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Financial Support by Spanish Council of Ministers

Important Information

Meeting Point Spain S.L. and Meeting Point Hotel Management (Canaries) S.L.U. have been granted temporary public support by the Spanish Council of Ministers through the Fund to Support the Solvency of Strategic Companies (FASEE).

The support amounts to 31 million euros through a participatory loan of 20,700,000 euros and an ordinary loan of 10,300,000 euros. This fund was established in July 2020 by the Spanish Government to provide temporary public support to non-financial companies affected by the COVID-19 pandemic, which are considered strategic for the national or regional business sector.

Regarding our current situation, the companies that receive this temporary public support have a maximum of five years to fully repay the loans with the interest rates set according to the Spanish Council of Ministers agreement of July 21st and in the Temporary Framework of the European Commission.

 

Importance of Meeting Point Spain S.L. and Meeting Point Hotel Management (Canaries) S.L.U.

Meeting Point Spain S.L. and Meeting Point Hotel Management (Canaries) S.L.U. are highly respected companies in the tourism and hotel sector, with a strong reputation for quality execution, good know-how, and a high degree of contractual compliance. They significantly impact the economy and employment, generating direct and indirect jobs and attracting national and international tourists.

The authorized aid was executed in two provisions with complete transparency by the operation of the Solvency Support Fund for Strategic Companies.

 

Transparency

 The total authorized aid was executed in two provisions:

 

Funds' Objective

 The funds' objective is to prioritise the continuation of business operations for both companies and accelerate the implementation of employment maintenance and continuity plan.

 The table presented below provides a breakdown of the allocation of funds for each subject:

 

*Includes, among others, refunds, taxes, national insurance, financial expenses, etc.