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On July 30th, Royal Decree 681/2025, of July 29th, entered into force, the function of which is to regulate the Entrepreneurship and Small and Medium-Sized Enterprise Fund (FEPYME), assigned to the Ministry of Industry and Tourism, which aims to provide a source of funding for small and medium-sized enterprises (SMEs) in Spain that are of an innovative character, thus supporting their growth, competitiveness, and development.
This decree implements the ninth additional provision of Royal Decree-Law 8/2024, which contained measures for economic recovery following the effects of the previous year’s High-Altitude Isolated Depression (DANA) event.
Specifically, the purpose of FEPYME is to “provide financial support, through the granting of equity loans, directly to the private sector, as well as to public sector entities engaged in similar activities, to feasible and innovative small and medium-sized enterprises (SMEs), both in their creation and growth phases; as well as to SMEs wishing to promote innovative entrepreneurship projects in the field of language technologies and natural language processing”.
The fund, which will be managed by the public entity Empresa Nacional de Innovación (ENISA), is mainly financed by the European Union through its Recovery and Resilience Facility, which implies that both the programs and their beneficiaries must comply with the Union’s environmental and sustainability objectives.
ENISA will have to draw up operational guidelines, which will serve to determine the eligibility of the various SMEs wishing to access the financial aid, as well as to establish the process and evaluation criteria for the granting such financial aid.
As for the amount, the Fund will start with an initial allocation of €303 million, subject to a possible increase as may be provided for in the General State Budget.
Financial aid will be granted in the form of equity loans, with a maximum repayment term of seven years and a grace period of up to five years, with fixed principal repayment instalments.
The amount of these loans will range from €25,000 to €1,150,000 which may not exceed the company’s own funds in any case. Regarding the interest rate, it will be variable in two tranches: the first will be linked to the Euribor, and the second will be linked to the applicant’s financial profitability.
As for guarantees, no additional guarantees will be required other than those of the project itself for which the financing is requested.
With certain exceptions, companies in the real estate, financial, and those related to the fossil fuel sectors will not be eligible for these financial aids.
In conclusion, this fund seeks to transform the way SMEs are financed, promoting projects that modernize the business fabric, in accordance with the European Union’s objectives for sustainability and efficiency.
Oscar Vilá
Vilá Abogados
For further information please contact:
1st August 2025
