BRD estimates granting 1.38 billion lei through IMM Invest program

BRD Groupe Societe Generale participates in the government program IMM Invest Romania and the value of financing the bank estimates to grant in 2020 is about 1.38 billion lei.

According to a bank press release, IMM Invest is meant to back companies faced with economic difficulties as effect of Covid 19 in accessing financing needed to continue activity.

Credits granted within IMM Invest benefit from the Romanian state guarantee through FNGCIMM, for 80% or 90% of their value, and can be used to finance current activity on medium term and finance investments on long term.

The maximum cumulated credits guaranteed by the state which can be granted to a single program beneficiary is 10,000,000 lei.

Interest rates will be fully paid by the state until December 31, 2020, with the possibility of extension in case 2021 economic growth will be smaller than that of 2020. The highest levels of interest rate margins over Robor 3M are 2% for investment credits and 2.5% for credits/credit lines for financing work capital.

BRD Groupe Societe Generale operates a network of 648 units. BRD holds an important position in the Romanian market of payment instruments without cash, with about 2.4 million cards and an acceptance network of 29,000 POS and 1,500 ATMs. The bank's active stock was 55.9 billion lei at the end of 2019.

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