Simulator
Move the parameters and watch your instalments, interest and outstanding debt change. The maths follows the real structure of an ENISA participative loan.
Real scenarios
ENISA currently finances from €25,000 to €1,500,000.
The reference index the first interest tranche is built on. Editable.
Added to Euribor. Real approval letters we have seen range from 3.25% to 5.75%.
Second tranche, tied to your company's profitability. Set it to 0 for the minimum scenario and to the cap for the worst case.
Total loan term, grace period included. ENISA goes up to 7 years.
Years when you pay interest only, repaying no principal. Up to 2 years.
Charged once, on disbursement. Typically 0.5%.
First instalment
€5,625.00
During the grace period you pay interest only
Last instalment
€15,281.25
The instalment falls as you amortise
Total finance cost
€105,563
Interest + opening fee
Total repaid
€405,563
Principal + interest + fee
Principal and interest per financial year, plus outstanding debt at close.
Indicative simulation. The real conditions are set by ENISA in its investment proposal. enisa.ai is not affiliated with ENISA.
An ENISA participative loan does not amortise like a mortgage. Understanding the difference changes how you plan your cash entirely.
Every ENISA approval letter states a constant principal repayment amount and a frequency. You always repay the same principal, and interest is charged on the outstanding balance, so the total instalment falls period after period. A mortgage does the opposite: a fixed payment, front-loaded with interest.
The first tranche is Euribor plus a differential and you always pay it. The second is variable and depends on your company's profitability: a bad year costs you less. That is why the simulator lets you move that tranche between zero and its cap — and why you should never plan on the good scenario alone.
During the carencia (up to 2 years) you pay interest only. It is oxygen while the investment plan matures, but the principal is untouched: when amortisation starts, it happens over fewer periods and with larger instalments. On the chart it is the plateau before the descent.
It is charged once on disbursement and is usually 0.5%. Beyond that, almost every investment proposal makes disbursement conditional on a cash capital increase: the loan arrives once the shareholders' money is already in. That appears in no instalment, and it is the condition that stops the most operations.
The simulator tells you what it costs. The analysis tells you whether you are a candidate: requirements, red flags and what to strengthen before applying.