Portuguese guarantee system launches new credit line for SMEs

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On the 16^th January, the Portuguese national mutual guarantee system announced the opening of a new credit line for micro, small and medium-sized companies of a total budget of € 1,5 billion called “PME Crescimento”. This new credit line substitutes the previous “PME Investe VI” and will contain a specific line of € 250 million for SMEs. Another focus will be a line of € 500 million for exporting companies.

This credit line offers spreads starting from 4% for SMEs and from 5% for micro-companies, conditions which, while they are unchanged from the last credit line, are much more favourable than what companies would be able to access on the market.

After approval by the bank, the detailed file is sent to the respective Mutual Guarantee Society (MGS) for analysis. The MGS has 3 to 15 days to make a decision. SMEs that benefit from a loan guaranteed in the context of this credit line, have to become mutualist shareholder of the MGS with an amount of 2% of the guaranteed amount. Once the guarantee has elapsed, these shares can be resold at the nominal face value to the MGS or any other party indicated by the latter, subject to legal requirements.

Link:

http://www.spgm.pt/

Source: SPGM