Protocol Lines

Impulsar Portugal Fund.

Up to €1,500 million in total funding with mutual guarantees for working capital, strategic investment, new business ventures or technical guarantees.

Find out about the four strands of the Impulsar Portugal fund.

A range to boost your business.

A mutually guaranteed credit facility promoted by Banco Português de Fomento, in partnership with the Government and Banco Montepio. It comprises four sub-facilities covering the entire life cycle of a business, from day-to-day cash flow to strategic investment, and from the launch of new ventures to the issuance of technical guarantees.
República Portuguesa | Banco Português de Fomento
República Portuguesa | Banco Português de Fomento
€1,500 million
Total funding amount
4 sub-funding lines
Different solutions for every need
up to 80%
SGM guarantee on the financing
31 Dec 2028
Term of the line
Sub-funding lines

Four sub-funding lines, four answers.

Each line of credit has its own terms and conditions regarding the amount, security and term. Choose the one that best suits your company’s current situation.

Short Term
UP TO €7,500,000
(Maximum amount per company)

Liquidity support and day-to-day business management: short-term, revolving working capital facilities, including current accounts, foreign bill discounting, factoring and confirming.

  • SGM Guaranteeup to 50%
  • Maximum term60 months
  • Shortage/UsageNot applicable
  • Maximum spread1.42% – 4.77%(1)
  • AmortisationRepayment tailored to the company’s needs | Revolving credit
Strategic Investment
UP TO €25,000,000
(Maximum amount per company)

Projects with an impact on growth, modernisation and competitiveness: business succession, scaling up, MBOs/MBIs, leasing and the acquisition of shareholdings.

  • SGM Guaranteeup to 70%
  • Maximum term144 months
  • Shortage/Usageup to 36 months
  • Maximum spread1,23% – 3,70%(2)
  • AmortisationFixed monthly, quarterly, half-yearly or annual deferred depreciation | Residual value up to 10%
New Business
UP TO €1,000,000
(Maximum amount per company)

Support for business start-ups and the development of new business projects, by providing funding for investment and working capital during the start-up phase.

  • SGM Guaranteeup to 80%
  • Maximum term120 meses
  • Shortage/Usageup to 24 months
  • Maximum spread1,09% – 2,84%(3)
  • AmortisationFixed monthly, quarterly, half-yearly or annual deferred depreciation | Residual value up to 10%
Technical Guarantees
UP TO €2,500,000
(Maximum amount per company)

Issuance of performance, tender, compliance or payment bonds, provided directly to the final beneficiary or as a counter-guarantee.

  • SGM Guaranteeup to 75% / 100%
  • Maximum term120 months
  • Bank Guarantee Committee1,21% - 2,44%
  • Good payup to €1,000,000
Eligibility

Who can apply?

Companies that meet the general conditions of the Agreement for the Granting of Mutual Guarantees and the specific conditions of each sub-line, with validation of an eligible CAE.

  • Have an eligible CAE, validated under the relevant sub-line
  • Comply with the general conditions of the Agreement for the Granting of Mutual Guarantees and the specific conditions of the intended sub-line
  • New Businesses: micro-enterprises that have been in existence for up to 4 years (or are being set up) and have a minimum of 15 per cent equity
  • Strategic Investment: Companies acquiring shareholdings as part of business succession processes or scaling up, ensuring a controlling stake in the target company (more than 50 per cent of the share capital and a majority of voting rights) and a minimum financial autonomy of 20 per cent.

Cross-sectional conditions of the fund.

Total amount
Up to 1,500 million euros, allocated across the four sub-funding lines.
Validity
Until 31 December 2028.
Grace period
During the grace period, starting from the date of contract conclusion. It is not possible to specify a value date prior to the actual release of the funds, nor to make any withdrawals after 31 December 2028.
Interest
Paid by the beneficiary and settled in arrears. A 0% floor applies to the index.
Fees and charges
In accordance with Banco Montepio’s Pricing. The costs of opening the account are borne by the company. Exemption from securities custody fees where the account is used exclusively for holding SGM shares.
SGM fees
SGM charges only the guarantee fee and, where applicable, the set-up or renewal fee.
State aid
The de minimis scheme, RGIC or market conditions apply, depending on the nature of the transaction. Under the ‘Short-Term’ and ‘Strategic Investment’ sub-categories, where a micro, small or medium-sized enterprise does not have a de minimis ceiling, a guarantee fee may be applied on market terms.

Ready for the next step?

For more information about the Impulsar Portugal fund, please contact us or visit one of our branches.
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Examples of financing:

(1) SHORT TERM

 

Effective Annual Rate (EAR): 5.2337%

 

APR calculated on the basis of a nominal annual interest rate (TAN) of 5.1340% – 3-month Euribor (simple arithmetic mean of the daily rates for the month preceding the interest calculation period, which, for this example, was July 2026, corresponding to 2.33900%, plus a spread of 2.7950%) for a Current Account Credit facility of 500,000 euros (fully utilised on the date of agreement), for a term of 6 months, with repayments of principal plus interest payable quarterly in arrears. No fees apply. This information does not constitute a contractual offer; all offers are subject to review and approval by Banco Montepio. Annual Percentage Rate (APR), calculated in accordance with Article 4 of Decree-Law No. 220/94 of 23 August.

 

(2) STRATEGIC INVESTMENT

 

Effective Annual Rate (EAR): 4.6686%

 

APR calculated on the basis of a nominal annual interest rate (TAN) of 4.5890% – 3-month Euribor (simple arithmetic mean of the daily rates for the month preceding the interest calculation period, which, for this example, was July 2026, corresponding to 2.33900%, plus a spread of 2.2500%) for a loan of 500,000 euros (drawn down in full on the date the loan was taken out), over 60 months, with a 6-month grace period on principal repayment, with equal principal repayments plus interest, payable quarterly in arrears. No fees.

 

This information does not constitute a contractual offer; all offers are subject to review and approval by Banco Montepio. Annual Percentage Rate (APR), calculated in accordance with Article 4 of Decree-Law No. 220/94 of 23 August.

 

(3) NEW BUSINESS

 

Effective Annual Interest Rate (TAE): 4.2192%

 

APR calculated on the basis of a nominal annual interest rate (TAN) of 4.1540% – 3-month Euribor (simple arithmetic mean of the daily rates for the month preceding the interest calculation period, which, for this example, was July 2026, corresponding to 2.33900%, plus a spread of 1.8150%) for a loan of 500,000 euros (drawn down in full on the date the loan was taken out), over 60 months, with a 6-month grace period on principal repayment, with equal principal repayments plus interest, payable quarterly in arrears. No fees.

 

This information does not constitute a contractual offer; all offers are subject to review and approval by Banco Montepio. Annual Percentage Rate (APR), calculated in accordance with Article 4 of Decree-Law No. 220/94 of 23 August.

 

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