R&D intensive SMEs can defer state loan payments without collateral

The Spanish Government has issued Order PJC/808/2026, of July 30, which establishes the specific procedure for the deferment and installment payment of state research, development, and innovation (R&D+i) loans without the requirement of providing collateral. This regulation is specifically designed for small and medium-sized enterprises (SMEs) characterized by high R&D intensity, aiming to mitigate liquidity pressures arising from the current economic landscape and the long-term nature of technological development projects.

What changes

The primary modification introduced by Order PJC/808/2026 is the formalization of the procedure to allow SMEs to manage their debt obligations regarding specific state research programs more flexibly. Under this Order, qualifying companies can request to postpone or split their loan installments without the traditional burden of providing financial guarantees (dispensa de garantía).

To access this benefit, the regulation mandates a two-step verification process. First, the Ministry of Science, Innovation and Universities must issue a specific certification. This document serves as the official proof that the company meets the "high R&D intensity" criteria and that the specific debt in question is eligible for this relief. Second, this certification must be submitted to the Delegation of Economy and Finance to initiate the formal request for deferment or installment payments. The certification also enables the Administration to apply the provisions of Articles 46.3.c) and 46.5.d) of the General Collection Regulations (Reglamento General de Recaudación), assessing whether the financial difficulty is transitory and whether the company maintains its future viability.

The Order clarifies that this mechanism is not a general debt relief program but a targeted tool for specific calls within the state programs for research, development, and innovation oriented towards societal challenges and scientific-technical transfer. By removing the need for collateral, the administration seeks to prevent companies from having to freeze assets or provide third-party guarantees during periods of temporary financial instability.

Context

For decades, Spanish state policy has promoted scientific and technical innovation through various national plans, such as the PEICTI (State Plans for Scientific and Technical Research and Innovation). These plans have largely utilized reimbursable loans with preferential conditions compared to market rates to encourage private investment and support the maturation of high-potential technological projects.

However, the business model of SMEs involved in high-intensity R&D+i is inherently risky. These entities typically face high capital requirements, long periods before reaching commercial viability, and a heavy reliance on public financing. Recent geopolitical instability and economic shifts have exacerbated liquidity difficulties, particularly in sectors like biotechnology, where the gap between investment and return is exceptionally wide.

Order PJC/808/2026 fits into this context to provide continuity and legal certainty to the mechanisms already established in Order PCM/519/2020, adapting them to the current organizational structure of the Ministry of Science, Innovation and Universities and responding to the new needs of companies operating under the frameworks of the PEICTI 2017-2020 and later ones.

Who it affects and how

High R&D Intensity SMEs
This is the primary group affected. If your company is classified as an SME and maintains a high level of investment in R&D+i, you gain a vital tool for cash flow management. Instead of risking assets to secure a loan deferment, you can use the certification process to request relief. This is particularly critical for biotech startups and deep-tech companies that are currently in the validation phase of their technology and cannot yet generate sufficient operational cash flow to meet loan repayments.

State Loan Debtors
The regulation only affects those companies that are currently debtors of loans granted under specific calls of the state research and innovation programs. If your financing comes from private banking or other non-state sources, this specific procedure for the waiver of collateral does not apply to you.

Large Enterprises and Sole Traders
The scope of this Order is strictly limited to SMEs. Large corporations, regardless of their R&D intensity, cannot utilize this specific procedure for the waiver of guarantees. Similarly, sole traders (autónomos) are excluded, as the regulation is explicitly directed at the legal framework of small and medium-sized enterprises.

What to do and when

To successfully navigate this procedure, companies must follow a strict administrative path. There is no single universal deadline mentioned for the application itself, as it depends on the individual company's liquidity needs and the specific terms of their loan, but the following steps are mandatory:

• Step 1: Request Certification. The company must first contact the Ministry of Science, Innovation and Universities to obtain the official certification. This document must verify both the company's status as a high R&D intensity SME and the eligibility of the specific debt.
• Step 2: Submit Documentation. Once the certification is obtained, it must be presented to the Delegation of Economy and Finance. This submission must be accompanied by the necessary documentation to demonstrate the temporary nature of the financial difficulties and the future viability of the entity, as required by Articles 46.3.c) and 46.5.d) of the General Collection Regulations (Reglamento General de Recaudación).

Failure to provide the Ministry's certification will result in the inability to request the waiver of collateral, meaning the company would have to provide traditional guarantees to obtain any deferment.

Given the technical nature of the certification and the financial implications of debt restructuring, we recommend evaluating your specific situation with the relevant department at BMC to ensure all documentation meets the requirements of the Delegation of Economy and Finance.