EximBank: SMEs remain our main target
Bucharest, March 14, 2012 – EximBank has paid more than 2000 interest rate compensations between 2009 -2011, so that more than 44 Million Lei returned into the companies’ accounts that applied for this specific product, declared Luminita Manolache, Vice-president of EximBank, at the SMEs Forum, organized in Romexpo.
”Using EximBank products, a company could get re-imbursed up to 50% of the interest rate paid for investments credits contracted in Ron at any commercial bank. At the end of last year we extended the granting period for this facility up to 2014, so that the companies will still be able to reduce their costs related to the credit interest rate” explained the EximBank representative.
Mrs.Manolache emphasized that the product portfolio designed for SMEs contains standard products that may be contracted with any commercial bank (for current activity or investments) and special products under the State Aid category such as the partial compensation of the interest rate or the credits with subsidized interest rate.
”Subsidized interest rate credits are products approved by the European Commission that allow that some investments credits contracted in Ron might get a 5% subvention of the interest rate. This is a very important facility both for state’s purposes – it helps generate cash and facilitate the access to financing but also for the clients because this interest rate is fixed during the whole credit period. There are very few banks on the market allowing themselves to grant credits with fixed interest rates, this being a facility that supports SMEs to clarify their cash flows” added the Vice-president of EximBank.
According to Mrs. Manolache, at the end of last year the average interest rate for these types of credits ranged between 4,6% and 5,6% (as per the financial performance of the applicant) as compared to an average 10, 5% interest rate of the market.
Under the subsidized interest rate credits category we find:
– Credits for SMEs development– value up to Euro 1.5 Millions, Ron equivalent, granted for 10 years
– Credits for working capital – finances the current activity, up to Euro 300,000, Ron equivalent, granted for a maximum of 12 months.
– SMEs micro credits – finances the investments projects or the current activity, values ranging between Euro 10,000 and Euro 35,000.
– Flexible investments credits for SMEs– finances investments projects, value up to Euro 1 Million, Ron equivalent.
– Credits for entrepreneur women – for SMEs where women are either the main shareholders or companies administrators or minor shareholders; may be used for investments or financing of current activity, value up to Euro 100,000, Ron equivalent.
”During the last three years, supporting the SMEs development was one of the strategic directions of EximBank and the increase of the percentage of the credits granted to these companies up to 40% out of the total credits granted of the bank show the consistency of the Bank’s mission to support the projects of the local companies. We will continue this year to look attentively to the projects proposed by SMEs” also stated Mrs. Manolache.
Companies interested in EximBank products may address their queries to the territorial units of the Bank in Bucharest, Bacau, Brasov, Constanta, Cluj, Craiova, Timisoara, Buzau, Oradea, Deva, Iasi and Sibiu or may get information via www.eximbank.ro.