Investment & Fund Management
addressing both energy needs and waste
Full Credential Description
Biofor, a social enterprise based in Soria, Spain, specializes in producing forest biofuels from recycled wood, addressing both energy needs and waste management. The company faced significant challenges in securing financing to expand its operations, particularly when it sought to develop a new product line that utilized recycled wood instead of just waste wood. Despite its successful track record, Biofor encountered banks' risk aversion, which hindered its ability to invest in the necessary special equipment for this expansion.
To overcome these financial barriers, Biofor secured an EU-guaranteed loan from Soria Futuro, backed by the European Investment Fund (EIF). This loan featured no collateral requirements and low interest rates, which were crucial for the company to purchase the equipment needed for its new product line. As a result, Biofor was able to enhance its operations and continue its mission of providing cleaner energy solutions while supporting local industries, particularly in the production of cured meats.
The impact of this financing has been significant, allowing Biofor to not only sustain its current operations but also explore innovative ideas, such as using pine bark to create garden furniture. This initiative reflects the entrepreneurial spirit in Soria, where a network of local entrepreneurs actively collaborates to exchange ideas and foster new business opportunities.