Small company with new board in Spanish city (7)
I believe the answer is:
cordoba
'spanish city' is the definition.
(I've seen this in another clue)
'small company with new board' is the wordplay.
'small company' becomes 'co' (abbreviation; 'small' suggests a short form).
'with' says to put letters next to each other.
'new' is an anagram indicator.
'board' is an anagram of '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" .)