Getting a business loan as a new autónomo

Terms used

• Autónomo — An autónomo is a self-employed person registered with Spanish tax and Social Security.
• ICO — ICO is the state credit institute whose business loan lines are granted through partner banks.
• Aval — An aval is a personal guarantee, from you or someone else, to repay a loan if you cannot.
• SGR — An SGR is a regional mutual guarantee society that gives avales to autónomos and small businesses.
• CIRBE — CIRBE is the Bank of Spain's register of the loans and debts you hold.
• ASNEF — ASNEF is a private register of unpaid debts that lenders check.
• TAE — The TAE is the annual percentage rate, showing the total yearly cost of a loan including fees.
• Sociedad Limitada — A Sociedad Limitada is a private limited company whose owners' liability is limited to the capital they put in.

Key rules

• Personal liability: As an autónomo you answer for business debts with your personal assets, including your home.
• ICO: You cannot apply to ICO directly; you apply at a bank that takes part in its lines.
• Guarantees: Public guarantee schemes reduce but do not remove the bank's request for a personal guarantee.
• Foreign credit history: Credit history from abroad is generally not recognised in Spain, so build a local record.
• Offers: Compare the TAE, opening fee and early repayment fee in each written offer before signing.

The short version

With little trading history, a bank will rarely lend to you on your business alone. The realistic routes are a bank loan backed by an ICO line, a guarantee from a regional guarantee society, or a microcredit. In every case you are personally liable for the debt, because an autónomo has no separate company to hide behind.

What lenders look at

Banks check your income history, your existing debts, your credit record (CIRBE and ASNEF) and whether the activity looks viable. A new autónomo has almost no history, so the bank often asks for an aval, meaning a personal guarantee from you or a relative. It may also ask for collateral. Each lender sets its own criteria. The documents block below lists what to bring.

If you have just arrived, expect to be offered small amounts, asked for a deposit or guarantor, or turned down. Credit history from another country is generally not recognised by Spanish credit bureaus. Keeping an active Spanish account, paying your contributions and filing returns on time builds a record that helps.

Route 1: bank loan backed by an ICO line

ICO is a state lender that does not lend to autónomos directly. You apply at a bank that takes part in one of its lines, such as the one for businesses and entrepreneurs, and the bank decides on risk and collateral. The backing can ease the bank's demands. Which lines are open, and their limits and rates, change every year, so ask the bank what is available now.

Route 2: guarantee schemes

A regional guarantee society (SGR) gives you an aval so the bank will lend. You usually buy a small stake in the society's capital. Availability depends on your region, and you often go through your bank. ENISA, a state agency, gives participative loans, mostly to innovative startups and small companies. It asks for no collateral but assesses your business plan, and you apply online.

Route 3: microcredit

MicroBank, the social bank of CaixaBank, is the main lender. Its business microcredits went up to about 50,000 euros in 2025, with terms of up to around 6 to 8 years. You apply through CaixaBank branches or partner entities, which assess your project first. Rates are fixed, and usually no formal guarantee is needed beyond a viable plan. Regional development agencies and some savings banks also offer microcredit. Confirm the current limit and rate with MicroBank.

Your personal liability

You answer for business debts with all your present and future personal assets, and that can include your home. How this affects a spouse depends on your marital property regime. Public guarantee schemes reduce the bank's demand for personal guarantees but do not remove it. Forming a Sociedad Limitada limits liability to the company's capital, but banks usually still ask the partners for personal guarantees. If you ever cannot pay, a second-chance procedure lets individuals, including autónomos, discharge debts, with limits for debts to public bodies.

Comparing offers

Rates depend on Euribor, the bank's margin, your risk and the guarantees. They are usually higher than mortgage rates, and higher still for unsecured microloans and online lenders. ICO-backed lines and social microcredit tend to cost less. Banks usually charge an opening fee and an early repayment fee. Early repayment fees on business loans are not capped, so they are negotiated and written in the contract. Compare the TAE and fees in each written offer.

Other ways to fund the start

Leasing or renting equipment, supplier credit, your own savings and crowdlending can cover the gap. If you are eligible, you can also take your unemployment benefit as a single payment. The decision block below helps you choose where to start.

Choosing between options

Which kind of financing should you try first as a new autónomo?

• MicroBank microcredit: You are starting up with little history and want a fixed rate, lower fees and usually no formal guarantee beyond a viable plan.

• Bank loan backed by an ICO line: You have a Spanish account and some activity record, and a bank taking part in the line will assess your risk and collateral.

• Guarantee from a regional guarantee society (SGR): The bank wants more security than you can give, and you can take a small stake in the society's capital.

• Alternatives such as leasing, supplier credit or savings: You have no Spanish history and lenders would offer only small amounts, ask for a deposit or decline.

Start with the microcredit if your plan is solid but your history is short. Move to an ICO-backed or SGR-guaranteed loan as your record grows, and use the alternatives if lenders decline.

Documents you need

• Your ID or NIE (foreigner's identity number), or a Spanish residence permit if you are newly arrived.

• Proof of your registration as autónomo: the modelo 036 or 037 tax registration and your RETA (self-employed Social Security) registration.

• Your latest income tax and VAT returns, if you have filed any.

• Bank statements from a Spanish account with some history.

• A business plan with forecasts.

• Quotes or proforma invoices showing what the loan will pay for.

• A guarantor's details, if the bank asks for an aval (personal guarantee from you or a relative) because you have little trading history.

Checklist

• Register as autónomo and keep your tax and Social Security records up to date before you apply.

• Keep an active Spanish bank account and file your returns on time to build a record.

• Write a business plan with forecasts and gather quotes or proforma invoices for what you will buy.

• Ask about a MicroBank microcredit at a CaixaBank branch or partner entity.

• Ask the bank which personal guarantees it wants, and whether a guarantee from a regional guarantee society (SGR) can reduce them.

• Compare the annual percentage rate (TAE), opening fee and early repayment fee in each written offer.

• Check your own credit record at CIRBE and ASNEF before applying.

Frequently asked questions

Can I apply to ICO directly for a business loan?

No, ICO does not lend directly to autónomos, so you apply at a bank that takes part in the ICO line. The bank assesses your risk and decides on collateral. Ask your bank which ICO lines are open now.

Does my foreign credit history count in Spain?

No, foreign credit history is generally not recognised by Spanish credit bureaus such as ASNEF or CIRBE. Build a Spanish record instead: keep an active account, pay your contributions and file your returns on time. Foreign-bank references can still help as extra support.

Can I lose my home if my business loan is not repaid?

Yes, as an autónomo you are personally liable with all your present and future assets, which can include the family home. The Second Chance law lets insolvent individuals discharge debts, with limits for public debts. You can also register as an Emprendedor de Responsabilidad Limitada to protect your main home up to a value limit.