One-liner: the Institut Valencià de Finances — the Generalitat Valenciana's own public bank: subsidised loans, participatory finance and venture capital for SMEs and startups where private banks won't lend. Correct name is IVF (ivf.gva.es), not the obsolete "IVFA" — per CLAUDE.md §11 domain memory, respected here.
What a founder gets
- Pyme Inversión 2026: €200k–€2M fixed-asset investment loan, 1.75% fixed rate, 4–10yr term, up to 3yr grace (SMEs ≥2yr old, ≥1 employee).
- Participatory FEDER loans: for recently-created innovative companies, no collateral required — the closest thing IVF offers to venture debt for early-stage deeptech/innovative founders. ~€20M deployed in the scheme's first two years.
- General loans: €200k–€5M, working capital + investment, open to all company types/sizes.
- Capital Risc (venture capital) — IVF runs direct equity instruments and, critically, co-invests through a panel of private fund managers: Angels Capital, Big Ban Angels, CEEI Castellón, Demium Startups, Encomenda Smart Capital, BStartup10, Sabadell Venture Capital (participatory-loan co-investment, 2019 selection round) and Columbus Venture Partners, Clave Mayor, Nekko Capital, Sabang Investments, Sabadell Asabys Health (Capital Risc Llavor/Creixement, 2018 round) — this is a real access route to Valencia's VC ecosystem for a founder who gets backed by one of these managers.
- FININVAL and Fons Valencià de Resiliència — additional financial instruments beyond standard loans.
- AFIN-SGR guarantee agreement — collateral/guarantee support alongside a sociedad de garantía recíproca.
- New crisis-response lines (2026): IVF Agro Anticrisis 2026 (€100k–€1M, 1.5% fixed, primary/agrifood sector) and IVF Liquidez Anticrisis 2026 (€200k–€5M, 1.5% fixed, any sector/size, explicitly framed around Middle East conflict-driven cost shocks) — both confirmed live as of 2026-07-05, each now has its own program page (deadline/eligibility distinct from IVF's general profile, per CLAUDE.md §3f). Plus the pre-existing IVF DANA flood-recovery line (0%-cost, long grace). Signals IVF actively adapts its loan book to successive shocks (DANA flooding → cost-of-living/energy → geopolitical) rather than running static products.
- Personal guarantee program — separate from business lending, IVF also guarantees first-home mortgages for under-35s (1,300+ young people benefited in the first four months of 2026) — not startup-relevant directly, but shows IVF's broader public-finance role.
Who it's for
- SMEs and startups (early through scale phase) needing debt or participatory finance the private market won't extend — especially innovative/recently-created companies (via the FEDER participatory line) and companies making fixed-asset investments (Pyme Inversión).
- Companies seeking VC introductions should approach IVF's panel of co-invested fund managers directly, or via CVBAN.
How to engage
- prestamos.ivf.es/prestamos — browse active loan lines (Pyme Inversión 2026, Participativos FEDER, General).
- Procedure G107437 for the standard loan application track; full bases PDF in
raw/documents/03-grant-bases/. - Co-financing agreement with CVBAN for business-angel-matched deals.
- FEDER intermediary calls: IVF periodically runs "convocatorias de manifestación d'interés" to select the private fund managers who deploy its Capital Risc/participatory-loan instruments (most recent: 2024, for the "Capital de risc per al Creixement Sostenible" instrument under CV FEDER 2021-2027) — relevant if you're a fund manager, not a founder, but explains where IVF's VC panel above comes from. fondos@ivf.es (funds management), inversiones@ivf.es (risk/investments). Registry hours: Mon–Thu 9-15h, Fri 9-14:30h.
Key facts
- HQ: Carrer dels Llibrers 2-4, 46002 València.
- Parent department: Conselleria d'Economia, Hisenda i Administració Pública (distinct from IVACE's Conselleria d'Indústria, Turisme, Innovació i Comerç — IVF is finance-side, IVACE is industry-side).
- Instruments beyond loans: Capital Risc (venture), FININVAL, Fons Valencià de Resiliència, AFIN-SGR guarantee
agreement; manages FEDER and FSE structural funds (2014-2020 and 2021-2027 programming periods each have
dedicated planning/management/evaluation/communication tracks on the IVF site).
Financing volume: IVF reports having tripled its number of operations while sustaining a high annual
financing volume — exact figures not independently verified,
#status/verify. - Recent transactions cited on-site (2026): €1.5M across 4 financing operations for innovative-project growth; €600k for "Nido" (energy-transition digital platform); a bonified loan supporting biotech company Overgenes' personalised-medicine platform expansion; two FEDER-cofinanced loans totalling €1.3M for Veganic's growth.
- cost field note: set to
mixed(notloan) because IVF's offer spans subsidised loans, participatory loans, and direct/co-invested venture capital — a singlecost:value undersells the range; see individual program pages (IVF Pyme Inversion 2026 etc.) for per-instrument cost.
Relations
- Partners with: CVBAN
- See also: Growth Stage (phase)
- Runs: IVF General
- Runs: IVF Participativos FEDER
- Runs: IVF Pyme Inversion 2026
- Runs: IVF Agro Anticrisis 2026
- Runs: IVF Liquidez Anticrisis 2026
- Partners with: CVBAN Business Angel Network