CREDIT AGRICOLE EXTENDS OPPORTUNITIES FOR BUSINESSES UNDER “AFFORDABLE LOANS AT 5-7-9%” PROGRAM

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CREDIT AGRICOLE EXTENDS OPPORTUNITIES FOR BUSINESSES UNDER “AFFORDABLE LOANS AT 5-7-9%” PROGRAM

10.03.2021 News

Recently, government program “Affordable Loans at 5-7-9%” has been significantly amended allowing small and medium businesses to get even more opportunities to obtain loans at the rate of 0% p.a. or a reduced rate of 3% p.a. For this purpose, Credit Agricole and the Entrepreneurship Development Fund signed new agreements. What has changed for customers is as follows:

  • Target audience has expanded considerably. Now, customers of micro, small and medium business with annual income of up to EUR 20 mln may participate in the government program, while this income indicator used to be half as much.
  • Terms regarding the period during which compensation is available to the customers, as well as amount of the compensation rate (the rate paid by customer with own funds) have improved. For example, interest rate for the customer in case of loans intended to refinance the existing debt (direction 3 of the program) shall be 3% p.a. from April 2021 until the end of the agreement. It should be mentioned, that according to the basic version of the program, customers of the bank could receive debt refinancing at 0% rate before the end of March 2021, and starting from April 2021 they would have to pay standard interest rate of the bank.
  • From now on, interest rate of 0% p.a. for working capital loans (direction 2 of the program) will be available during the quarantine plus 90 days. After the end of this period and until the end of the loan term, the customer shall pay a reduced rate of 3% p.a.

The government program “Affordable Loans at 5-7-9%” is very popular among entrepreneurs from all over Ukraine. Credit Agricole joined the program in June 2020 and over the first six months became one of TOP 3 leaders in terms of portfolio of loans issued under the program. Last year, we were actively issuing loans under direction 3 of this program. However, in 2021, we are expanding opportunities for customers and open direction 2 – working capital financing. And by doing so we contribute to the development of small and medium businesses in the country and with these specific actions we prove that customers can rely on Credit Agricole Bank!” commented Larysa Bondarieva, Deputy Chairman of the Management Board of Credit Agricole Bank.

In 2020, Credit Agricole concluded 450 agreements with customers for their participation in the program “Affordable Loans at 5-7-9%”.

“Given the expansion of target audience and other changes in the program, we expect a new wave of customers’ applications for loans on favorable terms soon. Thanks to the synergy of efforts of Credit Agricole team, we support business and implement our mission – “Working every day in interests of our customers and society!” said Maryna Ishtvanyk, Head of the Middle Office Department of Credit Agricole Bank.

Credit Agricole is a reliable partner of state companies that provide support to the business.

“By refinancing the debt of business customers, we reduce pressure on internal budgets of companies and act as a reliable partner of large-scale government program for support of business. Besides, Credit Agricole participates in government programs supporting agricultural producers, under which a part of interest rate under loan agreement is compensated for both working capital financing and investment funding, as well as a part of value of purchased agricultural machinery of domestic manufacture,” added Dmytro Kovalenko, Head of the Marketing of Credit Agricole Bank.

For detailed information about conditions of participation in the program “Affordable Loans at 5-7-9%”, please contact the Contact Center of Credit Agricole at 0 800 30 5555 (free from all telephones in Ukraine). 

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