Ministerul Finanțelor Sursa foto: Facebook/Ministerul Finanțelor
The Ministry of Finance announced on Tuesday that it is extending the guarantee period until 31 December 2021 and the grant payment period until 31 October 2022, while increasing the maximum grant ceiling under the SME Factor Program.
“Through a draft, the Ministry of Finance intends to simplify and make more flexible the Emergency Ordinance No 46/2020 on the approval of the SME FACTOR Program – Trade Credit Guarantee Product and its associated State Aid Scheme. The proposed improvements lead to the creation of a framework adapted both to the requirements of the SME sector in the current context and to the proper implementation of the Program by Romanian credit and non-bank financial institutions. Thus, it is proposed to extend the period of validity of the Temporary Framework State aid scheme, in the sense of extending the period for granting the related guarantees until 31.12.2021. At the same time, the grant payment period is extended until 31.10.2022, in line with the validity period of the state aid scheme”, the Ministry of Finance states.
Also, the maximum grant ceilings for SMEs under the new provisions of the Temporary Framework increase from EUR 800,000 to EUR 1,800,000 per company. For enterprises operating in the fisheries and aquaculture sector the ceiling increases from €120,000 to €270,000. For enterprises active in the primary production of agricultural products, the ceiling changes from €100,000 to €225,000.
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Following consultations with the financiers involved in the Program, professional associations of credit institutions and non-bank financial institutions, it is proposed to remove real estate mortgages from the collateral with which the State guarantee can be secured, as reverse factoring operations are not normally encumbered by such collateral. Without this change, the reverse factoring financing that can be accessed through the Program would be unattractive to potential beneficiaries.
“At the same time, it is also necessary to amend the procedure for recovering debts resulting from the payment of guarantees issued for financing granted under the Program, in order to highlight as clearly as possible the roles of the National Tax Administration Agency (ANAF) and the financiers in this procedure, together with the proposal to eliminate real estate mortgages from the collateral with which the state guarantee can be secured,” the ministry adds.
By correlating the measures adopted with those provided for in the European Commission’s approval of the Temporary Framework for State aid in the context of the COVID-19 pandemic, the compatibility of the envisaged state aid measures with the relevant European legislation is ensured.
The draft regulation is published for discussion on the Ministry of Finance website.