Sovereign guarantee goes to 5 billion lek - Changes in the scheme/ 1.5 billion lek for agriculture, repayment term 10 years
The government has made changes to the sovereign guarantee scheme for small and medium-sized enterprises. Referring to the decision published in the Official Gazette, the Minister of Finance will have to sign a new state guarantee agreement with the second-tier commercial banks included in the scheme, in accordance with the changes approved by this decision.
Specifically, the amendments provide that the Ministry of Finance undertakes to guarantee banks up to the value of 5 billion lekë from 3 billion lekë previously, according to the conditions and limitations set out in the agreement. The Guarantee Value represents the maximum amount of payments to be made by the Ministry of Finance to settle outstanding obligations to the Lender arising from Loans that will be subject to this guarantee scheme.
The distribution of the guarantee will respect the total value of 5 billion lek, of which at least 1.5 billion lek will be dedicated to the agricultural sector and the remaining 3.5 billion lek to other sectors of the economy.
The Ministry of Finance undertakes to guarantee up to 70% of the collateral of each Loan that the Lenders will issue to the Borrowers, according to the conditions set forth in this agreement, while the interest rates will range from 2-3%.
In no case does the Ministry undertake to guarantee interest, late fees, penalties or any other type of monetary obligation that may arise from loans that banks will provide to businesses.
Likewise, the value of the loan that any business can receive has increased, from 25 million lek to 200 million lek.
The repayment period, from 3-5 years, has been extended to 10 years.
In cases of prepayment of the Loan, Lenders must not apply any commission, penalty or any other measure related to the prepayment of the loan.
The Sovereign Guarantee is a product that will come to the aid of Small and Medium Enterprises, as they constitute 99% of active enterprises in Albania, employ over 82% of the workforce in the country, and cover 75% of the investments that occur in this sector.
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