HBOR Provides Croatian Businesses With New Liquidity Loans

Lauren Simmonds



As Novac writes on the 22nd of May, 2020, through framework loans to banks, HBOR has enabled the approval of new liquidity loans to Croatian businesses, enterprises and entrepreneurs affected by the coronavirus pandemic.

The liquidity loans come with welcome interest rates reduced by 0.75 p.b when compared to regular loans. Zagrebačka banka d.d., Privredna banka Zagreb d.d., Erste & Steiermärkische Bank d.d., OTP banka d.d., Raiffeisenbank Austria d.d., Hrvatska poštanska banka d.d., Addiko Bank d.d. and Sberbank d.d., have all cooperated in the move.

Beneficiaries of these new HBOR liquidity loans can be micro, small and medium-sized enterprises, and medium-capitalised enterprises (with up to 3,000 employees) that weren’t facing business difficulties on the 31st of December, 2019. Croatian businesses applying for this new type of loan should, according to the Methodology for Calculating a COVID score introduced by Fina, be assessed as clients whose business is at risk. Where exactly the need for additional funding actually lies is also imperative.

“This way of lending will enable the faster approval of funds needed by businesses along with a reduced interest rate. Namely, more than 1.2 billion kuna was made available to businesses for new liquidity loans, which banks will, thanks to HBOR’s sources, approve at an interest rate reduced by 0.75 p.b. when compared to regular ones,” said Tamara Perko, President of the Management Board of HBOR.

The maximum loan amount to an applying businesses can amount to no more than 35 million kuna, and the funds can be used to finance employee salaries, overhead costs and other basic operating costs, the procurement of raw materials and the settlement of liabilities to suppliers and other similar operating expenses. However, it should be noted that existing credit liabilities to commercial banks and other financial institutions cannot be settled with these funds.

For more information and for the possibility of loan approval, interested business entities should contact one of the previously listed commercial banks.

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