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Extraordinary proportional loan guarantee for new bank loans

The extraordinary guarantee enables new turnover and investment loans to enterprises, to overcome the temporary difficulties caused by the outbreak of COVID-19. 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 obtain a 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 grants the loan 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 rate of guarantee is up to 90% of the secured loan.
  • 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
  • Up to 50% of the loan may be used to service existing loans. Refinancing loans with a loan guaranteed by KredEx is generally not permitted
  • 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
Guarantee applications are being accepted until 31.05.2022

Application

Contact your bank to use the extraordinary guarantee

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