Credit line of 800 million euros, guaranteed by the European Investment Fund (EIF), intended for Small and Medium Enterprises financing which, due to Covid-19, need financial support to continue their trajectory of growth and normal development of their activity.


BPI signed a guarantee’s agreement with the European Investment Fund (EIF) under the European Guarantee Fund (EGF), which results from a package of actions to support the economy adopted by the European Commission on April 9th, 2020, and subsequently approved by the European Council on April 23rd, 2020, to mitigate the effects of Covid-19. The goal is to create conditions for economic recovery and to strengthen the confidence of European businesses by offering them attractive financing conditions.

The financing contracted within the scope of the EGF benefits from a guarantee provided using funds deposited at the European Investment Bank (EIB) by the member states of the European Union in the global amount of 25 billion euros, which, due to the leverage effect, is expected to generate 200 billion euros of additional financing.

Based on this agreement, BPI created the BPI/EIF - EGF Line, at the amount of 800 million euros, aimed to finance working capital operations and new investment in tangible and intangible assets, located in Portugal or in the European Union member states that joined the EGF.

  • Competitive conditions to support financing of investments to be implemented in tangible and intangible assets and/or working capital;
  • Aimed to SMEs in any sector of activity (with eligible CAE - Portuguese Classification of Economic Activities);
  • Access to a structured credit line with an EIF guarantee;
  • The company benefits from the financial advantage associated with the EIF guarantee, thus obtaining more competitive spreads;
  • 1 to 15 years terms;
  • Benefit from support under the State Aid Temporary Framework (SATF) of the European Commission, without consumption of de minimis aid.
  • SMEs (including Self-employed Entrepreneurs) with valid certification;
  • Companies with eligible CAE (Portuguese Classification of Economic Activities);
  • Companies with BPI rating equal or higher than 8.9 and without rating;
  • Companies with at least 1 employee in the application reference year;
  • With headquarters and operating in Portugal, or in an EU Member State participating in the EGF.
  • Without establishment in a non-transparent, or non-cooperative jurisdiction, in accordance with the requirements stated by the EIF;
  • With no unjustified delays or incidents with Banks;
  • With a settled situation with the Tax Authorities and Social Security;
  • Not engaged in an economic activity considered illegal;
  • Out of exclusion situation, sanctioned or subject to restrictive measures (e.g., access to community funds);
  • Non-qualified as a company in difficulty, as defined in the General Block Exemption Regulation (EU Regulation No. 651/2014 of the EC of June 16th, 2014). Companies will be considered eligible if, on the conclusion date of the loan agreement, although being in distress but do not meet the conditions for being considered companies in distress on December 31st, 2019.
    Micro and Small Enterprises considered in distress as of December 31st, 2019 will also be considered eligible, since at the conclusion of the loan agreement time:
    - not subject to collective insolvency proceedings under Portuguese law;
    - have not received rescue aid which has not been repaid (if the aid is in the form of a loan), ended (if the aid is in the form of a guarantee) or restructuring aid.


Eligible operations
  • New financing operations to support investments in tangible and intangible assets and/or working capital for projects located in Portugal or in a member state of the European Union that participates in the European Guarantee Fund (EGF), which have not been supported by community funds;
  • Companies acquisition allowed;
  • The acquisition of used assets is also allowed, if made after the Letter of Commitment date.
  • Under the EGF scheme, by analogy to Section 3.1 of the State Aid Temporary Framework, or the EGF scheme, by analogy to Section 3.2 of the State Aid Temporary Framework (4th amendment of June 29, 2020).
  • With beneficiary headquarters located in a Member State that participates in the EGF;
  • With eligible CAE;
  • That are not intended to finance illegal activities or artificial schemes aimed at tax evasion;
  • Whose supporting documents are legal, valid, binding, and enforceable, in accordance with the applicable legislation;
  • With contracting date prior to, or equal to, June 30th, 2022;
  • With a maximum maturity until December 30th, 2037.
  • Eligible CAE's list
FrameworkSection 3.1 EGFSection 3.2 EGF
TermsMinimum: 1 yearMinimum: 1 year
Maximum: up to 15 yearsMaximum: up to 6 years
Company TypesSMEs (including SEE and Micro-Enterprises and Start-ups with organised accountingSMEs (including SEE and Micro-Enterprises with organised accounting)Start-ups

Amounts for a Sole Company

Minimum: €5.000
GeneralMaximum: €2,571,428All Eligible Sectors of ActivityMaximum: €7,500,000 since it complies the following limits:
AgricultureMaximum: €321,428The highest of:
- 25% of the turnover of the last closed year (minimum 2019)
- double the wage bill of the last full closed year (min. 2019)
The highest of:
- 25% of the turnover of the last closed year (minimum 2019)
- estimate of the wage bill for the first two years of operation
FishingMaximum: €385,714
Deductions to AmountsDeducted from:
  • 70% of the value of other EIF/EGF loans contracted by the Client under section 3.1 of the EGF in CIUs
Deducted from:
  • value of other EIF/EGF loans contracted by the Client under section 3.2 of the EGF;
  • value of the loans contracted by the Client under the LAE-COVID (Economic support line) launched under the State Aid Temporary Framework.


  • Minimum: 1 year;
  • Maximum:
    - Maximum term of 15 years for operations qualifying for the EGF scheme, by analogy with section 3.1 of the State Aid Temporary Framework;
    - Maximum term of 6 years for operations qualifying under the EGF scheme, by analogy with section 3.2 of the State Aid Temporary Framework.
  • Lack of capital: up to 36 months;
  • Disbursement period: restricted to the lack of capital period and a maximum of 4 disbursements;
  • The date of the last repayment must not be later than December 30th, 2037.
  • 70% guarantee provided by the EIF;
  • Other usual guarantees required by BPI.
"De minimis" aid

This line does not contribute to the consumption of the de minimis aid.

Nevertheless, the support to final beneficiaries is granted under the European Guarantee Fund (EGF) scheme, the application of which is carried out by analogy with sections 3.1 and 3.2. of the State Aid Temporary Framework (SATF) European Commission Communication, 4th amendment, of June 29th, 2020. In this circumstance, operations must comply with the provisions of this regulation, and it is up to the Bank to allocate them to the corresponding section of the SATF, in accordance with their characteristics, such as: amount, term and other forms of aid received under the EGF.


This information is provided for advertising purposes and does not constitute a contractual offer; you must read the pre-contractual and contractual information required by law.

Contracting subject to prior approval by the entities involved and subject to the conditions defined according to the risk profile of each operation.

Banco BPI, S.A., Rua Tenente Valadim, 284, Porto, Tied Insurance Intermediary no. 207232431 (registered with the Insurance and Pension Funds Supervision Authority on 31-10-2017 - more details on the registration available at www.asf.com.pt); authorised to carry on insurance business in the Life and Non-Life Branches with the insurers BPI Vida e Pensões - Companhia de Seguros Vida, S.A., Companhia de Seguros Allianz Portugal, S.A. and COSEC - Companhia de Seguro de Créditos, S.A. Banco BPI, S.A. is not authorised to receive premiums or enter into contracts on behalf of COSEC, Allianz or BPI Vida e Pensões and, as an insurance intermediary, assumes no responsibility for the coverage of risks inherent in the insurance contract.