What happens after approval
From the approval letter to money in your account: pre-disbursement conditions, formalisation, the opening fee, and how the loan is repaid quarter by quarter.
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Approved does not mean paid: after ENISA's approval letter come the pre-disbursement conditions (typically a cash capital increase), the formalisation of the contract with its 0.5 % opening fee, and a disbursement that can arrive two months or more later. Everything below comes from the conditions ENISA publishes and from real approval letters we have analysed.
1. The approval letter
ENISA notifies you of the approval with the specific conditions of your operation: the line, the amount, the term, the grace period, the interest structure (the spread of your fixed tranche and the cap of the variable one), and the pre-disbursement conditions. In the real letters we have analysed, the typical conditions are a cash capital increase and formulated/deposited accounts.
Read it in full. The conditions are not paperwork: without meeting them there is no disbursement, and some (like the capital increase) require a notary and the registry — that is, time.
2. Formalisation
The loan contract is signed with its conditions. At that point the 0.5% opening fee on the amount applies.
3. Disbursement
With the conditions met and the contract formalised, ENISA transfers the amount. Between approval and disbursement, two months or more can easily pass — especially if the capital increase was not already underway.
4. Life with the loan
- During the grace period (up to 2 years, per your resolution): you repay no principal; you pay the applicable interest.
- Afterwards: quarterly principal repayments, in constant principal instalments, until maturity (total term of up to 7 years).
- The interest has two tranches: the fixed one (Euribor + spread) is always paid; the variable one is tied to your company's results, with the cap set in your resolution.
- Early repayment: possible, with the fees set in your contract.
Remember the obligations you already knew when applying: the funds cannot go to refinancing debt or distributing dividends.
Common issues
What if I'm approved but I can't do the capital increase?
It is the most common disbursement condition, and without it the money does not arrive. Talk to ENISA about timing and, in parallel, to your shareholders: the approval letter is usually the best argument to close the capital commitment.
How much will I pay each quarter?
The principal is easy: the amount divided by the number of quarters after the grace period. The interest depends on Euribor and on your results, so it varies. Your letter and contract contain the exact formula.
Can I repay early?
Yes, with your contract's early-repayment fees. Run the numbers first: with a long grace period and a good rate, it does not always pay off.
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