Enisa participative loans


Enisa promotes the creation, growth and consolidation of Spanish SMEs, actively participating in the financing of viable and innovative business projects and stimulating the venture capital market through participative loans.

Enisa is a state-owned company established in 1982 to commit money to high-technology firms, typically in the form of minority equity stakes, with the aim of bridging the equity gap left by private VC firms. As the Spanish VC market matured, Enisa gradually switched from equity to other financial instruments since 1996, when the government approved regulation about participative loans. Since 2005 Enisa has sharply increased the number of participative loans granted to SMEs.

Enisa handles annually around €100 million budget for these loans.


Enisa provides participative loans through three programs targeted at young entrepreneurs, entrepreneurs and companies at growth stage. The maturities of the participative loans range from 7 to 9 years, and the repayment of the principal is delayed from 5 to up to 7 years. The explicit interest rate applied is floating and collateral is not required. Enisa´s participative loans are subordinated to any loans and only senior to pure equity, and are counted as equity for financial analysis purposes.


Enisa (Empresa Nacional de Innovación, S.M.E., S.A.) is a state-owned company that falls under management of the General Directorate of Industry and SMEs, itself integrated into the Spanish Government’s Ministry of Industry, Commerce and Tourism.


Start-ups are those firms less than two years old


Since its creation, Enisa granted more than 5,900 loans amounting to €890 M to more than 5.000 Spanish SMEs.


Since its creation and up until 2018, Enisa granted more than 5900 loans amounting to €890 million. 

Several academic studies have documented results, such as: 

[English] "The impact of government-supported participative loans on the growth of entrepreneurial ventures" | Fabio Bertonia, Emlyon Business School (France), Jose Martí Pellón, Universidad Complutense de Madrid (Spain), Carmelo Reverte, Technical University of Cartagena (Spain)

[English] "A beacon in the night: government certification of SMEs towards banks" | José Martí Pellón, Universidad Complutense de Madrid (Spain), Anita Quas, Emlyon Business School (France)

[Spanish] "Valoración del impacto económico y social de las inversiones realizadas por Enisa entre 2005 y 2013" | José Martí Pellón, Universidad Complutense de Madrid (Spain)