EXIMBANKA SR responds to the situation related to the sharp increase in energy prices with a new product – energy credit. The energy credit is designed for entrepreneurs and is intended to serve as a tool to bridge a period marked by increased energy costs.
The impact of rising prices on firms depends on their energy intensity, and many firms are facing difficulties in maintaining their balance of payments. Some companies are able to translate higher prices into their outputs, but many are in financial difficulties. EXIMBANKA SR is ready to finance increased prices of energy inputs for such enterprises.
“We are aware that rising energy prices are adversely affecting a significant number of companies. As an export promotion institution, we are responding to this situation by innovating our product portfolio, which includes a new financing instrument – the energy loan. The launch of this product is the next in a series of new products based on our strategy to actively and flexibly respond to current market requirements.” said Zuzana Kalivodová, Chairman of the Bank’s Council and Director General of EXIMBANKA SR.
The conditions for obtaining an energy loan available to exporters are relatively straightforward
The Energy Credit is available for clients who are really struggling to finance increased energy prices (in particular manufacturing companies with lower variability in the translation of increased costs into output prices of products and services).
The loan is primarily used to finance energy (electricity and natural gas), including the refund of part of the supplier invoices already paid.
However, firms must demonstrate an export orientation, and the amount of the loan will be determined by the length of the bridge period. EXIMBANKA SR set the average energy price for 2021 as the reference period.
“In our daily contact with Slovak companies, especially those of a manufacturing nature, we perceive the difficulty of dealing with the energy situation and the ability to repay obligations. We believe that with this solution we are able to help many of our exporters to get through this challenging period.” said Tatiana Harmady, Director of the Financing Department of EXIMBANKA SR.
Basic conditions for obtaining a loan
- EXIMBANKA SR may grant a client a loan to finance energy costs (electricity and natural gas), including the reimbursement of already paid supplier invoices.
- The loan can be intended for clients who prove the amount of export sales from 01.01.2021 at least 20%.
- The amount of the credit will also be determined taking into account the individual needs of the exporter and the prices of its energy costs.
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