Linha BPF Invest Export

Linha BPF Invest Export

Funds Portuguese exporters in micro and medium-sized firms with guaranteed loans for investment and working capital.

Linha BPF Invest Export is a €3.5 billion state-guaranteed loan programme administered by Banco Português de Fomento (BPF) under the Programa Reforçar initiative. It was designed to help Portuguese exporters adapt to new extra-EU markets in the context of rising global tariffs, providing access to subsidised, guaranteed credit for both capital investment and working capital purposes. The programme is structured across two main sub-lines: BPF Invest Export PME, with €2.1 billion allocated to micro-enterprises and SMEs (split between €1.5 billion for investment and €600 million for working capital), and a mid-cap component completing the €3.5 billion total envelope.

Loans are distributed through Sociedades de Garantia Mútua (SGM) and commercial banks, with BPF providing the state guarantee backing. A conditional non-repayable conversion feature distinguishes this instrument from a standard guaranteed loan: after 36 months, up to 20 percent of the investment financing amount can be converted to a non-repayable grant (subvenção) if the borrower meets performance KPIs measured against a 2024 IES baseline. The conversion tiers are 10 percent if all four KPIs are maintained (total assets, jobs, export amount, and export percentage of revenue), 15 percent if assets and jobs grow by at least 10 percent, and 20 percent if they grow by at least 20 percent. Only extra-EU export performance counts toward the KPI thresholds.

Eligibility requires the applicant to be a micro-enterprise, SME, or mid-cap with main activity in Portugal, an eligible CAE sector code, demonstrated export sales in 2024, compliance with tax and social security obligations, and financial viability. Offshore-registered entities and those with AML/CTF flags are excluded. Companies applying should prepare their 2024 IES accounts carefully, as this baseline determines eligibility for the grant conversion. Applications are processed through the SGM network, and the grant conversion is subject to State aid ceilings.