Capitalizar Credit Line 2018
COVID-19, 200 Million euros
12th of March, 2020
The Capitalizar 2018 – COVID-19 Credit Line launched by the Government with a global allocation of 200 million euros, is intended for Portuguese companies whose activity is being affected by the economic effects resulting from the coronavirus outbreak, and in which there is a a drop in sales of at least 20% in the last 60 days prior to the submission of the request to the IC compared to the same period of the previous year.
- They carry out activities included in the 2018 Capitalizar Line CAE list;
- No debts to FINOVA;
- Present a positive net worth in the last approved balance sheet or certified interim balance sheet up to the operation’s framework date;
- Absence of unsettled incidents with the Bank at the date of issuance of the contract;
- Regularized tax and contributory status;
- Statement explaining the negative impacts of the outbreak that justify the need to obtain funding (standard draft).
COVID-19 specific condition
Companies will have to declare that the company’s sales have decreased by at least 20% in the last 60 days prior to the presentation of the financing request at the Bank, compared to the same period of the previous year.
|COVID-19 Working Capital||COVID-19 Treasury Ceiling|
|“first come first served” allocation||160 million euros||40 million euros|
|Maximum amount per company||1.5 million euros||1.5 million euros|
|Eligible operations||Intended to finance working capital needs, in the form of short and medium term bank loans||Exclusively intended to finance treasury needs in a revolving regime, excluding guarantee operations|
|Deadline||Up to a maximum of 4 years||1, 2 or 3 years, with the possibility of reducing the total or partial credit limit, without penalty|
|Grace period||Maximum of 12 months||n.a.|
|Period of use||up to 12 months||Continued use up to the contractual term and limit|
|Interest rate||Fixed or variable plus spread||Fixed or variable plus spread|
|Warranty and counter-warranty||Guarantee provided by the Mutual Guarantee Societies (SGM) – Agrogarante, Garval, Lisgarante, Norgarante – intended to guarantee up to 80% of the outstanding capital. Benefit from a 100% FCGM counter-guarantee|
|Maximum Term for Decision on the Transaction by the Mutual Guarantee||Operations up to €200M – 7 working days
Operations above €200M – 12 working days
Syndicated operation between the Guarantee Societies: plus 5 working days.
|Period of validity||Until May 31, 2020|