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Extraordinary loan guarantee for existing bank loans

The extraordinary guarantee enables existing loans to have a longer than normal grace period (at least 6 months) and an extension of the maturity to provide liquidity to overcome the temporary difficulties caused by the COVID-19 outbreak. The guarantee enables one to secure the obligations of an enterprise arising from loan and leasing contracts.

Applying for the extraordinary loan guarantee

1

The undertaking contacts the bank to relax the repayment of an existing bank loan

2

The bank’s decision corresponds to the power of attorney issued by KredEx

2

The bank sends an application to KredEx

3

KredEx evaluates the undertaking’s plan and contacts the undertaking directly, if necessary

4

KredEx makes a decision on guaranteeing the undertaking

The bank provides a grace period to the undertaking

The main terms and conditions

  • The undertaking was not an undertaking in difficulty as of 31.12.2019 or as of applying for the guarantee
  • The interest rate of the loan being guaranteed may not be higher than the 6-month Euribor + 6% per year, and the fee for amending the agreement may not be higher than 1% of the amount of the loan being guaranteed
  • All the required tax returns and annual reports have been duly submitted as of the moment of applying for the loan
  • As of 12 March 2020, the undertaking has no overdue non-deferred arrears to credit institutions or tax arrears of state taxes, or these have been deferred
  • Loans guaranteed with the extraordinary guarantee are limited in total to an amount that does not exceed the amount of double salary expenditure for 2019 of the undertaking along with social tax or 25% of the turnover of the undertaking

Application

Contact your bank to use the extraordinary guarantee

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