Loan Programme for the Financial Restructuring


1. Final Borrowers


Companies, crafts businesses, co-operatives, institutions who meet the following minimum preconditions:


  • minimum capital and reserves of 10% on the liabilities side of the balance sheet


Loan approval to final borrowers shall not be considered if they:


  • paid out net profit in the last two business years
  • paid off their borrowing in the last two business years


Also eligible as final borrowers are:


  • agricultural producers (family farms in the VAT system, crafts businesses, companies, co-operatives and institutions) that will use the proceeds of the loan to refinance existing loans
  • companies and other legal entities owned by the Republic of Croatia, for which a guarantee has been issued by the Republic of Croatia, that will use the proceeds of the loan to refinance existing loans


The above preconditions shall not apply to such borrowers.


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


Loans are intended for the financing of investment aimed at changing the maturity of sources of funds on business entities balance sheets.


3. Manner of Implementation


  • through commercial banks
  • risk-sharing model
  • direct lending – to companies and other legal entities owned by the State, for which a guarantee has been issued by the Republic of Croatia, in accordance with the procedures set forth in the Act on the Execution of the State Budget of the Republic of Croatia that is in effect


4. Loan Amount, Disbursement Period and Repayment


Loan amount
  • the maximum loan amount is not limited and depends on HBOR’s financing capabilities, the investment project, the creditworthiness of the final borrower, the value and quality of security offered
  • loans are approved in HRK indexed to foreign currency
Disbursement period    up to 6 months
Grace period    up to 2 years
Repayment period    up to 10 years, grace period included


5. Interest Rate


4% p.a.


Depending on the capabilities of the final borrower in obtaining the right to the award of de minimis aid, a loan comes with a general interest rate that is determined at least in the amount of a reference or promotional interest rate, i.e. an effective interest rate below the reference.


Financing at promotional interest rate is possible only in accordance with the criteria set forth in the Guidelines on State Aid for Rescuing and Restructuring of Non-Financial Entrepreneurs in Difficulty and de minimis aid regulations.


6. Loan Application Fee


0.8% one-off, charged on the committed loan amount


7. Commitment Fee


0.25% p.a., charged on the undisbursed loan amount, starting 30 days after the loan contract date


8. Security


For securing due fulfilment of loan obligations, 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
  • other collateral customary in the banking operations


In the case of direct lending to companies or other legal entities owned by the State, a guarantee issued by the Republic of Croatia is required as mandatory collateral.


In the case of loans on-lent via commercial banks, final borrowers negotiate collateral with commercial banks.


9. Commercial Banks Co-operating with HBOR on the Loan Programme


  1. Addiko Bank d.d., Zagreb (RS)
  2. Banka Kovanica d.d., Varaždin
  3. Croatia banka d.d., Zagreb
  4. Erste & Steiermärkische bank d.d., Rijeka (RS)
  5. Hrvatska poštanska banka d.d., Zagreb (RS)
  6. Istarska kreditna banka Umag d.d., Umag
  7. Jadranska banka d.d., Šibenik
  8. Kentbank d.d., Zagreb
  9. Kreditna banka Zagreb d.d., Zagreb
  10. OTP banka Hrvatska d.d., Zadar (RS)
  11. Partner banka d.d., Zagreb
  12. Podravska banka d.d., Koprivnica (RS)
  13. Privredna banka Zagreb d.d., Zagreb
  14. Raiffeisenbank Austria d.d., Zagreb (RS)
  15. Sberbank d.d., Zagreb (RS)
  16. Slatinska banka d.d., Slatina (RS)
  17. Societe Generale–Splitska banka d.d., Split
  18. Štedbanka d.d., Zagreb
  19. Zagrebačka banka d.d., Zagreb (RS)


The aforementioned commercial banks have been included into the financing through commercial banks.


Those commercial banks that have been included also into the financing under the risk-sharing model are marked by acronym RS.


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