A NEW company offering finance to small and medium sized companies in Spain has been launched.

Toro Finance will provide short-term receivables finance to the suppliers of major Spanish companies.

The financing will provide companies with working capital to develop their businesses.

The company itself has received a €400 million cash injection from private equity firms JZ Capital Partners and Avenue Capital.

Toro Finance will benefit from the investor´s expertise, both of which have made investments in a portfolio of Spanish micro cap companies.

Richard Furst, senior portfolio manager at Avenue Capital, said: “Toro Finance will provide much needed relief for small and medium-sized Spanish companies still struggling to obtain working capital financing.”