As of March 16, the State Secretary for Economic Affairs and Climate (EZK) decided to temporarily expand the BMKB (Guarantee for SME credits) in connection with the corona crisis. According to the cabinet, this expansion should ensure that companies with a healthy future perspective can continue to be financed.
The BMKB increases the collateral and therefore the financeability of a company. The BMKB is intended for companies with a maximum of 250 employees (FTE) with an annual turnover of up to €50 million or a balance sheet total of up to €43 million. Start-up and innovative companies can count on extra favorable conditions.
With the guarantee loan, the Ministry of Economic Affairs and Climate partly guarantees companies that want to take out a loan, but cannot provide sufficient security to a financier in the form of 'collateral', such as buildings or machines.
The BMKB has been extended until June 30, 2022. Companies with a credit need of up to € 266,667 can finance three quarters with BMKB credit, otherwise the limit is a maximum of half of the credit provided. The maximum of the BMKB credit has also been temporarily increased from € 1 million to € 1.5 million. A government guarantee of 90% applies to the BMKB credit.
More information can be found at the National Government: 'Coronavirus: expanded BMKB scheme for entrepreneurs opened more quickly'. The document 'overview of BMKB conditions' provides insight into the precise preconditions.
Read more about the corona crisis in our file.
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