Working Capital COVID-19 Measure

Working Capital COVID-19 Measure is implemented as a temporary measure under the Working Capital loan programme, until the available subsidy funds have been completely exhausted, but not later than 30 June 2022 (loan contract is to be concluded by that date at the latest).

Applications will be received until 13 May 2022.  


  • Private sector business entities - companies, crafts businesses, sole traders, family farms, cooperatives and institutions.
  • Public sector business entities - companies and other entities (agencies and institutions, etc.) owned or majority-owned by the units of local or regional government and/or the Republic of Croatia.
Borrowers have to prove negative consequences of the COVID-19 (coronavirus) pandemic, i.e. they have to obtain a COVID score that is calculated by FINA, where loans cannot be granted to those business entities whose:
  • COVID score 1 is negative (-100), and/or
  • Risk classification based on the data received by FINA from the Croatian National Bank is "3 – not fulfilling obligations duly", and/or
  • Loans cannot be granted to clients against which bankruptcy or pre-bankruptcy settlement proceedings have been initiated.

Purpose of Loans

  • Financing of current business operations (e.g. purchase of raw materials, production materials, semi-products, small inventory, settlement of obligations towards suppliers, labour costs, general current operating expenses);
  • Settlement of short-term obligations towards the state and settlement of other short-term obligations, excluding the repayment of debt* to the owner, related entities and other third persons, as well as settlement of loan obligations towards commercial banks and other financial institutions;
  • Settlement of due short-term obligations towards banks and other financial institutions in accordance with the repayment schedules valid at the moment of entering into a loan contract under this Measure, but to the maximum of 35% of total loan (relates to liabilities that become due regularly during loan disbursement period or have become due regularly before the execution of loan contract under this Measure, refinancing and premature repayment of an existing debt is excluded).
*as an exception, the limitation provision regarding the repayment of loans does not relate to the loans granted in line with the purposes determined under the programme after the emergence of COVID-19 virus

Manner of Implementation

  • In cooperation with commercial banks under the risk-sharing model – application and related documentation shall be submitted to the commercial bank (see item 13: List of Commercial Banks Co-operating with HBOR on the Loan Programme).
  • Direct lending is possible for loans in the amount of HRK 1.5 million and more, or exceeding HRK 37 million*, respectively (except family farms that are not within the VAT system and associations) – application and related documentation shall be submitted to HBOR.
* More details under item 4 - Loan Amount

Loan Amount

Minimum amount of individual loan:
  • Under the risk-sharing model with commercial bank: HBOR’s share in the loan may generally not be lower than HRK 1,000,000.00
  • Direct HBOR loans:
    • for borrowers generating a certain share of income from exports* or from tourism activities**: HRK 1,500,000.00 and more
    • for other borrowers: above HRK 37,000,000.00
Maximum amount of individual loan in HRK equivalent value above EUR 2.3 million or loan approved pursuant to section 3.3 of Temporary Framework*** shall not exceed:

a) Twice the amount of annual salary expenditures of final beneficiary (including social security contributions and expenditures relating to the employees at the company location but formally on the payroll of subcontractor) for 2019 or for the last year available. As for final beneficiaries incorporated on 1 January 2019 or after that date, maximum loan amount shall not exceed the assessed annual salary expenditures for the first two years of operations; or

b) 25% of total business income/revenues in 2019; or

c) With an appropriate explanation and based on a statement of final beneficiary on its liquidity needs, the amount of loan can be increased to cover the liquidity needs during the period of 18 months from the moment of approval in case of SMEs and during the period of 12 months from the moment of approval in case of large enterprises.

This method of determining maximum loan amount does not apply to loans in HRK equivalent value up to EUR 2.3 million or loans approved pursuant to section 3.1 of Temporary Framework.

*Borrowers: -  having generated at least 10% of their operating income from exports in the last business year for which official financial statements are available (exporters), or - having generated at least 10% of their operating income from exports with one or several exporters referred to in the item above in the last business year for which official financial statements are available (exporter’s suppliers).

