GARANTAREA FNGCIMM, supporter of antrepreneurs

Ziarul BURSA #Bănci-Asigurări / 8 iunie 2012

FNGCIMM, supporter of antrepreneurs

The FNGCIMM has strengthened its position as the main force which supports the SME sector in Romania. In Q1 2012, it granted a total volume of guarantees of approximately 162 million Euros, in the context of an increase of over 60% of the value of guarantees compared to the similar period of last year.

FNGCIMM SA - IFN guarantees up to 80% of the amount of loans granted by commercial banks.

Also, FNGCIMM SA - IFN makes available to companies specific financial products.

Standard guarantees

Why choose the FNGCIMM guarantee?

-The FNGCIMM will take on the risk of the loans you make.;

-You will eliminate one of the main causes behind the rejections of loan applications;

-The additional costs of the loan/letter of guarantee will be diminished by reducing/eliminating the real guarantees;

-You will optimize and increase the flexibility of the financing requested from banks, with a minimum of your own collateral;

-You will save time compared to the case of mortgage collateral.

-European funding will be easier to access.

What should you know about the guarantees?

-Small and medium enterprises can receive from the FNGCIMM the loans intended to develop the investment projects and for working capital.

-The guarantee is express, irrevocable and unconditional, payable upon the first request by the Lender

-The guarantee comes into effect on the date of the payment of the guarantee fee.

-In the case of guarantees pertaining to loans medium and long term loans the commission can be paid in full, upon the granting of the guarantee, or in annual installments.

-You can obtain a collateral of up to 80% of the value of the loans granted for making investments and of up to 50% of the amount of the loans granted for the financing of day-to-day operations

-The maximum amount of the guarantees granted to a beneficiary is 2.5 million Euros.

Benefits for the Lender

- Up to 80% of the lending risk is taken on by the FNGCIMM, through the irrevocable and unconditional guarantee, which is the most liquid guarantee.

-The increase in the lending volume for customers which are creditworthy, but have insufficient guarantees.

-The increase in the volume of loans already granted to a creditworthy customers, without them being asked for additional material guarantees.

Eligible beneficiaries

Any microenterprise, small or medium enterprise can benefit from the guarantee of the Fund as long as it meets the following eligibility criteria:

-Any beneficiary which fits into the category of SMEs according to the provisions of Law no. 346/2004, with its subsequent amendments and modifications can access the guarantee of the Fund, according to an affidavit.

-The lender concludes surety agreements with at least an individual which serves as associate/shareholder/administrator of the beneficiary, in compliance with its internal regulations.

-It is not having troubles, such as foreclosure, operational shutdown, dissolution, liquidation, or receivership, according to the affidavit

-Is not the object of a recovery order which is still operational following a previous decision of the European Commission.

-The fund does not guarantee loans intended for the following lines of business: manufacturing or selling weapons and ammunition, gambling and betting.

How is the guarantee of the FNGCIMM obtained?

- The SME files with the lending bank the loan documentation;

- If, following the review of the loan documentation, the Bank decides that the project is viable, but the SME does not have sufficient material collateral, the Bank will ask the Fund to participate in sharing the risk by issuing a collateral;

- The Fund, based on its own analysis, will grant the guarantee and sign the guarantee agreement/letter of guarantee with the Bank;

- Based on the guarantee of the Fund, the Bank will sign the loan agreement with the SME.

Treshold type guarantees

Why choose the FNGCIMM guarantee?

Because you will benefit from:

-Financing guaranteed by the Fund from most of the Romanian commercial banks;

-A guarantee of up to 80% for investment as well as working capital loans;

-Low guarantee commissions due to the standardization of the analysis involved;

-the possibility to pay the guarantee commissions which exceed 40,000 lei in two tranches

What should you know about the guarantee?

Small and medium enterprises can benefit from the guarantee of the FNGCIMM for the loans intended for the development of investment projects and to ensure working capital.

The value of an individual collateral is stipulated in the conventions concluded with each individual bank.

The maximum guaranteed percentage is 80% of the value of the loan granted - regardless of its destination.

The granting period is correlated with the duration of the loan

Currency: the guarantee is granted in the currency of the loan.

Benefits for the Lender

-Less time for granting the guarantees within 3 working days from the date when the Bank sent the notification of the inclusion in the guarantee ceiling;

-The sending of the contractual documents - the notification of inclusion in the guarantee ceiling and the Confirmation of the notification - through the web application;

-The coming into effect of the guarantees on the date of the Confirmation of Inclusion in the guarantee ceiling, with the option to pay the commission within 30 days.

