Small company with new board in Spanish city (7)
I believe the answer is:
cordoba
'spanish city' is the definition.
(I've seen this before)
'small company with new board' is the wordplay.
'small company' becomes 'co' (abbreviation; 'small' asks for an abbreviation).
'with' means one lot of letters go next to another.
'new' indicates anagramming the letters.
'board' with letters rearranged gives 'rdoba'.
'co'+'rdoba'='CORDOBA'
'in' is the link.
(Other definitions for cordoba that I've seen before include "money for the Contras" , "ready for Nicaragua?" , "Spanish destination" , "City in southern Spain and Spanish explorer" , "Moorish city" .)