Impulsar Portugal Line: how to finance the purchase of a business

The Impulsar Portugal Line is a mutual guarantee credit solution that includes support for the purchase of stakes in businesses. For those considering an acquisition, the most relevant component is the Strategic Investment Impulsar: it can encompass business succession operations, growth through acquisition, MBO and MBI, subject to the line's conditions and financing analysis.

The interest for a buyer lies in the possibility of structuring debt for a specific operation. Before relying on this money, it is necessary to understand who can apply for the credit, what stake is to be acquired, and how the business will support the repayment.

Information verified on 29 September 2026. The conditions summarised below must be confirmed with the bank and the Mutual Guarantee Society for the proposed operation.

What is the Impulsar Portugal Line?

The line was announced by the Portuguese Development Bank and the Mutual Guarantee Society with a total allocation of 1.5 billion euros. The institutional information from the Directorate-General for Economy distinguishes four purposes:

The choice depends on the destination of the funds. Creating a company to buy another business, for example, does not automatically mean that the application belongs to the New Businesses sub-line. Present the transaction and request its framing.

Can you finance the purchase of a business?

Yes, in eligible operations. The presentation of the line by Santander expressly includes acquisitions of shareholdings, succession and Management Buy-Out and Management Buy-In operations.

This makes the line relevant for a team considering an MBO of the company where they work or for an external manager preparing an MBI to acquire and lead an SME. It is also worth analysing when the sale is part of a business succession.

The designation of the project does not guarantee financing. In a search fund, for example, the bank will have to analyse the purchasing entity and the specific acquisition. One should not assume that this line finances, by itself, the entire phase of searching for a business.

If the transaction involves only assets, a establishment or a property, describe that object accurately. The eligibility of a purchase of stakes cannot be automatically transposed to all forms of buying a business.

What are the main conditions for an acquisition?

For the Strategic Investment sub-line, the information from BPI and the disclosure document provided by Banco Carregosa, version of 5 August 2026, indicate the following limits:

These are framing limits. The amount, term and guarantees of the proposal depend on the analysis of the operation. The grace period defers capital repayments; interest continues to be due, as explained in the BPI sheet.

What conditions should be confirmed with the purchasing entity?

The Montepio highlights the validation of the CAE, compliance with general and specific conditions and, in the acquisition of stakes, obtaining more than 50% of the capital and the majority of voting rights. A minority position, alone, does not satisfy this control criterion.

The disclosure document, on pages 8 and 9, admits an existing purchasing company or one created for the operation. It foresees a minimum financial autonomy of 20%, measured by equity over assets in the last approved accounts, with exemption from this condition for newly created companies. The structure involving individual investors, managers and vehicle companies must be validated with the funder; the exemption from a ratio does not equate to exemption from credit analysis.

Take a simple drawing of the operation: who buys, who incurs the debt, who contributes capital and who retains management. Include existing stakes and planned changes. This avoids discussing financial conditions for a structure that the bank has not yet understood.

Does a 70% guarantee mean I only need to pay 30%?

No. The percentage of guarantee refers to the coverage of the credit, not to an offer of part of the price to the buyer. It also does not determine, by itself, the own capital entry required in the acquisition.

Consider a merely illustrative example: investment of 1 million euros and approved loan of 800 thousand euros. If the guarantee covers 70% of this loan, it will correspond to 560 thousand euros. The loan remains at 800 thousand euros and the difference to the investment must have a valid source of financing. The transaction costs also need to be budgeted.

This example separates three quantities: investment value, credit value and guaranteed value. It is not a simulation of approval. The BPI sheet also provides for the possibility of additional guarantees being required.

How much does financing cost?

Request a proposal for your operation, rather than using the rate from an advertisement as a guaranteed cost. The Caixa Geral de Depósitos presents fixed or variable rates, guarantee commissions and other commissions. Commercial examples depend on amount, term, dates and specific conditions.

The information from Banco Carregosa clarifies that the interest and contracting charges are borne by the company and that the guarantee involves the acquisition of shares of the SGM up to 1% of the guaranteed value. It also foresees applicable procedural commissions.

To compare proposals, gather on a single sheet interest, bank commissions, guarantee costs, contracting expenses, additional guarantees and early repayment rules. Request a complete payment plan, including what happens after the grace period. You can frame this option within other ways of financing the purchase of a business in Portugal.

How to prepare the request to the bank?

Contact an adhering institution and confirm the availability of the sub-line for the operation. The following list is a proposed organisation of the dossier, not an official and exhaustive list of mandatory documents:

1. Summary of the acquisition: company's activity, reason for sale, intended stake and price under discussion.

2. Structure: buyers, acquiring company, source of capital and leadership after the purchase.

3. Financial information: accounts, debt, cash flow needs and data explaining the business evolution.

4. Continuity plan: transfer of responsibilities, key people and necessary investments.

5. Repayment capacity: cash flow projections, including scenarios with lower sales or slower collections.

6. Timeline: conditions still to be met and intended dates for decision, contract and closing.

Identify what has already been confirmed and what still depends on validation. The due diligence checklist helps structure this investigation. Even if there is initial interest from the bank, avoid treating a commercial conversation as approved credit.

Frequently asked questions

Is it a non-repayable grant?

It is credit with mutual guarantee. When comparing this solution with other options, consider the repayment of the loan and the contracted charges.

Until when is the line available?

The CGD indicates validity until 31 December 2028 or exhaustion of the ceiling. Confirm the effective availability at the time of request; the validity date does not reserve financing for an operation.

Can I buy a struggling business?

There are anticipated situations. The information from Banco Carregosa includes acquisitions by viable companies of businesses in difficulty or insolvency. The disclosure document requires, for this framing, a recovery or viability plan. Admissibility requires specific analysis.

Does loan approval confirm that the business is worth the price?

Continue your assessment. The price should be supported by the business, the risks and the transaction conditions. Access to debt does not replace investment analysis.

Start with the company and the purchase structure

Choose an opportunity compatible with your experience and the resources you can gather. Then present the acquisition to the funder, with the price, structure and repayment capacity clearly explained.

Explore businesses for sale in Portugal

Informative content, subject to the evolution of the line. Consult the official page of the Portuguese Development Bank and confirm the current conditions with the bank and the SGM. The Comprar Empresa does not approve this credit nor guarantees the eligibility of an operation.