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01 December 2020
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The Croatian Bank for Reconstruction and Development announced a new package of "COVID loans" in the total amount €142.5 million to help small and medium enterprises maintain liquidity. Eligible are micro, small and medium-sized entrepreneurs in accordance with the Small Business Promotion Act, including natural persons performing a registered activity (crafts businesses, sole traders, family farms). The borrowers should cumulatively meet the following conditions: they are COVID-19 score clients, i.e. clients who have been, on the basis of the Methodology for the Calculation of COVID Score of the Financial Agency (FINA), assessed as clients whose business is endangered and who need additional finance. Assessment is assigned in accordance with the type of business entity, and all COVID scores are acceptable for lending purposes except the negative one. Furthermore, eligible are entrepreneurs that were not in difficulties on 31 December 2019 in terms of the General Block Exemption Regulation (Commission Regulation (EU) No. 651/2014 of 17 June 2014) and were classified to the risk category A (Stage 1 or Stage 2 of credit risk) on 31 December 2019 in accordance with commercial bank’s data and/or were classified by the Financial Agency (FINA). Borrowers should meet HBOR’s eligibility criteria and the conditions for the approval of individual ESIF guarantee of HAMAG-BICRO. The purpose of loans is financing of salaries, overheads and other basic operating expenses (the so-called ‘idle mode’), purchase of raw materials, settlement of obligations towards suppliers and other current operating expenses. Loan funds cannot be used for the settling of existing loan obligations towards commercial banks or other financial institutions or for the payment of VAT. Minimum loan amount is €187,500.00, while maximum loan amount is €2,000,000.00. Interest rate is maximally 2.00% per annum.
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20 October 2020
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A meeting of the leaders of the Croatian Chamber of Commerce and Hamag Bicro was held at the Croatian Chamber of Commerce, and the main topic of discussion was the improvement of inter-institutional cooperation with an emphasis on speeding up and simplifying procedures for granting liquidity loans. The Croatian Chamber of Commerce is satisfied with the government's latest measures designed to help the business sector deal with the impact of the coronavirus crisis more easily and it believes they will bring them peace at least until the end of the 2020. The representative of the Croatian Chamber of Commerce underlined that there is a need to define a model for financial support which considers the specificity of every sector as much as possible, but priorities remain the same - maintaining liquidity of companies and keeping jobs. In this process crucial is the active role of Hamag Bicro and the Croatian Bank for Reconstruction and Development, primarily in providing loans for maintaining liquidity.
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09 July 2020
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In order to mitigate the adverse impacts of COVID-19 (coronavirus) pandemic, HBOR will implement new measures aimed at maintaining the level of economic activity, keeping the liquidity of economic operators stable and, most importantly, preserving jobs.
Therefore, entrepreneurs will be able to introduce a moratorium on and reschedule their existing loan obligations towards HBOR and will be offered new liquidity loans at favorable terms and conditions in cooperation with commercial banks. To facilitate the approval of liquidity loans at favorable terms and conditions in cooperation with commercial banks and to speed up the recovery of as many entrepreneurs as possible whose operations have been adversely affected by the COVID-19 (coronavirus), necessary guarantees in the form of portfolio insurance policies (guarantees) will be offered for loans intended for exporters and tourism industry.
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