Linha Impulsar Portugal is a €1.5 billion credit line launched on 5 August 2026 by Banco Português de Fomento (BPF), Portugal’s state-owned development bank, and the Mutual Guarantee System (SGM).
The programme supports companies operating in Portugal by providing access to financing for working capital, strategic investment, new businesses and technical guarantees. Companies apply through participating commercial banks, which provide the financing. SGM guarantees part of the loan, with coverage of up to 50%, 70% or 80%, depending on the financing sub-line.
The credit line is available until 31 December 2028, subject to a possible extension by BPF, or until the available funding is exhausted. For the first time, a single BPF credit line brings together four financing solutions covering different business needs, with maximum amounts ranging from €1 million to €25 million per company.
Important: Linha Impulsar Portugal provides loans and guarantees, not non-repayable grants. Companies must repay the borrowed capital and interest, together with the applicable guarantee fees. The mutual guarantee helps reduce the lender’s credit risk and can improve access to business financing.
Linha Impulsar Portugal: Financing Conditions
The €1.5 billion programme is divided into four sub-lines, each designed for a different financing purpose.
Funding is allocated on a first-come, first-served basis, and the amounts assigned to each sub-line may be adjusted according to demand.
Interest Rates and Financing Costs
Interest rates are determined by each participating bank and may be fixed or variable.
In addition to interest, companies must consider:
- SGM guarantee fee: Subject to limits set by BPF according to the sub-line, company size, credit rating and financing term. The applicable maximum rates range from 0.1854% to 1.8140%.
- SGM share subscription: Borrowers must acquire shares in the Mutual Guarantee Society worth up to 1% of the guaranteed amount.
Final financing conditions depend on the bank’s credit assessment and the applicable programme requirements.
Who Can Apply for Linha Impulsar Portugal?
Linha Impulsar Portugal is available to businesses of different sizes, including sole traders with organised accounts, micro, small and medium-sized enterprises (SMEs), Small Mid Caps and Mid Caps with up to 3,000 employees, subject to the applicable eligibility criteria.
Two sub-lines have additional requirements.
Impulsar Investimento Estratégico
Companies must have a financial autonomy ratio of at least 20% in their latest approved financial statements. This requirement is waived for newly established companies. For business acquisitions, the acquiring company must obtain control of the target business, representing more than 50% of its share capital and a majority of voting rights.
Impulsar Novos Negócios
This sub-line targets micro-enterprises that have been established for no more than four years, as well as companies in the process of incorporation. Applicants must have an equity contribution of at least 15%.
What Investments and Business Needs Can Be Financed?
The four sub-lines support different stages of business development, from day-to-day financial management to strategic expansion and business creation.
1. Impulsar Curto Prazo – Working Capital Financing
Designed to support short-term liquidity and operational financing needs.
Eligible financial instruments include:
- Current-account credit facilities
- Promissory note financing (livranças)
- Commercial paper
- Discounting of foreign receivables
- Factoring and confirming
2. Impulsar Investimento Estratégico – Strategic Business Investment
Supports investments intended to strengthen business competitiveness, succession and growth.
Eligible operations include:
- Acquisition of shareholdings in business succession or scale-up transactions
- Management buyouts (MBOs) and management buy-ins (MBIs)
- Vehicle and equipment leasing
- Real-estate leasing
- Acquisition of assets from insolvency estates
This sub-line offers the programme’s highest financing limit, reaching €25 million per company, with repayment terms of up to 12 years.
3. Impulsar Novos Negócios – Financing for New Businesses
Supports the creation and initial development of micro-enterprises in Portugal.
Financing may cover:
- Initial business investment
- Working capital required to start operations
- Medium- and long-term loans
- Leasing operations
Eligible businesses may access financing of up to €1 million, subject to the programme’s requirements.
4. Impulsar Garantias Técnicas – Business Guarantees
Supports companies that need guarantees to meet contractual, commercial or financial obligations.
Eligible guarantees include:
- Performance guarantees
- Tender guarantees
- Compliance guarantees
- Payment guarantees
Guarantees may be issued directly by SGM to the beneficiary or provided as counter-guarantees for existing guarantees, either individually or through a framework facility.
How to Apply for Linha Impulsar Portugal
Applications are submitted through participating commercial banks, not directly to Banco Português de Fomento.
The commercial bank assesses the company’s financing request and makes the credit decision. SGM provides a mutual guarantee, with part of the risk supported through the BPF counter-guarantee framework.
Before applying, companies should assess their financing needs, confirm eligibility under the appropriate sub-line and prepare the relevant financial and corporate documentation.
Oporto Accounting can support companies in Portugal with the financial assessment, preparation of documentation and guidance throughout the financing application process. Contact us
