Guarantees Based on Remaining Available Funds from the NRRP
HBOR, as the implementing body, implements the Financial Instrument "Umbrella" Guarantee Fund Based on the Remaining Available Funds from the NRRP Aimed at Issuing Guarantees for Investment Loans for and on behalf of the Republic of Croatia.
The goal of the Financial instrument is, through issuing of guarantees, to facilitate access to finance for large enterprises irrespective of the guarantee amount and to small and medium enterprises that need a guarantee in an amount greater than EUR 10 million, by which capital investments in new technologies and equipment, extension of production and/or service capacities (production and service facilities) and other purposes necessary for strengthening competitiveness as well as green and digital transition will be encouraged.
The Programme is implemented as of 1 July 2026 until the guarantee potential has been fully used, and a guarantee agreement has to be concluded within that period.
The total amount of Guarantees on a certain day issued under this Programme, together with guarantees issued under the NRRP Financial instrument, shall not exceed EUR 398,168,425 (total guarantee potential).
Beneficiaries of Guarantees are obliged to transfer the advantages of guarantees to Final Beneficiaries to the greatest extent possible (e.g. lower interest rate, lower collateral requirements, greater volumes of funding etc.) and are obliged to state the transferred advantages in the loan contract and inform HBOR about them.
* The full conditions for defining eligible beneficiaries of guarantees are available in the Operational Programme for the Implementation of the Financial instrument „Umbrella“Guarantee Fund Based on the Remaining Available Funds from the NRRP Aimed at Issuing Guarantees for Investment Loans (Operational Programme).
Loan Beneficiary, not later than before loan disbursement, must have an establishment in the Republic of Croatia.
*Entrepreneurs that, according to their latest available official annual financial statements by their size, ownership, number of employees and other conditions do not belong to the category of micro, small or medium enterprises in accordance with the EC Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003).
** In accordance with the EC Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003).
***The full conditions for defining eligible final beneficiaries are available in the Operational Programme.
Special target groups are:
Not allowed:
Loans covered by a guarantee can amount up to 85% of the estimated investment value, VAT not included, i.e. even less, depending on rules regarding the state aid.
Guarantee amount above EUR 10 million per project is an exception and will be approved only if it is a case of:
* Strategic goals from the HBOR's Business Strategy in force are:
The maximum guarantee percentage for Special target groups is 80%, whereas for all other purposes, the maximum guarantee percentage is up to 70%.
The disbursement period is determined by the Guarantee Beneficiary, and it depends on the purpose and dynamics of investment.
The repayment period is determined by the Guarantee Beneficiary depending on the purpose and structure of investment and taking into account the expected projections of the Final Beneficiary’s operations, and can be up to 17 years, including grace period.
In case of submitting a request to change the terms and conditions of the issued guarantee, HBOR has the right to charge or waive an additional fee for the guarantee.
Pursuant to the state aid rules, HBOR can waive the collection of a part or the entire Guarantee Fee. The uncollected amount of the Guarantee Fee represents the state aid approved to the Final Beneficiary performing the economic activity.
The Guarantee Application Processing Fee is collected one-off in advance, on the occasion of the Guarantee Agreement execution (from the Guarantee Beneficiary or the Final Beneficiary).
* The discount rate is applied pursuant to the Communication from the Commission on the reference rate.
The Guarantee Beneficiary is obliged to obtain a debenture of the Final Beneficiary issued in favour of HBOR in the amount of the Guarantee Fee subsidy (if the Guarantee Fee is subsidised), plus statutory penalty interest, which will serve as an instrument for the recovery of aid that has been declared illegal, non-compliant or misused in accordance with state aid regulations, as well as in other cases prescribed by the guarantee agreement.
Draft Guarantee Agreement
Draft Recovery Agreement
Schedule 1_Client’s Tables.xlsx
Schedule 2_Statement on Size_Statement on Aid.xlsx
Schedule 3_Questionnaire for Legal Entities.docx
Schedule 4_Statement on Eligibility of Client-directly.pdf
Schedule 5_Data on Client’s Beneficial Owners.docx
Schedule 5_Attachment_Table of Ownership (Attachment to the Data on Client’s Beneficial Owners).doc
Schedule 6_Statement on Connected Clients.docx
Schedule 7_Attachment 1 to the Self-Assessment Questionnaire.docx
Schedule 7_Attachment 2 to the Self-Assessment Questionnaire.docx
Schedule 7_Self-Assessment Questionnaire-umbrella_v.29.6.2026.docx
Schedule 8_Questionnaire for Politically Exposed Persons.docx
Schedule 9_Statement on the Origin of Property and Funds.docx
The goal of the Financial instrument is, through issuing of guarantees, to facilitate access to finance for large enterprises irrespective of the guarantee amount and to small and medium enterprises that need a guarantee in an amount greater than EUR 10 million, by which capital investments in new technologies and equipment, extension of production and/or service capacities (production and service facilities) and other purposes necessary for strengthening competitiveness as well as green and digital transition will be encouraged.