Eligible beneficiaries

Any microenterprise, small or medium enterprise which meets the following eligibility criteria:

-Is legally classified as SME proven based on the terms of the Law no. 346/2004, with its subsequent amendments and modifications, based on their own affidavit;

-The SME is not facing financial difficulties, foreclosure, operational shutdown, dissolution, liquidation, or receivership, according to its affidavit

-If, on the date of the approval of the loan, it is mentioned as being in foreclosure on the official website of the Romanian National Tax Adminis-tration Agency, it must pay its outstanding debts before the date of the granting of the loan or out of the loan guaranteed by the Fund;

-It is not prohibited from issuing cheques.

-The company belongs in the A, B or C category according to the domestic norms of the Bank concerning the evaluation of the financial performance of the customers in order to set up the specific risk provisions, with the exception of the start-ups which are considered as eligible according to the Internal Regulations of the Bank.

-Over the last two completed fiscal years, the SME has positive startup capital, with the exception of start-ups, cooperative companies, certified individual professionals, individual and family companies.

How can the FNGCIMM guarantee be obtained?

-The SME files the loan documentation to the lender;

-The Bank approves the financing and notifies the Fund of the Request for inclusion in the Guarantee Ceiling

-Within 3 working days, the FNGCIMM sends the Confirmation of the inclusion in the Guarantee Threshold, upon which date the guarantee of the Fund comes into effect.

-Within a maximum of 30 working days, the bank will pay the guarantee commission and will send the proof of payment.

-Based on the guarantee of the Fund, the Bank will sign the loan agreement with the SME.

Support programs

SUPPORT FOR INFRASTRUCTURE

According to Government Emergency Ordinance 9/2010, the FNGCIMM can also grant guarantees to the beneficiaries of projects in areas which represent priorities for the Romanian economy, financed using the structural instruments of the European Union allocated to Romania, with the objective to facilitate the absorption of the structural instruments, by guaranteeing the loans contracted by the beneficiaries of these funds in order to ensure their own contribution to the financing of the projects.

The beneficiaries of the Support Program may include territorial/administrative units or public accredited higher education institutions or research and development institutions certified through classification at the A+, A, A- levels, which implement projects financed through structural instruments of the European Union and regional water and sewer grid operators which are implementing projects financed as part of Priority Axes 1 of the "Environment" Sectoral Operational Program in compliance with the following cumulative conditions:

-the applicants of the Support Program have concluded a financing agreement with a management authority or an intermediate organism for the project, by which they are requesting support or they are end beneficiaries of a project approved based on an ISPA financing memorandum ISPA concluded between the Romanian government and the European Commission;

-the projects for which support is requested are promoted in the following infrastructure areas: roads, energy, water supply, sewer grid and wastewater treatment, waste management, education and research and development, healthcare, social welfare, as well as tourism which does not qualify for state aid;

-the projects for which support is being requested must stipulate the execution of works and/or acquisition of equipment, in a proportion of at least 50% of the eligible value of the project.

The Fund grants the guarantee on behalf and in the name of the state in two stages: I. The issuing of a principle agreement concerning the issue of the guarantee (followed by the subsequent issue of the actual guarantee); II. The direct issuing of the guarantee.

The first stage is not required to obtain the guarantee of the Fund.

I. The principle agreement concerning the issuing of the guarantee will be made at the request of the beneficiary, filled out using the form of Appendix 1 of the General Conditions concerning the processing of the guarantee operations on the basis of a mandate, granted according to Emergency Government Ordinance no. 9/2010.

The request of the beneficiary must be submitted at the central headquarters of the FNGCIMM or at one of its branches or offices.

The documentation which must accompany the request for obtaining the principle agreement is the following:

a) the notification of the management authority or of the intermediate organism concerning the approval of the project proposed for financing or the financing contract concluded with a management authority or an intermediate organism in the case of projects financed through the ex-ISPA program, all the appendixes and appendixes/amendments, as the case may be, in copies certified by the beneficiary, to prove their authenticity.

b) a certified copy of the tax registration certificate of the beneficiary;

c) a certified copy of the payment order or the receipt proving the payment of the analysis fee.

According to art. 4 and 5 of the Order 820/2010 of the Ministry of Public Finance, the Fund charges a single analysis fee of 500 lei.

