COVID-era fund that recapitalised Spanish mid-sized companies with equity and debt.
The published FONREC programme combined several forms of financial support rather than relying on a single instrument. COFIDES lists equity holdings, participating loans, and debt among the forms available to qualifying companies, with individual cases subject to assessment.
The official programme description tied eligibility to companies' medium- and long-term viability and to pandemic-related need. It also set separate funding limits for SMEs and medium-sized companies, while the overall public fund was endowed with €1 billion.
FONREC's published eligibility conditions limited support to non-financial businesses affected by COVID-19, with headquarters and main workplaces in Spain. Applicants were expected to have a viable medium- and long-term plan and no prior viability problems; the programme also distinguished SME and medium-sized-company financing limits.
The official page states that the period for granting aid under the State Aid Temporary Framework has ended. This means the published FONREC terms describe a closed application programme rather than a current route for new applicants, despite the fund remaining listed in COFIDES's managed-funds catalogue.
COFIDES's company history page says it has managed FONREC since 2021. In September of that year, COFIDES presented the fund to the Murcia Chamber of Commerce and described its planned support for viable medium-sized companies affected by the pandemic.
On 30 December 2021, COFIDES reported formalising its first FONREC concession, a financing package for Martínez Otero. The dated announcement describes both an equity loan and an ordinary loan, documenting the fund's transition from public presentation to a first completed financing operation.
FONREC was a €1 billion public recapitalisation fund managed by COFIDES to support the solvency of eligible non-financial companies affected by COVID-19. The programme targeted medium-sized companies with headquarters and main workplaces in Spain, subject to viability and pandemic-impact criteria.
Financing could take the form of equity holdings, participating loans, or debt. COFIDES published different minimum and maximum amounts for SMEs and medium-sized companies, and states that the grant period under the State Aid Temporary Framework has ended, so the programme is no longer accepting applications.