CREDIT LINE FOR SHORT-TERM LOANS

The credit line for short-term loans to micro and small companies is official.

The Credit Line for Short Term Loans to Micro and Small Companies is finally operational, with a 90% State Guarantee, up to 250 thousand euros per company and with a spread between 1% and 1.5%.

The main conditions are the following:

Global Ceiling    - 1.000M€

Companies’ Eligibility Requirements

Micro and Small Enterprises (as defined below) that meet the following conditions:

• A liquid positive situation on the last approved balance sheet, or negative liquid situation and revie on an approved interim balance sheet up to the date of the respective application (does not apply to Companies with less than 24 months of activity or ENI, without organized accounting);

• Do not have incidents not regularized with the Banking and Mutual Guarantee System at the date of issuance of the contract;

• Have, at the date of the financing, the situation regularized with the Tax and Social Security Administration, for the purposes of paragraph a), no.1 of article 177-A of the Code of Procedure and Tax Procedure and no. 1 of article 208 of the Code of Contributory Regimes of the Social Security System, presenting a statement to that effect, without considering the debts incurred in March 2020;

• That were not considered as companies in difficulty on December 31, 2019, under the terms of paragraph 18 of article 2 of the Regulation of the European Commission no. 651/2014 of June 17, resulting in the current difficulties of the worsening of economic conditions following the epidemic of COVID-19.

• They have not benefited from any financing operation in the framework of the credit line or with a mutual guarantee created to support the normalization of the companies’ activity under the pandemic outbreak of COVID-19.

• Present a drop in turnover, declared through the model presented below:

a. Abrupt and sharp breakdown of at least 40% of the billing, from March to May 2020, with reference to the monthly average of the two months prior to that period, or compared to the same period of the previous year;

b. Activity started less than 12 months ago with an abrupt and accentuated breakdown of at least 40% of the billing, referring to the average of that period.

• Presentation of a specific statement, in which the client assumes a commitment to maintain permanent jobs until December 31, 2020, in view of the proven number of workers on February 1, 2020 and, as such, has not ceased or come to cease, in that period, employment contracts under the terms of collective dismissal or dismissal for the extinction of the job, provided in articles 359 and 367 of the Labor Code, regardless of being or becoming subject to the lay-off regime, foreseen by the law in Decree Law No. 10-G / 2020 of March 26.

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