The Programme is implemented as of 1 July 2026 until the guarantee potential has been fully used, and a guarantee agreement has to be concluded within that period.
The total amount of Guarantees on a certain day issued under this Programme, together with guarantees issued under the NRRP Financial instrument, shall not exceed EUR 398,168,425 (total guarantee potential).
1. BENEFICIARIES OF GUARANTEES
Banks operating in accordance with the Credit Institutions Act (that have an operating license in the Republic of Croatia), the Croatian Bank for Reconstruction and Development as the lender and leasing companies operating in accordance with the Leasing Act.*Beneficiaries of Guarantees are obliged to transfer the advantages of guarantees to Final Beneficiaries to the greatest extent possible (e.g. lower interest rate, lower collateral requirements, greater volumes of funding etc.) and are obliged to state the transferred advantages in the loan contract and inform HBOR about them.
* The full conditions for defining eligible beneficiaries of guarantees are available in the Operational Programme for the Implementation of the Financial instrument „Umbrella“Guarantee Fund Based on the Remaining Available Funds from the NRRP Aimed at Issuing Guarantees for Investment Loans (Operational Programme).
2. FINAL BENEFICIARIES
Entrepreneurs registered in the Republic of Croatia, regardless of the legal form, that are:- large enterprises by their size (in accordance with the EU definition*), including the enterprises owned by the state (owned by the Republic of Croatia and/or units of local or regional government) irrespective of the guarantee amount
- small and medium enterprises** that need a guarantee in an amount greater than EUR 10 million.
Loan Beneficiary, not later than before loan disbursement, must have an establishment in the Republic of Croatia.
*Entrepreneurs that, according to their latest available official annual financial statements by their size, ownership, number of employees and other conditions do not belong to the category of micro, small or medium enterprises in accordance with the EC Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003).
** In accordance with the EC Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003).
***The full conditions for defining eligible final beneficiaries are available in the Operational Programme.
3. LOAN PURPOSE
Under this Programme, HBOR will issue guarantees for Special target groups (investments in special areas, green and digital transition projects, and projects based on research, development and innovations) as well as the projects of strengthening competitiveness and resilience of Final beneficiaries.Special target groups are:
- Investments in special areas
- Investments in green transition projects
- Investments in digital transition projects
- Investments in projects based on research, development and innovations or investments in research, development and innovations.
- fixed assets (tangible and intangible assets) for the purpose of business start-up, business modernisation, introduction of new technologies, increase in capacities (including tourism capacities), development and introduction of new products and services, digitalisation of business, investment in environmentally friendly business processes and resource efficiency, research and development etc., except for investments excluded by the List of Ineligible Activities
- working capital necessary for the implementation of capital investment and business growth of the Final beneficiary, of up to 30% of the contracted loan amount.
Not allowed:
- financing of VAT,
- financing of Ineligible activities*,
- refinancing of existing loans.
4. LOAN AMOUNT
Loan amount is determined by the Guarantee Beneficiary based on the Final Beneficiary’s application, and depends on the specific features and creditworthiness of the Final Beneficiary, purpose and structure of investment and state aid regulations.Loans covered by a guarantee can amount up to 85% of the estimated investment value, VAT not included, i.e. even less, depending on rules regarding the state aid.
Guarantee amount above EUR 10 million per project is an exception and will be approved only if it is a case of:
- an investment loan for Special target groups or
- a project of total value above EUR 20,000,000.00, with a repayment period longer than 10 years, which contributes significantly to the realisation of any of the strategic goals from the valid HBOR’s Strategy* or
- a strategic investment project of the Republic of Croatia pursuant to the regulations in force.
