If you are an exporter and do not meet the conditions for the insurance of liquidity loans prescribed by the Programme for the Portfolio Insurance of Liquidity Loans for Exporters – Measure to Support the Economy of the Republic of Croatia Following the Russian Aggression Against Ukraine, the Programme for the Individual Insurance of Liquidity Loans for Exporters – Measure to Support the Economy of the Republic of Croatia Following the Russian Aggression Against Ukraine is available to you, which HBOR as the insurer implements for and on behalf of the Republic of Croatia as one of the measures to support the economy (hereinafter: the Insurance Programme).
TO WHOM IS THE INSURANCE PROGRAMME INTENDED?
Entities performing business activities (except for the activities excluded by chapter 3.1 of HBOR’s General Eligibility Criteria), regardless of their size and legal form, that are registered in the Republic of Croatia and meet, among others, the following conditions:
- are not subject to EU sanctions,
- have encountered difficulties in operations as a consequence of the disruption in the economy caused by the Russian aggression against Ukraine,
- have generated at least 10% of their operating income from export revenues in 2021 or in the latest year for which company’s official annual financial statements are available (exporter)
have generated more than 50% of their operating income from accommodation revenues in 2021 or in the latest year for which company’s official annual financial statements are available, where the share of realised overnight stays of non-residents of the Republic of Croatia in the total number of overnight stays in that year is at least 30% (exporter)
have generated at least 10% of their operating income from revenues in cooperation with one or more exporters referred to in the above paragraph in 2021 or in the last year for which that company’s official annual financial statements (exporter’s supplier) are available).
WHAT ARE THE ADVANTAGES OF THE PROGRAMME?
- Up to 90% insurance for the principal of exporter’s liquidity loan,
- If the coverage is lower than 90%, the insurance may also cover the contracted interest (regular interest, interest during disbursement and grace periods),
- Bank is secured against non-performance of obligations under the loan contract.
The Insurance Programme is available to all credit institutions established in the Republic of Croatia (headquarters or subsidiary) that operate in accordance with the Credit Institutions Act, and to HBOR as the creditor. Credit institutions submit individual Applications for Insurance to HBOR as the insurer for liquidity loans for which they want to use the Insurance Programme.
For each loan insured under the Insurance Programme, HBOR as the insurer charges insurance premium from the bank as the insured. Borrowers have the opportunity to use subsidies for insurance premiums in accordance with the Insurance Premium Subsidy Programme – Measure to Support the Economy of the Republic of Croatia Following the Russian Aggression Against Ukraine PSP-UKR-02/22.