Working Capital CRISIS 2022 - measure

Working Capital CRISIS 2022 - measure is applied as a temporary measure under the loan programme Working Capital until the available funds have been disbursed, however no later than until 31 December 2023 and provided that loan contracts are executed by that date at the latest.

Applications received by 30th June 2023., and loan contracts shall be concluded by 31st December 2023 latest.

1. Borrowers

  • Private sector business entities - companies, crafts businesses, sole traders, family farms within the VAT system, cooperatives and institutions
  • Public sector business entities - companies and other entities (agencies, institutions, etc.) owned or majority-owned by the units of local or regional government and/or the Republic of Croatia
Borrowers must prove that they have difficulties in doing business caused by direct or indirect effects of the Russian aggression against Ukraine based on the criteria for assessing the effects of the crisis (Statement on the impact of Russian aggression against Ukraine on the operations of borrower).
Borrowers are not subject to EU sanctions.
Financing of entrepreneurs, against which bankruptcy proceedings, pre-bankruptcy proceedings or liquidation proceedings have been initiated, is not eligible.
Financing of trade activities is not eligible except in exceptional cases prescribed by the General Eligibility Criteria and in the case of financing business entities engaged in the trade and distribution of oil derivatives and energy products.

2. Purpose of Loans

Financing the purchase of raw materials, production materials, semi-products, small inventory, settlement of obligations towards suppliers, labour costs, general current operating expenses.

3. Manner of Implementation

Direct lending – the borrower submits the Application and the accompanying documentation to HBOR

4. Loan Amount

Minimum possible amount of a single loan:
  • EUR 200,000
Maximum possible amount of a single loan is 3,000,000 EUR. In addition, maximum amount of a single loan exceeding EUR 2,000,000* i.e. loan approved pursuant to section 2.3. of the Temporary Crisis Framework** may not exceed:

a) 15 % of the average total annual operating income generated by the borrower during the last three closed accounting periods; if beneficiaries of the measure do not have three closed annual financial statements, this applicable upper limit will be calculated based on the duration of entrepreneur’s existence at the time when he/she submitted the state aid application, and at least on the basis of one closed annual financial statement


b) 50 % of energy costs during 12 months before the month in which the loan application is submitted;

c) as an exception and with an appropriate explanation and based on the borrower’s statement about his/her liquidity needs caused by the current crisis, the loan amount can be increased to cover the liquidity needs from the moment of award in the next 12 months for small and medium-sized enterprises and in the next 6 months for large enterprises; if large enterprises must provide financial collaterals for trading activities in the energy markets for the purpose of supplying energy products and their distribution in the domestic market, the loan amount can be increased to cover the liquidity needs arising from these activities for the next 12 months.

For loans amounting to EUR 2,000,000, i.e. for loans approved pursuant to section 2.1. of the Temporary Crisis Framework**, this method of determining the maximum loan amount is not applied.

*i.e. EUR 300,000.00 for enterpreneurs operating in the fisheries and aquaculture sectors and EUR 250,000.00 for enterpreneurs operating in the primary agricultural production sector
**Communication from the Commission – Temporary Crisis Framework for State Aid Measures to Support the Economy Following the Aggression Against Ukraine (OJ C 131I, 24.3.2022, hereinafter: Temporary Crisis Framework) and all its changes and amendments. In order to align HBOR’s operations with the Temporary Crisis Framework, the State Aid Award Programme was adopted by the Croatian Bank for Reconstruction and Development that is in line with the Temporary Crisis Framework for State Aid Measures to Support the Economy Following the Russian Aggression Against Ukraine – sections 2.1. and 2.3. –, and by which instruments of state aid award are implemented in HBOR’s operations as envisaged in sections 2.1. and 2.3. of the Temporary Crisis Framework.  

5. Loan Currency


6. Interest Rate

  • during the period of disbursement and the first three years of loan repayment: from 2.50% p.a., fixed, depending on the regulations on the award of state aid and/or de minimis aid, collateral instruments and costs of the available sources of funding*
  • during years 4 and 5 of loan repayment period: from 3.00% p.a., fixed, depending on HBOR’s assessment of the borrower’s creditworthiness, regulations on the award of state aid and/or de minimis aid, collateral instruments and costs of the available sources of funding.*
*The interest rates are, if there are no significant disturbances in the market, in effect from 1 April 2023 until 30 June 2023 and relate to loan applications received by HBOR until that deadline.

7. Fees

  • Loan application processing fee: not charged
  • Commitment fee: not charged
  • Other fees are calculated and charged in accordance with the Ordinance on Fees for HBOR Services

8. Period and Manner of Loan Disbursement

  • Up to 12 months
  • One-off or successively on the basis of the documentation evidencing that the funds are being  utilised for the earmarked purposes
  • Loan funds can be disbursed to the accounts of suppliers based on the documentation for the utilisation of loan for earmarked purposes or to the borrower's account, with obligatory justification by documentation evidencing the use of loan for earmarked purposes within 120 days after the loan funds have been disbursed to the account
  • Refund of borrower’s own funds used for the purposes referred to in item 2 is allowed only for the amounts paid after 1 February 2022

9. Repayment Period

  • Up to 5 years, up to 1-year grace period included
  • Time period from the loan contract execution date to the loan repayment period last date (that includes the loan disbursement period and the loan repayment period) may not be longer than 6 years.

10. Manner of Repayment

Generally, in equal monthly, three-monthly or semi-annual instalments

11. Collateral

Collateral is determined by HBOR. Pursuant to the rules on the ban on the cumulation of aid contained in the Temporary Crisis Framework, for loans approved in accordance with section 2.3 of the Temporary Crisis Framework it is not possible to use the collateral referred to in section 2.2 of the Temporary Crisis Framework.

12. Related documentation / Enclosures

General Eligibility Criteria
List of Documentation
Decision on the General Terms and Conditions of HBOR Lending Activities



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