Purpose
Working Capital Loans in order to strengthen the liquidity of companies which are, directly or indirectly suffering from the adverse effects of the spread of COVID - 19.
Amount
From €3,000 up to €250,000
The amount of the initial capital of the Loan does not exceed the least of the following:
- 250,000 euros or
- 25% of the total turnover of the Company during the year 2019 (for Companies established until 31/12/2019) or
- the amount resulting from the liquidity needs to be met by the beneficiary from the date of grant for the next 18 months. Liquidity needs should be determined through self-certification by the Beneficiary (for Businesses with a recommendation from 1/1/20 onwards).
Duration of Finance
Loan duration varies from 1 to 5 years including the grace period.
Currency
Euro (€)
Interest Rate
Variable based on the Euribor 1M/3M
The interest rates are charged with the interest margin and the contribution of L.128 / 75, which currently amounts to 0.60% (where this is provided).
The final interest rate of the customer is formed based on the current pricing policy of the Bank and the general terms of the Action.
Repayment
With monthly or 3 monthly installments.
Early repayment option
Early partial or full repayment is possible without penalties.
Loan’s Fees
Based on existing pricing policy of expenses and commissions for Working Capital Loans
Guarantee Fee Rate
Guarantee Fee Rate is paid in total at the 1st disbursement and is charged for the total loan duration. It is calculated only for the Guaranteed loan amount (80% Guarantee Rate). The Guarantee Fund offers the option to those enterprises that want, to cover the Guarantee fee rate in the form of state aid. The relevant amount of guarantee fees are set in the following table:
Enterprise |
|
1st year |
|
2nd & 3rd year |
|
4th & 5th year |
|
SME
|
|
0,25
|
|
0,50
|
|
1,00
|
Disbursement
One-off or Partial instalments
Collaterals
Reduced collateral requirements due to the guarantee provided by the Guarantee Fund
The availability period is until 30.06.2022, unless the budget of the program has been absorbed earlier.