Credit to Small and Medium Enterprises
On 28 February 2012 the Ministry of Economy and Finance, the Ministry of Economic Development, the ABI and the associations representing companies, including Confindustria and Rete Imprese Italia, signed an agreement called “New measures for small loans” and medium-sized enterprises “, which foresees, for SMEs that request them, the following provisions:
– possibility of suspension for 12 months of the principal portion of mortgage installments, for 12 months of the principal portion of real estate leasing fees and for 6 months of the principal amount of instrumental lease installments (installments must not have expired for more than 90 days) ;
– possibility of extending the duration of mortgages (the extension period can not exceed 2 years for unsecured loans and 3 years for mortgage loans);
– the possibility of extending credit short-term maturities up to a maximum of 270 days, with reference to advances on certain and collectable receivables.
– for companies that initiate capital strengthening processes, the member banks undertake to grant the companies set up as joint-stock companies a loan proportional to the increase in own assets.
At the time the application is submitted, SMEs must not have non-performing positions, problem loans, overdue exposures / overdrafts for more than 90 days in the banking system.
The Agreement provides that the SMEs are not charged for additional charges and charges.
The participating banks are required to provide a response to the applicant company (usually within 30 working days from the submission of the application)
|Mortgage duration||2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 15 years 20 years 25 years old 30 years 35 years 40 years|
|Refund||Monthly Quarterly Half yearly Annual|