Bankia S A : and AvalCanarias sign an additional 20-million line of credit to help SMEs and self-employed workers in Madrid affected by COVID-19

• The agreement signed by the two institutions will make it possible to finance operations of up to 100,000 euros by Islas Canarias companies for the purpose of supporting their economic activity in light of the consequences of the coronavirus
• The agreement was signed at Bankia's regional headquarters in the Islas Canarias by the bank's corporate regional director in the Islas Canarias, Federico Navarro; the regional sales director, Mercedes Ballester; and the general manager of AvalCanarias, David Nin

Bankia and AvalCanarias, the Reciprocal Guarantee Company (RGC) of the Islas Canarias, have signed a collaboration agreement to launch a credit line of up to 20 million euros to finance small and medium-sized businesses and self-employed workers in the Islas Canarias affected by the COVID-19 crisis.

The collaboration agreement in place between the two financial institutions since 2012 will enable implementation of a line of credit, backed by the Regional Government of the Islas Canarias and the various Island Councils, with which to finance operations of up to 100,000 euros for Islas Canarias companies for the purpose of providing a series of solutions and liquidity to the business fabric of the Islands and to support its economic activity in the face of the consequences of the coronavirus.

The agreement was signed at an event at Bankia's headquarters in the Islas Canarias by the corporate regional manager of Bankia in the Islas Canarias, Federico Navarro; the regional sales director, Mercedes Ballester; and the general manager of AvalCanarias, David Nin.

The corporate regional manager of Bankia in the Islas Canarias highlighted 'the importance of these credit lines for the business fabric of the archipelago and Bankia's clear commitment to improving the liquidity of the sectors most affected by this situation'.

'AvalCanarias is aware of the problems the economic situation related to the pandemic is causing our SMEs and self-employed workers, and together with Bankia we want to help mitigate it', said the general manager of AvalCanarias.

Along the same lines, Bankia's regional sales director highlighted 'the good historical relationship with the RGC and the importance of providing financing to the sectors that may have the most difficulties accessing it'.

AvalCanarias

Avalcanarias is the Reciprocal Guarantee Company (RGC) of the Islas Canarias. Its primary mission is to grant guarantees to improve the financial conditions under which SMEs and self-employed workers access loans for investment or liquidity.