* Strategic goals from the HBOR's Business Strategy in force are:
- Promoting the development of venture capital, private equity and quasi-equity market in the Republic of Croatia
- Promoting the balanced and sustainable economic and social regional development of the Republic of Croatia
- Promoting the Croatian economy internationalisation
- Strengthening the competitiveness and resilience of the Croatian economy
- Promoting the green transition of the Republic of Croatia
5. LOAN CURRENCY
EUR6. VOLUME AND PERCENTAGE OF GUARANTEE
The agreed percentage of unpaid loan principal is guaranteed by the guarantee irrevocably, unconditionally and on first demand.The maximum guarantee percentage for Special target groups is 80%, whereas for all other purposes, the maximum guarantee percentage is up to 70%.
7. LOAN DISBURSEMENT AND REPAYMENTS
Total loan period (from the date of conclusion of the loan contract until the date of maturity of the last instalment/annuity of loan) can be up to 20 years.The disbursement period is determined by the Guarantee Beneficiary, and it depends on the purpose and dynamics of investment.
The repayment period is determined by the Guarantee Beneficiary depending on the purpose and structure of investment and taking into account the expected projections of the Final Beneficiary’s operations, and can be up to 17 years, including grace period.
8. INTEREST RATE ON LOAN
Interest rate is determined by the Guarantee Beneficiary, where the Guarantee Beneficiary can transfer the guarantee advantages to the Final Beneficiary by means of interest rate reduction.9. GUARANTEE FEE
The Guarantee Fee is determined by HBOR as a market-based fee calculated in accordance with HBOR's internal documents.In case of submitting a request to change the terms and conditions of the issued guarantee, HBOR has the right to charge or waive an additional fee for the guarantee.
Pursuant to the state aid rules, HBOR can waive the collection of a part or the entire Guarantee Fee. The uncollected amount of the Guarantee Fee represents the state aid approved to the Final Beneficiary performing the economic activity.
10. GUARANTEE APPLICATION PROCESSING FEE
0.15% p.a. on the guarantee amount in accordance with the loan repayment schedule, discounted to the present value*, where for loans approved by HBOR as lender, it is not less than the amount lower of the following: (i) 0.30% of the contracted loan amount and (ii) EUR 50,000.The Guarantee Application Processing Fee is collected one-off in advance, on the occasion of the Guarantee Agreement execution (from the Guarantee Beneficiary or the Final Beneficiary).
* The discount rate is applied pursuant to the Communication from the Commission on the reference rate.
11. COLLATERAL
Collateral is determined by the Guarantee Beneficiary, where it is obliged to contract at least the debentures of the Final Beneficiary, the Guarantors, the Guarantors-Payers and the Co-Debtors, and HBOR may request from the Guarantee Beneficiary to provide additional debentures of the Final Beneficiary, the Guarantors, the Guarantors-Payers and the Co-Debtors. In addition, the Guarantee Beneficiary is obliged to contract a lien on the property purchased/constructed from the proceeds of the Loan, with a property insurance policy against the usual risks endorsed in favour of the Guarantee Beneficiary.The Guarantee Beneficiary is obliged to obtain a debenture of the Final Beneficiary issued in favour of HBOR in the amount of the Guarantee Fee subsidy (if the Guarantee Fee is subsidised), plus statutory penalty interest, which will serve as an instrument for the recovery of aid that has been declared illegal, non-compliant or misused in accordance with state aid regulations, as well as in other cases prescribed by the guarantee agreement.
12. RELATED DOCUMENTATION / ENCLOSURES
Operational Programme for the implementation of the Financial instrument „Umbrella“ Guarantee Fund Based on the Remaining Available Funds from the NRRP Aimed at Issuing Guarantees for Investment LoansDraft Guarantee Agreement
Draft Recovery Agreement
CONTACT: 14200@hbor.hr
Documentation for submitting applications:
Guarantee Application_FI after NRRP_01-2026.docxSchedule 1_Client’s Tables.xlsx
Schedule 2_Statement on Size_Statement on Aid.xlsx
Schedule 3_Questionnaire for Legal Entities.docx
Schedule 4_Statement on Eligibility of Client-directly.pdf
Schedule 5_Data on Client’s Beneficial Owners.docx
Schedule 5_Attachment_Table of Ownership (Attachment to the Data on Client’s Beneficial Owners).doc
Schedule 6_Statement on Connected Clients.docx
Schedule 7_Attachment 1 to the Self-Assessment Questionnaire.docx
Schedule 7_Attachment 2 to the Self-Assessment Questionnaire.docx
Schedule 7_Self-Assessment Questionnaire-umbrella_v.29.6.2026.docx
Schedule 8_Questionnaire for Politically Exposed Persons.docx
Schedule 9_Statement on the Origin of Property and Funds.docx
