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To deliver the credits, 4 tranches were created:
I. Micro and Small Enterprises : with Annual Net Sales of:
MUF1: Up to UF250 the Maximum Financing Amount to Guarantee (MMFG).
MUF10: Up to UF2,500 MMFG.
MUF25: Up to UF6,250 MMFG.
Maximum Guarantee Coverage Percentage (PCMG): 85%.
II. Medium Enterprises : NPV over MUF25 and up to MUF100. Up to UF25,000 the MMFG.PCMG:80
III. Large Companies I : NPV over MUF100 and up to:
MUF200): Up to UF50,000 per MMFG.
MUF400: Up to UF100,000 MMFG.
MUF600: Up to UF150,000 MMFG.
MMUF1: Up to UF250,000. PCMG: 70%.
IV. Large Companies II : NPV over MUF600 and up to MMUF1. Up to UF250,000 the MMFG. singapore phone number list PCMG: 60%.
Features of the Covid-19 Credit:
Validity : the new conditions can be accessed until April 30, 2021.
Maximum Rate: TPM + 3% (fixed at the time of granting the Credit). For all types of authorized credits, including those in Dollar currency.
Only those who have started activities and can prove sales through the SII will be eligible for credit.
The total credit is up to 25% of the NPV. The NPV of the 12 months prior to the granting of the credit is considered, or if it is for a longer period between 1.10.2018 and 30.9.2019.
Exporters whose exported amount has been, on average, in the last 2 calendar years, of a FOB value equal to or less than USD 16,700,000 adjusted annually may apply.
Credit payment period between 24 and 48 months. Installments must be equal and successive, unless they benefit the Debtor.
Minimum 6 months grace period for principal payment. Postponement of pre-existing credits in the Bank granting the Covid Credit for at least 6 months.
Credit amount of up to 3 times the debtor company's sales between October 2018-Sept. 2019.
Deferrals of current loans:
Small businesses will have their current loan debts deferred.
Medium-sized companies with sales of over MUF100 will be offered to restructure their liabilities in order to increase their borrowing capacity.
For Micro Enterprises (1st Section – annual net sales of up to UF25,000) there will be additional requirements:
Not be subject to bankruptcy proceedings;
Not be more than 30 days overdue since October 31, 2019.
* Companies with annual net sales of over MUF25, and in arrears for more than 30 days since March 31, 2020, will also not be eligible for credit, unless they reschedule and are not in arrears.
Credits may only be used for working capital. Revolving credits, factoring, to finance dividend distributions and to prepay old credits are excluded.
Credit delivery should be simple, massive, expeditious and standardized. Offers in each segment should be based on standard and homogeneous conditions.
Banco Estado will not charge an administration fee (expenses charged to its assets). Fogape Client Commission will be assumed by each Bank.
Fogape guarantee until full payment of the loan or up to 500 days from its due date. It does not cover interest (even if recapitalized, only capital).
Fogape guarantee until full payment of the loan or up to 500 days from its due date. It does not cover interest (even if recapitalized, only capital).
The applicant company must declare to the Bank that it has been commercially affected by the health emergency, and declare the destination of the credit funds.
No cost can be agreed for prepayment.
NPV may be measured, at the Creditor's discretion, on:
12 months prior to granting the Covid Credit;
Between 1.10.2018 and 30.9.2019; and calendar year 2019. Debtors classified by the Bank as having impaired portfolios are excluded.
For renegotiated debts, the guarantee period is counted from the date of the debt originally guaranteed, with a maximum coverage period until 30.4.2025.
Requests for reimbursement due to late payment may only be made within 500 days from the due date of the secured obligation.
The guarantees have the following deductibles:
Micro and Small Enterprises: 5% of the total balances guaranteed by the Fund to the Bank;
Medium-sized Enterprises: 3.5% of the total balances guaranteed by the Fund to the Bank;