Accessing the support program grants the following benefits: makes it easier to obtain financing for the project financed using the structural instruments of the European Union; the borrowing costs are lower due to the guarantee of the state; the beneficiaries do not have to pay risk premium for the guarantee granted by the state; the grace period and the duration of the loan are set in agreement with the lender; the lender has the obligation to ensure a period of drawdown of the loan over a maximum of 4 years; the lender do not charge a fee for the non-use of the loan or early repayment; the loan contracts concluded with the beneficiaries of the Support Program may not contain clauses which would allow the unilateral modification by the lender; for the entire duration of the guarantee, the changes to the loan agreements through addendums may not violate the terms of the Support Program.

SUPPORT FOR THERMAL REHABILITATION

The FNGCIMM is empowered to grant guarantees in the name and on behalf of the State for the thermal rehabilitation of residential buildings financed using bank loans.

The guarantee represents a maximum of 100% of the loan amount and a maximum of 90% of the total expenditure under the general estimate.

The FNGCIMM will grant the guarantee based on the request submitted by the Lender, accompanied by the documentation filled out according to the type of beneficiary.

Eligible beneficiaries

The following are eligible for FNGCIMM guarantees:

a) homeowner associations - non-profit legal entities persons created based on the law no. 230/2007

b) individuals - owners of single-family homes

CEC BANK and BCR are the first banks in the system to offer the beneficiaries loans for thermal rehabilitation, in accordance with GEO 69/2010 with subsequent changes and additions.

What types of works can be carried out?

-thermal insulation of the building envelope, thermal insulation of exterior walls;

-exterior joinery replacement with energy efficient joinery, to improve the energy performance of the window surfaces of the building;

-thermo-hydro insulation of terrace-type roofs, or the thermal insulation of the framework, as applicable;

-thermal insulation of the basement floors, where the ground floor of the building, by design, serves as housing area;

-repairs and maintenance of the balconies/loggias of the apartment blocks

-repair/replacement of the heating and warm water distribution installations

-repair/replacement/acquisition and assembly of the block/block entrance boiler, or of boilers for single family houses, as well as their ancillary installations;

-the introduction, where appropriate, of alternative systems for partially or fully generating the energy needed for warm water, lighting and/or heating.

SUPPORT FOR AGRICULTURE

Considering agriculture as one of the most important sectors which can contribute to the sustainable economic recovery, FNGCIMM SA is focusing its guarantee ability predominantly on supporting the financing of this sector.

The legal framework which favors the strategic orientation of the Fund to the agricultural domain is set up by:

The Operational Regional Program for Fishing 2007-2013

Law 329/2009

Emergency Government Ordinance 79/ 2009

THE MIHAIL KOGĂLNICEANU PROGRAM

The M. Kogălniceanu program is a multi-annual program, over the 2011-2013 period, to stimulate and encourage SMEs, which is intended to grant facilities of partially subsidizing the interest payments and, as the case may be, of guarantee by the state of the loans granted to small and medium enterprises, by lenders.

The M.Kogălniceanu program grants the following facilities:

-the extension of a line of credit, of a maximum of 125,000 lei/SME/year, with a partially subsidized interest

-the guarantee of the loan by the state; it needs to be mentioned however, that the guarantee in the name and on the behalf of the state is only granted if the beneficiary does not have enough guarantees available to access the line of credit and that once the annually allocated budget for subsidizing interest rates is exhausted no more new guarantees for beneficiaries will be extended as part of the M.Kogălniceanu program.

The reimbursement period for loans with subsidized interest and, as the case may be, with state guarantee, is a maximum of one year from the date of the extension of the line of credit. The line of credit can be extended by a period of a maximum of 1 year from the date of maturity, without exceeding the implementation period of the M. Kogălniceanu Program.

The registration for the program can be made online, on the www.aippimm.ro.

After drafting and sending to the lenders of the lists of SMEs eligible for the program, the applicants determined as eligible by the AIPPIMM will be able to go to any lender involved in the Program with the form for joining the program, signed and stamped and with the notification concerning the principle agreement for subsidizing the interest rate.

The Mihail Kogălniceanu program can be accessed by economic operators which fit the profile of the SME category under the terms of the law No. 346/2004 and which, on the date of the approval of the loan meet the criteria stipulated in Art. 3 (1) of the Government Emergency Ordinance 60/2001.

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