Banca March and PwC reinforce agreement to facilitate access to EU recovery funds after advising 140 companies
27 July 2021 Category: General
- The agreement reached between Banca March and PwC in December last year to help channel funds from the Next Generation EU fund into the Spanish business landscape has afforded the bank's clients swift, effective management of the procedures involved and – thanks to a technology platform created for the purpose – offered them access to a team of specialist advisors. To date, 140 Banca March corporate clients have sought advisory services in relation to the Next Generation EU fund.
- Under the agreement with PwC, Banca March's managers allow companies to access the subsidy processing and management platform for the Next Generation EU scheme. There is also bridge and additional funding available for these projects, as well as other financial services, such as guarantees and insurance, as required.
- Banca March focuses particularly on family businesses and on companies in the hotel and tourism sector, with which it has been linked for decades.
Banca March, the only Spanish bank which is wholly family-owned and specialises in Corporate and Business banking services, particularly for family businesses and entrepreneurial families, reached an agreement with PwC's Office for EU Funds last December to help channel the support available through the Next Generation EU Programme quickly and easily into Spanish businesses. This EU recovery instrument is funded with a total of €750 billion to promote economic, social and territorial cohesion, mitigate the impact of the crisis and support the digital and environmental transitions.
Under the agreement, Banca March supports its customers through the process of securing the subsidies by offering them access to an online platform and a team of specialist advisors at PwC. The service covers every phase of the process, from preliminary evaluation and advice to identify the appropriate subsidy to support with completing the documentation required and submitting the application online, as well as subsequent monitoring and verification for projects which are granted subsidies. There is also a Premium service available for more complex projects.
Banca March also offers its customers additional financing to support the roll-out of the subsidised projects, as well as other services, such as: an advance on the funds until the subsidies granted are paid out (bridge financing), contribution of complementary funding (additional financing) for the deployment of the projects, bank guarantees and insurance solutions, among other services.
Banca March, founded in 1926 in Palma, is exceptionally well-placed to promote family businesses' projects, thanks to its in-depth knowledge of the intricacies of this business format. This close affinity means that all of the bank's solutions are tailored to its customers' needs, ensuring flexibility and agility in decision-making processes and a close alignment of interests thanks to the bank's own nature as a family business. Banca March is committed to helping Spanish companies drive their growth and innovation through the Next Generation EU programme, which pursues ambitious transformation goals for Spain.
Particular focus on the hotel and tourism sector
Banca March is particularly focused on companies in the hotel and tourism sector, with which it has been closely linked for decades. Through its Leisure and Tourism Unit, which falls under the Large Companies Area, Banca March boasts a comprehensive platform of financial services to offer continued support for the development and consolidation of these companies against the current backdrop, providing specialised solutions in bank financing, alternative financing, treasury and markets, insurance solutions, M&A services and asset finance, all tailored to the individual needs of companies in the hotel sector.
Banca March's strong market share in the hotel sector means it offers outstanding specialisation and in-depth knowledge of the tourism and leisure business; currently, Banca March clients account for over 30% of the accommodation available in Spain.
José Manuel Arcenegui, Managing Director of Banca March and Head of the Corporate Banking Area, said: “Since the outbreak of the pandemic, Banca March has been utterly committed to being a driving force behind the recovery of business activity. As a highly specialised bank with a clear focus on family businesses and entrepreneurial families and close ties with the hotel and tourism sector, we are ideally positioned to help our clients' projects secure the subsidies and funds available through the Next Generation EU scheme, as well as evaluating additional funding and financial services.”