Conditions for liquidity loans in the Serbian sector of tourism, hospitality and passenger transport

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The RS Development Fund has determined special conditions for financial support for economic entities whose registered code of activities in the field of tourism, hospitality and passenger traffic has been registered.
The conditions are as follows:
a) repayment period up to five years which includes a grace period of up to two years, the total duration of the loan is up to 24 months of grace and up to 36 months of repayment
b) the interest rate is 1% per year
c) loans are approved and repaid in dinars
g) the maximum loan amount for one borrower with related parties may be:
for entrepreneurs and micro legal entities up to 167,000 euros,
for small legal entities up to 667,000 euros
for medium-sized legal entities up to 1,500,000 euros
d) the highest amount of the approved loan may be up to 80% of the realized operating revenues according to the last submitted financial report
f) loan repayment will be made in monthly annuities; in the grace period, interest is calculated and attributed to the principal debt
e) an economic entity in the period from March 15, 2020 until the expiration of three months after the release of funds into use, may have a reduction in the number of employees
h) depending on the loan amount, loan beneficiaries provide the following collateral:
up to the amount of 41,666 euros, the collateral is bills of exchange of the borrower and the guarantee of one or more founders or the guarantee of a natural person who is employed for an indefinite period of time, with the loan applicant or other business entity
up to the amount of 167,000 euros, the collateral is bills of exchange of the borrower, the guarantee of one or more founders and the guarantee of a related legal entity or the guarantee of a creditworthy business entity that is not a related legal entity with the borrower
up to the amount of 667,000 euros, the collateral is bills of exchange of the borrower, the guarantee of one or more founders and the guarantee of a creditworthy business entity that is not a related legal entity with the borrower
for the amount above 1,500,000 euros, the collateral is bills of exchange of the borrower, pledge on equipment, goods and/or vehicles owned by the borrower or the pledger and/or first-class mortgages.
For clients from the Fund’s portfolio who already have established real/appropriate collateral, loans will be approved with higher order collateral.
Additional clarifications
Real estate or equipment that serves as collateral for loans in accordance with this program does not have to be insured and the policy does not have to be tied in favor of the Fund.
Pledges on equipment, goods and/or vehicles or mortgages can be security for loan amounts of less than 167,000 euros.
If the founders are persons who are foreign citizens or companies registered abroad, in that case the bills of exchange of the founders are not submitted.
Special conditions can be applied to economic entities in the field of tourism, catering and passenger transport to which funds have been approved under the conditions determined by the Decree, but only with regard to the extension of the grace period and loan repayment period. To extend the grace period and loan repayment period, it is necessary to submit a new request to a special e-mail address defined for these loans, BiF reports.

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