1. Final Borrowers - companies, craftsmen, co-operatives
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.
Those borrowers who have been assigned a credit rating acceptable for HBOR and who meet the following criteria (in accordance with the latest annual financial statements) can be considered for direct lending: - volume of assets at least 5 times higher than the amount of loan
- revenues from the sale of products or services abroad amounting to at least 30% of operating income
2. Purpose of Loans | Working capital: - pre-shipment export finance
- export of goods
- whole cycle from pre-shipment export finance until the collection of payment for an export transaction
| 3. Manner of Implementation - through commercial banks
- directly for loans above HRK 10,0 mil
- risk-sharing model
4. Loan Amount and Repayment Period | Loan amount | - not limited; it depends on the opinion of the commercial bank, the creditworthiness of the final borrower, the amount of necessary working capital, the volume of export transactions, the nature and quality of the offered collateral
- all newly committed loans are contracted in HRK with a currency clause. In application for an extension of the disbursement period of a revolving loan under a framework contract, the commercial bank can request that the currency of the loan approved in HRK be changed by changing the loan into a loan with a currency clause or can keep the loan in HRK.
| | Repayment Period | - for framework agreements bullet repayment maturing up to one year from the loan availability date, with the obligation of submitting six-monthly reports on the outstanding loan balance
- repayment of loans approved for certain export transaction shall have a maturity longer for 30 days than the maturity of the collection of payment for the export transaction, with no possibility of extension
| 5. Interest The interest rate charged to final borrowers is established in accordance with the base rate plus a margin determined depending on the credit rating of the final borrower and the offered collateral. The level of the nominal interest rate in accordance with the credit rating and the offered collateral (collateralization) is as follows:
I. For loans approved for a period of up to one year and for loans whose contracted loan maturity is prolonged: | Interest rates for final borrowers | | Credit rating | Collateralization | | High | Normal | Low | | Strong (AAA-A) | 3.0% | 3.0% | 3.0% | | Good (BBB) | 3.0% | 3.0% | 3.0% | | Satisfactory (BB) | 3.0% | 3.0% | 4.0% | | Weak (B) | 3.0% | 4.0% | 6.3% | | Bad / financial difficulties (CCC and lower) | 4.0% | 6.3% | 9.5% | II. For loans and for the first extension of loans approved to start-up exporters that are defined as economic operators entering foreign markets for the first time ever, or entering for the first time a foreign market they have not tapped into so far, or introducing a new product and/or service on foreign market where they are already present regardless of loan maturity: | Interest rates for final borrowers | | Credit rating | Collateralization | | High | Normal | Low | | Strong (AAA-A) | 2.0% | 2.0% | 2.0% | | Good (BBB) | 2.0% | 2.0% | 2.3% | | Satisfactory (BB) | 2.0% | 2.3% | 4.0% | | Weak (B) | 2.3% | 4.0% | 6.3% | | Bad / financial difficulties (CCC and lower) | 4.0% | 6.3% | 9.5% | 6. Loan Application Fee 1.0% one-off, charged on the committed loan amount Loan extension fee for the period shorter than one year: a) 0.25% one-off, charged on the committed (extended) loan amount for extension of up to three months b) 0.5% one-off, charged on the committed (extended) loan amount for extension of up to six months c) 0.75% one-off, charged on the committed (extended) loan amount for extensions of up to nine months 7. Commitment Fee 0.25% p.a., charged on the undisbursed loan amount, starting from the loan availability date for the commercial bank 8. Security HBOR accepts: - bills of exchange and debentures;
- pledge of property or transfer of fiduciary ownership of property supported by a property insurance policy endorsed in favour of HBOR;
- bank guarantees;
- HBOR’s insurance policy covering the collection of export receivables;
- other collateral customary in the banking business.
Final borrowers negotiate collateral with commercial banks. 9. Commercial Banks Co-operating with HBOR on the Loan Programme - Addiko Bank d.d., Zagreb (RS SME); (RS)
- Banka Kovanica d.d., Varaždin
- Croatia banka d.d., Zagreb
- Erste & Steiermärkische bank d.d., Rijeka (RS SME); (RS)
- Hrvatska poštanska banka d.d., Zagreb (RS SME); (RS)
- Istarska kreditna banka Umag d.d., Umag (RS SME)
- Jadranska banka d.d., Šibenik
- Karlovačka banka d.d., Karlovac
- Kentbank d.d., Zagreb
- Kreditna banka Zagreb d.d., Zagreb
- OTP banka Hrvatska d.d., Zadar (RS SME); (RS)
- Partner banka d.d., Zagreb
- Podravska banka d.d., Koprivnica (RS SME); (RS)
- Privredna banka Zagreb d.d., Zagreb (RS SME)
- Raiffeisenbank Austria d.d. Zagreb (RS SME); (RS)
- Samoborska banka d.d., Samobor
- Sberbank d.d., Zagreb (RS SME); (RS)
- Slatinska banka d.d., Slatina (RS SME); (RS)
- Societe Generale – Splitska banka d.d., Split (RS SME)
- Vaba d.d. banka Varaždin
- Veneto banka d.d., Zagreb
- Zagrebačka banka d.d., Zagreb (RS SME); (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 SME are marked by acronym RS SME; those 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 E-mail: kreditiranje@hbor.hr |
