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EximBank guarantees 90pc of investment loans

Romanian EximBank import and export bank will be allowed to provide guarantees covering up to 90 percent of new loans granted by commercial banks for investments and/or current operations, EximBank reports in a press release.

In order to support the activity of small and medium-sized enterprises (SMEs) at the same time with boosting investment, EximBank has decided that applicants may qualify for a cut in the guarantee bonuses for at most two years, which is 25 percent in the case of SMEs and 15 percent in the case of large companies.

'The state aid scheme initiated by EximBank is part of the anti-crisis package currently promoted. We are expecting the implementation of this measure to lead to relaxed access to credit, all the more so as we can provide guarantees for the SMEs and even large companies that cover 90 percent of the value of loans requested by them. Now that we have received all the approvals, including from the European Commission, we are ready to promote these credit facilities,' says EximBank Chairman Ionut Costea. He says the scheme applies to the applicants for guarantees that file their applications by the end of October 2010, and qualifying for the scheme are SMEs and large companies that were not in financial difficulties as of July 1, 2008 but are in financial troubles at the time the applications are filed, as a result of the ongoing global economic and financial crisis.

The duration of the guaranteed loan is six years, at the longest, for investment loans, and four years for working capital loans. The value of the guarantees is reduced as the companies are fulfilling their obligations.

 

Sursa: http://www.rompress.ro

Tags: eximbank loans guarantees investment

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