Covid-19 Economic Support Line - Medium and Large Tourism Companies

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BPI, Turismo de Portugal, IP, Banco Português de Fomento, S.A. (BPF) and Mutual Guarantee Societies support the employment and job maintenance of medium and large companies in the tourism sector.

Framework

The Covid-19 Economic Support Line - Medium and Large Tourism Companies is a guaranteed financial support, with an overall allocation of 300 million euros valid until December 31, 2021.

This line arises for immediate cash flow support to medium and large tourism companies whose activities have been strongly impacted by the restrictions caused by the aggravation of the epidemiological situation, which has led to the suspension or closure of certain types of activities, facilities and establishments.

Advantages
  • Credit access under more advantageous protocoled terms;
  • Possibility to convert 20% of the credit granted into a non-refundable grant, in case of maintaining jobs, based on the latest salary slip submitted and validated by Social Security, prior to the submission of the operation to the Mutual Guarantee Societies, within 12 months of contracting;
  • No need to provide additional guarantees, besides the guarantee provided by the mutual guarantee system;
  • Mitigation of credit risk through sharing with the Mutual Guarantee System (MGS coverage of up to 80% and FCGM coverage of 100%);
  • Exemption from the acquisition of shares of Mutual Guarantee Society (MGS).
Beneficiaries
  •  Medium-sized companies (SMEs), as defined in European Commission’s Recommendation 2003/361/EC, certified by IAPMEI’s Electronic Declaration, or
  • Small Mid Cap and Mid Cap, as defined in Decree-Law No. 81/2017 of June 30, or
  • Large companies

with activity in national territory, which carry out main or secondary activity, on eligible CAE (economic activity codes) lists and that cumulatively meet eligibility requirements.

 

Eligible operations

Type of operations / financing

  • Short, medium and long-term loans

Eligible operations

  • Operations aimed exclusively to liquidity assistance.
Eligible operations

Maximum financing amount per company: 4,000 euros by job, proven through the last pay slip submitted and validated by the Social Security before the submission of the operation to the Mutual Guarantee Societies, (submission of the financing operation for analysis by the MGS).

Term

Maximum term: up to 6 years
Pending Capital: up to 18 months

Guarantees
  • Autonomous guarantee at the first request provided by MGS to guarantee up to 80% of the outstanding capital at any given time;
  • The Client may not be required to give any kind of supplementary guarantee (personal or asset). Only delivery of the promissory note subscribed by the Customer may be required.

For more information, please go to any BPI Branch or Corporate Centre or contact us.

Observations

This information is provided for advertising purposes and does not constitute a contractual offer; you must read the pre-contractual and contractual information required by law.

Contracting subject to prior approval by the entities involved and subject to the conditions defined according to the risk profile of each operation.

Banco BPI, S.A., Rua Tenente Valadim, 284, Porto, Tied Insurance Intermediary no. 207232431 (registered with the Insurance and Pension Funds Supervision Authority on 31-10-2017 - more details on the registration available at www.asf.com.pt); authorised to carry on insurance business in the Life and Non-Life Branches with the insurers BPI Vida e Pensões - Companhia de Seguros Vida, S.A., Companhia de Seguros Allianz Portugal, S.A. and COSEC - Companhia de Seguro de Créditos, S.A. Banco BPI, S.A. is not authorised to receive premiums or enter into contracts on behalf of COSEC, Allianz or BPI Vida e Pensões and, as an insurance intermediary, assumes no responsibility for the coverage of risks inherent in the insurance contract.