EnglishEximBank launched the loan for the payment of tax arrears, which will provide businesses with funding to help them pay their overdue taxes, a press release of the bank says.
Loans will be given for the short term (a maximum of 12 months) and can cover 100% of the company"s funding needs. The applications for this type of loan will be reviewed in terms of the company"s past performance, financial forecasts for the entire duration of the loan and guarantees offered by the company, the press release says.
"EximBank wants to use this loan as a bridge between companies and the state, and management expects this loan will prove beneficial for both sides, as on one hand the companies get help to pay their taxes, and on the other hand, the bank can contribute to the increase of public revenues".
The loan is part of the range of products that EximBank offers under its own name, not in the name and on behalf of the state.
Any company that has outstanding debts to the state budget and has no loan defaults on record at the Credit Bureau can apply for this type of loan.
The bank will also waive 50% off the loan origination fee, as part of its temporary measures against the crisis.
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