The SEK Educational Group has signed a framework agreement with BStartup, Sabadell Bank’s support programme for entrepreneurs, through which both companies commit themselves to making access to finance easier for startups, as well as making help and financial support available to them. Both organisations have subscribed to a programme based on three action plans: the provision of banking products and services, investment and support for entrepreneurs who need a bank in order to function.
Present at the signing were the SEK Educational Group Corporate Director General, Concha Canoyra, and Sabadell Bank’s Deputy Director General and Regional Director, Blanca Montero.
The agreement is in accordance with the support policy for entrepreneurship that the SEK Educational Group channels through the SEK Lab programme, the first Spanish accelerator with global coverage aimed at innovative projects and startups in education.
The eight startups chosen by SEK Lab this year already enjoy many advantages. In addition to being able to locate themselves for five months at the Camilo Jose Cela University Madrid-Villafranca buildings, they have access to the accelerator’s network of mentors, tailored training, access to clients, beta testing with the SEK educational community, access to networking and events, and awards in kind valued at over 20,000 Euros per project, amongst other advantages.
The agreement with Sabadell Bank, a decisive step
BStartup, Sabadell Bank’s support programme for entrepreneurs, is made up of three plans of action.
- Specialised offices and products. Sabadell Bank has 90 offices specialising in startups with specific financial products for such entrepreneurs such as Startup Loans, Business or Business Expansion Accounts, Study Credits, Academic Year or Masters, national or international Factoring, subsidised plans, eCommerce, Remote Banking, Exporting for growth, etc. As well as a specific risks track for startup operations.
- Investment in equity: BStartup10. The bank invests capital directly every year in ten businesses at start-up stage with the objective of accompanying them as they grow, through a high yield programme, helping to insert them into the market and getting them ready for the subsequent rounds of financing.
- Collaborative innovation, Sabadell Open Apps. By means of this tool, Sabadell Bank provides support to entrepreneurs who need a bank in order to function: payment methods, transforming service to the customer, Internet of Things, Real-time business or Responsible and social business, etc.
Through this one-year agreement both organisations, SEK and Sabadell Bank, establish joint action plans to facilitate the creation of entrepreneurial projects by means of consultancy, training and accompanying entrepreneurs at the start of their business activity.