COVID-19: a new financial guarantee for exporting companies
The Belgian economy is one of the most open economies in the world and its exports represent over 85% of the Belgian GDP. Therefore, it is crucial to support internationally active Belgian enterprises during the covid-19 crisis.
In this context, Credendo – the Belgian export credit agency – launched new initiatives in order to ensure that enterprises continue to have access to bank credit and credit insurance in these difficult times. The European authorities have just approved these two support measures in favour of the Belgian economy and internationally active enterprises.
What are the characteristics of this guarantee?
The ‘Credendo Bridge Guarantee’ has the following main features:
- the guarantee will be issued in favour of a bank;
- the guarantee, with a maximum duration of one year, is intended to cover bridging loans granted to Belgian businesses that are internationally active;
- the guarantee will cover 80% of the bank’s risk with a ceiling of EUR 10 million per company;
- companies that were already in difficulties before the crisis or that could have access to other support measures will not be able to benefit from this reinforced financial guarantee.
Banks are familiar with Credendo’s financial guarantee product. Through this guarantee, businesses can obtain credit more easily, and the credit amounts may be higher while also providing greater capacity and reassurance for the granting bank. The procedures for practical application will be implemented to accommodate the needs of SMEs as a priority.
What are the conditions to benefit from this guarantee?
As this new financial guarantee has a very clearly defined scope, please read the requirements carefully.
How can I apply?
Do you need assistance during the crisis?
A regional team with diverse expertise has been established to provide Brussels entrepreneurs affected by the COVID-19 crisis with a quick and effective response and to help them recover.