What are the benefits?
Loans to accommodation and catering service providers are loans aimed at reducing the impact of the COVID-19 pandemic on the tourism business by providing funding in the form of loans to cover the essential expenses of accommodation service providers who provide classified accommodation services and of business entities that provide catering services.
What companies are eligible?
A loan is intended to cover the essential expenses (wages of employees, purchase of transport and other services, real estate lease, property maintenance costs, and payment of other loan instalments under the loan repayment schedules):
- if you are a classified accommodation service provider, a loan is granted to an SME or a large enterprise that holds a valid accommodation service classification certificate;
- if you are a catering service provider, a loan is granted to a large enterprise whose main activity is provision of restaurant and prepared meal delivery services;
- you are not a company or a group of companies that is in difficulty as of 31 December 2019 and you have not been subject to bankruptcy procedures;
- you have submitted a set of financial statements for 2019 to the Centre of Registers. Your company and other companies of the group must submit their financial statements, giving details on the equity structure.
What is the maximum amount?
The total amount available under the Measure to grant loans to accommodation and catering service providers is EUR 22 million.
Maximum amount of the loan: EUR 3 million.
- The amount of the loan is calculated on the basis of the information provided by the borrower on the expenses incurred until 16 March 2020 and on the expenses yet to be incurred until 30 June 2021.
- The loan is disbursed in instalments on a quarterly basis (every 90 calendar days).
- A loan may be granted and a loan agreement must be signed no later than on 30 June 2021 and a loan should be paid out no later than by 30 September 2021.
- Term of the loan: up to 72 months.
- The call will be suspended on 31 May 2021, at 23:59, or upon the allocation of the amount earmarked for the measure.
- The loan funds must be disbursed to the borrower no later than within 3 months from the signing of the loan agreement.
How does it work?
In order to get a loan, you need to submit the following documents:
- SME status declaration;
- Payroll records (to be submitted in case the borrower wishes that the maximum possible amount of the loan is calculated on the basis of the double amount of salaries inclusive of taxes payable to the borrower’s employees. Further information is provided in the Specification of the Measure.);
- Borrower’s shareholder structure;
- Business plan containing a brief description of the business, current and forecast financial position;
- Profit and loss forecast and cash flow data reported pursuant to the methodological instructions (Annex No. 1 to the Specification);
- Proposal regarding securities for the portion of the loan exceeding EUR 1 million (the portion of the loan exceeding EUR 1 million is subject to security; see the Specification of the Measure for more details).
The loan agreement
Increase of the loan amount
If necessary, the amount of the loan may be increased upon request of the borrower to INVEGA; however, in any case after the increase of the loan it may not exceed the maximum permissible loan amount per borrower. After the borrower has submitted a request to INVEGA for the increase of the loan amount, INVEGA performs an analogous assessment as in the case of a new loan. Requests for the increase of the loan amount may be submitted no later than by 31 May 2021.
If you want to apply to INVEGA for the increase of the loan amount under the measure Loans to travel and catering service providers, please submit a written application by the company’s authorised representative signed with an electronic signature, indicating the company’s contact details and representative, the date and number of the loan agreement, the granted amount and the additional amount of the loan requested, and the reason for the increase of the amount of the loan (to cover the essential working capital needs) to the following e-mail address: email@example.com.
The request for an increase in the amount of the loan must be accompanied by a forecast profit and loss statement and cash flow data reported pursuant to the methodological instructions (Annex No. 1 to the Specification).
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