On January 21, 2020, our bank and the European Investment Fund signed the 2nd agreement under the European Union for Employment and Social Innovation (EaSI) program.
The purpose of the agreement is to provide increased security and access to finance for vulnerable individuals wishing to start or grow their own businesses and for existing micro-businesses and social businesses, both in the start-up phase and their development.
A micro business, including a sole proprietorship, which employs less than 10 employees and whose turnover or total annual balance sheet does not exceed 2 million euros.
The guarantee is financed by the European Union and provided by the European Investment Fund.
Interest rate: a benefit is provided by reducing the interest rate by 20% compared to the interest rate we provide on similar financing.
Costs: a benefit is provided by reducing the costs by 10% in relation to the ones provided in the price list for bank services.
Guarantees: only personal guarantees are allowed
Financing format:
interest-bearing loans
overdue loans
one-time working capital financing
working capital limits through revolving credit acounts or through overdraft accounts
Working capital limits are provided with annual renewal & with a maximum duration of 5 years. After the end of 5 years, the method of full repayment within a period of 12 months must be agreed.
Eligible are all businesses that fall within the definition of a micro-business and are not in insolvency, bankruptcy or similar proceedings, except in the following prohibited areas:
Any activity, trade or production that is illegal under the law.
The production and marketing of tobacco and distilled alcoholic beverages and related products.
Production and trade of weapons and ammunition.
Casinos and related activities.
Research or development of applications related to electronic data programs associated with the above prohibited areas, online gambling and pornography or intended to enable the illegal entry or download of electronic data.
Activities related to human cloning or genetically modified organisms.
The new portfolio can include one or more financing of a final beneficiary as long as the total amount of funds provided does not exceed a total of 25,000€.
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