PMV has expanded its arsenal in this respect with a 3-year subordinated loan. This is a nice addition to the bridging loans previously announced by our federal government. An application for this subordinated loan must be submitted to PMV before 15 November 2020.
From 25,000 euros to 3,500,000 euros
More specifically, it concerns an amount of minimum 25,000 euros and maximum 2,000,000 euros, to be paid out in one instalment. The latter ceiling can optionally be increased to 3,500,000 euros under certain conditions. A combination with bank loan(s) and guarantee remains possible.
The assessment for this loan is based on, among other things, the relevance for Flemish employment and economy and connectivity with spearhead sectors.
Who can apply for this subordinated loan?
- Start-ups and scale-ups that develop/market innovative products, services and have had no recurrent positive cash flow during the last 3 years.
- SMEs and self-employed people who are in need now but did have a healthy cash flow before the corona crisis and were therefore previously eligible for regular financing.
For this group, however, there are additional criteria, such as:
- Having no arrears on current loans, with the tax authorities, VAT or NSSO.
- Not to be an enterprise in difficulty according to the EU definition
- No denunciation of credits if credits are in progress and possibility to defer repayment of capital by the bank (commitment of the bank must be present
- 80 percent of the employment compared to the end of 2019 has been retained or is recoverable.
OR at least 50 percent of the employees, who were temporarily unemployed, have returned to work.
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1] PMV, or Participating Company Flanders, is an organisation that is shaping the future of the Flemish economy through a.o. the financing of organisations from infancy to (international) growth.
Last update: 30/04/2020