Exports – IBRD
 
Loan Programme for the Financing of Exporters out of IBRD Loan Proceeds
 

1. Final Borrowers

 

  • Companies and crafts businesses, exporters operating for at least 2 years and meeting the minimum criteria prescribed by the IBRD

 

Note: the list of minimum criteria prescribed by the IBRD is given in the complete text of the loan programme.

Pursuant to the Conflict of Interest Prevention Act (Official Gazette of the Republic of Croatia Nos. 26/11, 12/12, 126/12, 57/15), restrictions are in force on lending to business entities whose ownership interests are owned by public officials and their family members. The provisions of these restrictions are deemed a constituent part of HBOR loan programmes. The full wording of the restrictions can be found at: Restrictions on Lending to State Officials.

 

2. Purpose of Loans

 

a) For investment projects

 

I. Fixed assets  

  • Initial funding
  • Construction facilities and works
  • New equipment and devices

 

II. Permanent working capital
  • Up to 30% of total loan amount

 

b) or for permanent working capital only

 

Note: the list of investments that are not financed under this loan programme is given in the complete text of the loan programme.

 

3. Manner Implementation

 

  • Via commercial banks
  • Direct lending
  • Risk sharing model with commercial banks

 

4. Loan Amount, Terms and Conditions

 

Loan amount
  • Maximum loan amount is not limited and it depends on HBOR’s financing possibilities, concrete investment project, creditworthiness of the (final) borrower, and the value and quality of the collateral offered.
  • Applications for a direct loan in the HRK equivalent amount of less than EUR 3.0 million will not be considered under this Programme.
 

HBOR finances up to 100% of the estimated investment amount, VAT included

 

Disbursement period
  • Generally up to 12 months, in accordance with the disbursement schedule
Grace period
  • Up to 2 years
Repayment period
  • Up to 8 years, including the grace period

 

5. Interest

 

For loans on-lent via commercial banks

Interest rate charged by HBOR to the commercial bank is 3.5 % per annum.
Interest rate charged to the final borrower is, in line with IBRD’s guidelines, determined by the commercial bank depending on the risk assessment of the final borrower and the quality of collateral, and the commercial bank is obliged to accordingly inform HBOR when submitting the loan application.

 

For direct loans

Direct lending is carried out at a fixed interest rate that equals at least the base rate increased by a margin determined in accordance with the assessment of the borrower’s credit ranking and the offered collateral (collateralisation) pursuant to HBOR’s Ordinance on Setting the Reference and Discount Rates.
The base rate is calculated by the European Commission and published by the European Commission on its website.

 

6. Loan Application Fee and Commitment Fee

 

For loans on-lent via commercial banks

 

0.4 % loan application fee – one off, charged on or before the first loan disbursement

0.25 % commitment fee – per annum, charged on the undisbursed loan amount, starting 30 days after the loan  contract date

 

Loan application fee and commitment fee charged to the final borrower are determined by the commercial bank, and the commercial bank is obliged to accordingly inform HBOR when submitting the loan application.

 

For direct loans

 

0.8% application fee- one off, charged on the committed loan amount, at least HRK 500.00 (five hundred) on or before the first loan disbursement

0.25% commitment fee – per annum, charged on the undisbursed loan amount, starting 30 days after the loan contract date

 

7. Security

 

HBOR accepts: bills of exchange and debentures, pledge of property or transfer of fiduciary title to property supported by a property insurance policy endorsed in favour of HBOR, bank guarantees, guarantees issued by HAMAG-BICRO and other collateral customary in the banking operations.
In the case of loans on-lent via commercial banks, final borrowers negotiate collateral with commercial banks.

 

8. Commercial Banks Co-operating on the Loan Programme:

 

  1. Erste & Steiermärkische bank d.d., Rijeka (Risk-Sharing)
  2. Raiffeisenbank Austria d.d., Zagreb (Risk-Sharing)
  3. Societe Generale–Splitska banka d.d., Split
  4. Zagrebačka banka d.d., Zagreb (Risk-Sharing)

 

 

More detailed information can be found in the complete wording of the Loan Programme or at:
HBOR, Strossmayerov trg 9, 10000 Zagreb
Phone: +385 1 /45 91 666
E-mail: kreditiranje@hbor.hr