26 May 2020
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Flemish Investment Fund will guarantee loans used to pay debts caused by COVID-19: AWDC
Because of the Corona crisis, this government guarantee is expanded, allowing companies and sole proprietors to have sufficient guarantees for a bridging loan, including for existing, non-banking debts (up to 12 months)
By: Diamond World News Service
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Apr 4 2020 11:26AM
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Reference: 24851  

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PMV guarantee enables companies, which are unable to obtain financing due to a lack of sufficient guarantees, can have 75% of their contracts covered by the Flemish government, in exchange for a once-only premium. The fee of this premium will be 0,25% instead of the normal 0,5%.  Thus, the government partially carries the bank’s risk.Thus, the government partially carries the bank’s risk.

Because of the Corona crisis, this government guarantee is expanded, allowing companies and sole proprietors to have sufficient guarantees for a bridging loan, including for existing, non-banking debts (up to 12 months).

In addition the government created the possibility to receive a 50% guarantee on short-term credit lines, on the condition they are maintained for a period of minimal three months.

The measures are an addition to the existing guarantees for investment credit and working capital – that procedure allows you to extend guaranteed credits or request deferment of payment.

For which debts can I apply?

This concerns existing, non-bank debt, such as overdue social security and VAT debt or outstanding rent or, for example, overdue wages more than 3 months old (counts as recovery of working capital). Those who have paid an invoice with their own funds six months ago (the arrangement is valid for 12 months) or for example want to pay off their own current account can apply the corona crisis guarantee.

In addition, under the 100 million Euro Corona crisis guarantee, bank debt (in addition to supplier debts) of existing credit lines and investment credits that are not yet guaranteed under the deposit can be guaranteed, insofar as the bank is also willing to allow a minimum of 3 months payment delay. Thus the crisis guarantee serves as a catalyst towards businesses.

How can you apply for this extended procedure?

If you wish to make use of a financing request based on the corona guarantee, you need to get in touch with your bank or leasing company. They will assess if the guarantee is applicable to your financing. You will have to demonstrate your financing request is a consequence of the Corona crisis.

When can you apply?

You can get in touch with your bank or leasing company starting today.

This procedure will run through to the end of this year (2020).

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