EnglishCredit Europe Bank, formerly known as Finansbank Romania, has extended the maturity of the Support SME credit line from 12 months to 36 months in a bid to better assist small- and medium-sized enterprises. The credit line can be used to finance stocks, make payments to suppliers and finance various short-term expenses. In order to access such credit line, applicants need to be financially stable, have been in business at least one year and have a clean record with the bad debtor database.
"We have improved the Support SME product to a maturity of 36 months to better support small- and medium-sized enterprises in the development and consolidation of their activities," said Credit Europe Bank President Tamer Ozatakul. The 36-month maturity is also extendable, whereas the value of the credit line is up to 25% of the company"s turnover. The product can be packaged with Prompt SME, which consists in an overdraft limit for the current account.
Credit Europe Bank has some 90 branches in Romania and is controlled by Fiba International Holding NV with 89.80%. At the end of Q1, CEB announced a credit portfolio of 530 million EUR and assets of 815 million EUR. The bank has 1.5% market share in terms of assets and is aiming for 1.8-1.9% by the year-end.
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