The Basque Government regulates the Indartuz funding line with a 1,000 million euro plan

The Basque Government has approved Decree 168/2026, which regulates the Indartuz financing line, channeled through guarantees from Elkargi, S.G.R. The regulation was published in the Official Gazette of the Basque Country, issue number 213, on November 6, 2026, in Section I, with official reference 2026/4692, and will enter into force the day following its publication, on November 7. It was approved by the Governing Council at the meeting on October 13, signed by President Imanol Pradales Gil and the Minister of Treasury and Finance, Noël d’Anjou Olaizola.

The preamble of the regulation states that the Euskadi Eraldatuz 2030 plan will allocate 1,000 million euros to financial instruments, and that Indartuz is one of them: a special loan line to accelerate the re-industrialization of companies, focusing on dimension change, internationalization, digitalization, and decarbonization. This framework is located within the public-private partnership known as the Basque Financial Alliance, in which the Basque Government, Elkargi, S.G.R., and other financial institutions participate.

The context carries significant weight: the regulation itself highlights that Elkargi, S.G.R. is the only mutual guarantee society operating in that segment, and that Indartuz is not an isolated tool. The Basque Finance Institute (IVF), for example, announced an investment fund for advanced infrastructure in a call published on September 16, 2026 (reference 2026/3915), managed through the company Indartuz Kapitala, S.A.

Who can obtain the loans

The regulation defines three groups of recipients, provided they are headquartered in the Basque Autonomous Community and operate within the CNAE activities listed in Annex I:

• SMEs: minimum of 10% own funds, no losses for three consecutive years, fewer than 250 employees and turnover below 50 million euros or a balance sheet below 43 million euros.
• Eligible large companies: similar financial conditions, up to 499 employees and turnover below 100 million euros or a balance sheet below 86 million euros.
• Individual companies and self-employed professionals: registration in the self-employed census and recognition of economic activity profits.

However, companies in insolvency proceedings are excluded, unless an agreement has been signed and they are up to date with payments.

How much money and under what conditions

The amount of the loans will vary according to the group:

• Between 200,000 and 2,000,000 euros for SMEs and eligible large companies.
• Between 50,000 and 250,000 euros for individual companies and self-employed professionals.
• A maximum term of ten years, with the option of a two-year grace period.
• A maximum differential of 0.75% over the six-month Euribor.
• Quarterly settlement and semi-annual review of the interest rate.
• No commissions or additional costs; early amortization can be carried out without cost.

Financable investments are those in the areas of energy, environment, digital, technology, industry, or growth, according to the typology in Annex II. On the other hand, refinancing of existing debt and early amortization are explicitly excluded.

Cost of guarantees and public guarantee

Guarantees from Elkargi, S.G.R. have the following conditions:

• A 0.5% formalization and analysis commission, one-time, upon formalization of the operation.
• An annual guarantee commission of 0.75%, which is fully subsidized by the Basque Government.
• Subscription of 4% of the guaranteed amount as social shares.
• In case of modifications, a 0.3% commission on the modified amount.

The public guarantee has two levels: on one hand, refinancing by CERSA and, on the other, the joint and several guarantee of the Basque Government. Together, they cover 80% of the risk, and the remaining 20% is assumed directly by Elkargi, S.G.R. Furthermore, the administration will allocate a maximum of 8.5 million euros (2.425% of the guarantees) to the association’s capital to strengthen solvency indices; in the first call, however, 1.7 million euros.

First call and processing

The call will be made via an order from the Minister of Treasury and Finance and will be published in the official gazette. The first call will be for 100 million euros; subsequent calls will be determined according to demand within budget availability. When the line balance reaches 90% of the maximum nominal value, the quota corresponding to each financial institution will be notified.

The procedure is subject to the following rules:

• Requests shall be sent to the guarantee association by electronic means, and the submission date shall be that appearing in the electronic registry.
• If the documentation is incomplete, there is a period of ten working days to make corrections; otherwise, the request will be rejected.
• The period for issuing a resolution is three months; silence implies a negative response.
• An appeal for reversal may be filed with the Minister of Treasury and Finance within a period of one month against the resolution.
• For transparency, the grants awarded will be published in the official gazette.

The regulations also provide that the Basque Institute of Finance will also be eligible to grant loan operations, as it develops its competencies.

This regulation deserves great attention due to its impact on access to financing for companies and freelancers: combining the public guarantee and the full subsidy of commissions, the cost of bank financing is significantly reduced, and the rights will be activated as soon as the call is published. At the same time, Indartuz is not a simple grant subsidy: it is a guarantee architecture that conditions investment projects, and this determines which companies will obtain the necessary guarantee capacity to undertake the transition process.

Source: Official Gazette of the Basque Country, no. 213, November 6, 2026, Section I (General Provisions), pp. 1-11 (official reference: 2026/4692).