In Macedonia, a Guarantee Fund is expected to start operating that will allow micro, small and medium enterprises as well as larger traders whose incomes on basis of import are participating with at least 30% in the total incomes, will allow them guarantees for loans up to 500,000 EUR, informed the Ministry of Finance.
The Agreement between the Government and the Development Bank for Issuing Guarantees through the Guarantee Fund has already been signed and soon the confirmation of the agreements between the Development Bank and the commercial banks and saving houses is expected, writes the Minister of Finance Fatmir Besimi in the latest edition of the Macedonian Banking Association’s bulletin.
With the guarantees, there will be a guarantee for the principal of the newly approved loans for working capital and basic assets given by banks and saving houses for the private sector. In order to become a part of the guarantee scheme, the banks and the saving houses will have to have capital adequacy of a minimum of 12%, positive financial result in the last year and a loan portfolio that at least 70% is classified in A or B category.
About the portfolio guarantees that are intended for micro, small, and medium trading companies, there will be guarantees for loans in the amount of 300,000 to 30,750,000 MKD with a payment deadline in the period from 1 to 8 years with a grace period of up to 1 year for basic assets, and a payment deadline from 1 to 3 years with a grace period of up to 1 year for working capital. The amount of the guarantees for the portfolio guarantees is planned to be up to 80% of the loans for working capital and up to 50% of the loans for basic assets. For individual guarantees that are referring to major traders which incomes on basis of import are participating with at least 30% in the total income, will be guaranteed loans from 3.075.000 to 30.000.000 MKD, and the amount of the guarantee can be a maximum of up to 50% of the loan’s capital,” said Besimi.
