026: 25,000 to 1.5 million euros, no guarantees, two years interest-only, and what Enisa checks before it lends.
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Enisa is a public company under Spain's Ministry of Industry that lends to innovative small and medium-sized companies through participative loans. Enisa lends between 25,000 and 1.5 million euros, asks for no guarantees, charges a 0.5% opening fee, and lets you pay only interest for the first two years. Repayments are quarterly.
A participative loan sits between a bank loan and equity. Enisa takes no shares and no seat in management, so founders are not diluted, and the interest is deductible for corporate tax.
Interest has two parts. The first is the one-year Euribor plus a margin Enisa sets each year, paid quarterly on the outstanding balance. The second is variable and depends on your profitability: if the company's return on equity is negative, it is zero, and it never exceeds a cap set by the credit rating of the operation.
To calculate the variable part, Enisa needs your annual accounts by 30 September (or nine months after your financial year ends). Miss that and the maximum rate applies, so put the date in the finance calendar on day one.
The company must be an SME with its registered office and main activity in Spain, run a viable and innovative project with a competitive advantage, and have own funds at least equal to the amount requested. That last condition is the one that trips founders up: a 300,000-euro loan needs at least 300,000 euros of equity on the balance sheet, which is why many startups apply right after an equity round.
Enisa also runs sector programmes on the same terms, including Emprendedoras Digitales for women-led tech companies, Innovación x Clima, AgroInnpulso and a line for audiovisual and creative industries. Enisa is also the body that certifies companies as startups under Spain's Startup Law.
You apply online in Enisa's private area: register, complete the form and upload the documentation. Enisa reviews the file, may ask for more information, and says it answers in under two months. A positive answer is followed by signing the loan.
The strongest files show a clear use of funds tied to milestones, recent accounts, a credible plan for the next two years and, ideally, private investors alongside. Enisa explicitly presents its loan as a signal to business angels and venture funds, so pairing it with a round is the common pattern.
Between 25,000 and 1.5 million euros, according to Enisa's financing page. The amounts are reviewed every year.
No. Enisa asks for no guarantees or personal sureties; the project and the team are the guarantee.
An SME based and operating in Spain, an innovative and viable project, and own funds at least equal to the amount requested. There is a 0.5% opening fee and the first two years are interest-only.
Enisa says it answers in less than two months from a complete application.
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