MIL OSI Translation. Region: Germany / Deutschland –
Source: Federal Ministry for Economic Affairs and Energy In view of the dynamic infection rate and the continued tense economic situation in the wake of the corona pandemic, the Federal Government is extending the KfW special program, including the KfW express loan, until June 30, 2021 in order to continue to provide companies with reliable liquidity . As soon as the European Commission has approved the extension of the previous state aid basis, the corresponding aid can also be granted in 2021. From next Monday, November 9th, 2020, the KfW quick loan will also be available for self-employed persons and companies with up to 10 employees Available. Companies can apply for these KfW loans with an amount of up to EUR 300,000 via their house banks, depending on the turnover achieved in 2019. The federal government assumes the full risk and releases the house banks from liability. The regulations for repaying KfW quick loans have also been improved. From November 16, 2020, it is now also possible to make early, pro-rated repayment without a prepayment penalty. This makes it easier to combine it with other Corona aid programs. Federal Minister of Economics Peter Altmaier: “The effects of the corona pandemic are greater and longer than we had expected and hoped for in the middle of the year. We are not leaving our companies and their employees alone in this serious situation, but are expanding and extending the KfW special program. With the opening of the KfW express loan for small businesses and self-employed people, all companies can now receive liquidity quickly and unbureaucratically. At the same time, we have extended all variants of the KfW special program until June 30, 2021 in order to create planning security. “Federal Finance Minister Olaf Scholz:” The protective umbrella remains wide open, we are fighting the crisis with all our might. In the acute pandemic, we are creating planning security and extending the KfW special program up to and including June 2021. In addition, we are now also opening the express loan with its generous conditions to self-employed individuals and small companies – an important further aid, especially now in November. KfW plays a central role in averting the consequences of the crisis for companies and employees. We have thus set international standards and have come through the crisis comparatively well in this way. ”KfW CEO Dr. Günther Bräunig: “The KfW Corona loans have proven to be an effective instrument in the current crisis. The high funding figures also reflect the enormous effort that we have made so far together with politicians and the German banking industry. The extension of the special program and the opening of the KfW express loan to all companies are an important signal in support of the German economy. ”The KfW express loan as part of the KfW special program has proven to be an important pillar for German SMEs during the Corona crisis . So far, more than 5 billion euros have been pledged in this program. The KfW Schnellkredit will be available from Monday with the following key points: The KfW Schnellkredit is available to small and medium-sized companies as well as self-employed persons who have been active in the market at least since January 1, 2019 Made a profit in 2017-2019 or in 2019. If the company has only been on the market for a shorter period of time, this period is used. The credit volume per corporate group is up to 25 percent of the annual turnover in 2019, a maximum of 800,000 euros for companies with more than 50 employees, a maximum of 500,000 euros for companies with a Number of employees of up to 50 and a maximum of 300,000 euros for companies with an employee number of up to 10. The company must not have been in difficulty as of December 31, 2019 and must have an orderly economic situation at that time. The interest rate is currently 3 percent with a term The bank receives a 100 percent exemption from liability from KfW, backed by a guarantee from the federal government. The loan is approved without any further credit risk assessment by the bank or KfW. This allows the loan to be approved quickly. There is no collateral to be provided. In total, more than 95,000 applications for KfW Corona aid have been received by KfW. 99 percent of the applications have already been finally processed. The commitments reached a total volume of almost 46 billion euros. Around 97 percent of the applications came from small and medium-sized companies, 99 percent of which were loans with a volume of up to 3 million euros. It is therefore clear that this aid will primarily benefit German SMEs, the backbone of the German economy.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.