Low-cost airline Volotea received the approval for the participation loan for a total amount of 200 million euros which it had requested to the Fondo de Apoyo a la Solvencia de Empresas Estratégicas (Solvency Support Fund for Strategic Companies), managed by the Spanish agency Sociedad Estatal de Participaciones Industriales (SEPI).
Besides, as it was reported, the company’s shareholders will provide an additional participative loan for 10 million euros.
The company will receive the aid because of its status as a “strategic company”. This qualification is based on the number of direct and indirect jobs generated by its activity and the services it provides. Since the inauguration of its operations in 2012, Volotea maintains a connectivity model supported by multiple bases, mainly in regional capitals, and medium and small-sized cities.
In this regard, the Ministry of Finance and Public Function assured that the company plays “a key role as an economic engine, generating added value and employment throughout Spain”. Volotea currently employs 1.600 people directly and contributes to sustaining another 8.100 jobs indirectly.
The loan is part of a policy to protect economic activity and employment through the Solvency Support Fund. It is one of the support instruments put in place by the Spanish government and planned for as long as the impact of the pandemic persists. The sum earmarked for the program amounts to 10 billion euros.
According to the authorities, the decision was taken after an exhaustive analysis of Volotea’s economic and legal situation. The process considered the impact produced by the restrictions on air mobility, as well as the viability of the plan presented by the company. It also evaluated the prospects of evolution and “the guarantees provided to ensure the repayment of the temporary public financial support to be received”.
On the other hand, they assured that the loan will contribute to “boost the company’s project for the coming years”. In 2022, Volotea presented its largest offer of routes and seats availability. In total, it will market 11 million seats, 40% more than in 2019. The company expects to carry up to 9.5 million passengers this year. In addition, it will offer 94 routes in Spain; 47 of them will be exclusive.
See also: Volotea boosts connectivity in Lille and inaugurates flights between Marseille and Barcelona