**Borrowers that generate income from tourism activities are the following business entities: - the entities to which the Central Bureau of Statistics has assigned one of the following National Classification of Activities codes: 50.10 – Sea and coastal water passenger transport, 55.10 – Hotels and similar accommodation, 55.20 – Holiday and other short stay accommodation services, 55.30 – Camping ground, recreational and vacation camp services, 55.90 – Other accommodation services, 56.10 – Restaurant and mobile food serving services, 56.21 – Event catering services, 56.29 – Other food service activities, 79.11 – Travel agency activities, 79.12 – Tour operator activities, 77.34 – Renting and leasing of water transport equipment, 93.21 Activities of amusement parks and theme parks, 93.29 Other amusement and recreation activities, - or the entities that can prove that more than 30% of their income/revenues are generated from the activities stated in the previous indent.

***Temporary Framework for State aid measures to support the economy in the current pandemic of COVID-19 (OJ C91I, 20.3.2020) and any amendments thereto; section 3.2, point 24.a and section 3.3, point 26.a.

Loan Currency

Depending on HBOR's capacities:
  • HRK indexed to EUR
  • HRK

Interest Rate

For direct loans amounting to HRK 1.5 million and above and for loans under the risk-sharing model (for HBOR's share in the loan):
  • During the disbursement period and for the first three years of loan repayment: from 0.00% p.a. fixed, depending on the regulations on the award of state aid and/or de minimis aid and the cost of available sources of funding
  • For the 4th and 5th year of loan repayment: from 1.50% p.a., fixed or from 2.00% p.a., fixed, depending on HBOR’s assessment of the borrower’s creditworthiness, the regulations on the award of state aid and/or de minimis aid and the cost of available sources of funding*.
*These interest rates are interest rates paid by the borrower, while the total regular interest rate for the entire duration of the loan is 2.00% p.a. or more, fixed, depending on the regulations on the award of state aid and/or de minimis aid and the price of available sources of funding.

HBOR reserves the right to determine the level of interest rate different from the one specified in the programme for each individual loan amounting to HRK 50 million or more (i.e. equivalent value in another currency).


  • Fees not charged (on HBOR's loan share):
    • loan application fee
    • commitment fee
    Other fees on HBOR's loan share are calculated and charged in accordance with the Ordinance on HBOR Services.

Period and Manner of Loan Disbursement

  • Up to 12 months
  • One-off or successively, based on the documentation evidencing the utilisation of loan for prescribed purposes
Loan funds may be disbursed to the accounts of suppliers on the basis of documentation for the utilisation of loan for prescribed purposes or to the borrower’s account with obligatory justification through documentation for the utilisation of loan for prescribed purposes within 60 days from the disbursement of funds to the account. Reimbursement of the borrower’s own funds used for purposes under this measure is allowed only for the amounts paid after 1 March 2020.

Repayment Period

  • Up to 5 years, including a grace period of up to 1 year

Manner of Repayment

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


  • Lending under the risk-sharing model: collateral is determined by commercial bank and HBOR
  • Direct lending: HBOR agrees the collateral with the borrower in accordance with HBOR’s internal documents (e.g. bills of exchange, debentures, pledge of property with insurance policy for the property endorsed in favour of HBOR, pledge of business interests, bank guarantees, EIF guarantees under the EGF, guarantees of HAMAG-BICRO and other security instruments customary in banking operations), and the risk assessment of transaction and borrower
Pursuant to the rules prohibiting the accumulation of aid under the Temporary Framework, for loans granted under section 3.3 of Temporary Framework it is not possible to use collateral under section 3.2 of Temporary Framework.

Related Documentation, Schedules

General Eligibility Criteria
List of Documentation and Commercial Banks
Decision on General Terms and Conditions of HBOR Lending

List of Commercial Banks Co-operating with HBOR on the Loan Programme

Addiko Bank d.d.
Agram banka d.d.
Glavna podružnica Hrvatska
Erste & Steiermärkische bank d.d.
Hrvatska poštanska banka d.d.
Istarska kreditna banka d.d.
KentBank d.d.
Partner banka d.d.
Podravska banka d.d.
Privredna banka Zagreb d.d.
Raiffeisenbank Austria d.d.
Sberbank d.d.
Slatinska banka d.d.
Zagrebačka banka d.d.



Strossmayerov trg 9, 10000 Zagreb

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