HBOR will send a direct notification to the the beneficiaries of its direct loans on the conditions for extending the moratorium and the consent form that the loan beneficiaries will need to submit to HBOR.
As Poslovni Dnevnik writes on the 2nd of July, 2020, since business of varying kinds is still affected by the coronavirus epidemic, HBOR has extended its moratorium. All of HBOR's clients are allowed to use the moratorium for up to seven months, ie until the 30th of September, 2020. For clients who have a positive COVID score according to the FINA methodology (or can otherwise prove a decline in their income) it is possible to use the moratorium for up to ten months, ie until the 31st of December, 2020. Clients engaged in tourism are allowed to use the moratorium for up to sixteen months, ie until the 30th of June, 2021.
In March, in order to reduce the negative consequences of the COVID-19 epidemic, HBOR made it possible for its clients to reschedule loans and use the moratorium until the 30th of June, 2020, with the announced possibility of extension.
''The use of the moratorium, which we made possible as a first measure, has so far been accepted by almost 1,500 clients. Since Croatian businesses are still suffering from the economic consequences of the epidemic, and given the still difficult working conditions, it was possible to extend the moratorium and introduce new conditions for the repayment of due obligations,'' said Tamara Perko, President of HBOR.
As stated, HBOR will send a direct notification to its direct loan beneficiaries on the conditions for extending the moratorium and the consent form that the loan beneficiaries will need to submit to HBOR.
Liabilities under the loan principal covered by the moratorium will be repaid by the clients through an appropriate extension of the repayment period.
Clients who have been granted a HBOR loan through a commercial bank or a risk-sharing model, as well as those who use HBOR financing through leasing companies, should submit a request for a moratorium to their commercial bank or leasing company.
The rescheduling of credit obligations up to sixteen months
In addition to the moratorium, by introducing a measure of rescheduling existing credit obligations, HBOR enabled those using the service to extend the terms of use and the repayment of loans. For reprogramming up to six months, beneficiaries are exempted from paying the usual fees.
Liquidity loans - interest rates as low as 0% and possible insurance of 50% of the loan amount
Those beneficiaries also have favourable HBOR funds for liquidity lending at their disposal, which are approved in cooperation with commercial banks or directly for businesses from certain industries.
Individuals/businesses can apply for loans for working capital through banks according to the risk-sharing model with banks (through the working capital loan programmes Working capital Measure COVID-19 and Working capital for entrepreneurs in wood processing and furniture production) and through framework loans to banks. Funds under the risk-sharing model are approved with an interest rate of as little as 0% on half of the loans from HBOR sources, and liquidity loans based on framework loans to banks boast an interest rate lower by 0.75 percentage points when compared to the regular one.
Working capital loans for rural development are approved directly by HBOR, as are loans for businesses working in tourism for which applications were received by the 5th of June, 2020. By that date, HBOR received a total of 556 applications, half of which have already been processed, and loans in the total amount of more than 250 million kuna have already been approved.
In addition to favourable loan funds, HBOR has introduced a new loan portfolio insurance programme for exporters' liquidity. This programme enables the faster and easier approval of new funds to preserve the liquidity of exporters and indirect exporters.
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