27.04.2021
NOT ONLY EXCELLENT COMPANIES CAN GET A BANK LOAN
Tourism, transport, trade, the sudden pandemic left its lasting mark on business both around the world and in our country. Over the past year, we have witnessed various measures to help the sectors affected by the crisis - a moratorium on loan payments and various government programs. The fact is, however, that the end of the "credit holiday" has come, and social and economic measures will not last long.
What next?
To answer the question of what follows for the businesses concerned, we must first look at the scale of the damage. According to a study by the Bulgarian Chamber of Commerce, conducted among businesses at the end of last year, production volumes decreased by over 60%, sales and turnover also shrank, but by more than 70%, foreign markets collapsed by nearly 45% and labor places are half less. A drastic decline is also reported in terms of investments and new products.
At the same time, liabilities to financial institutions, counterparties, the budget and staff increased by about a third.
Part of the solution?
The state, represented by the Bulgarian Development Bank, has developed a portfolio guarantee program to support micro, small, medium and large enterprises affected by the COVID-19 pandemic, which can reach businesses through banks. A few days ago UniCredit Bulbank signed an agreement to extend the term of the program.
"The companies with which we most often conclude deals are from the sectors: freight road transport, restaurants and bars, construction, trade in cars and vans, tour operators, retailers and companies for urban and suburban passenger transport," they told Dir. .bg from UniCredit Bulbank. The experts stressed that these are the sectors with which their bank has concluded the most contracts, which does not imply that these sectors are the most common in the entire banking sector.
Who can apply?
Unlike the traditional bank loan, which is granted to companies in good financial condition, this scheme can benefit companies that are experiencing financial difficulties after December 31, 2019, due to the pandemic of COVID-19.
Applicants must meet at least one of the following requirements:
However, it is important that the applicants have regularly serviced their loans without falling into arrears for more than 90 days in 2019.
Who can get how much?
As it has already become clear, micro, small and medium enterprises can benefit from the program - with a staff of up to 249 people, assets of up to BGN 84 million and an annual turnover of up to BGN 97.5 million. Companies that fall into this category and meet the requirements can receive up to BGN 1 million. And recently - from twice the credit to 2 million. BGN can also benefit large enterprises.
As the program is guaranteed by the state, the business can receive a loan from UniCredit Bulbank with relaxed collateral requirements - coverage of no more than 50% of the amount of requested financing. Grace periods are allowed for both interest and principal.
In addition, the repayment period of these loans has an extended period - up to 6 years, but not later than June 30, 2027.
