GIEK administers new 50 billion NOK loan guarantee scheme for SMEs

Banks will perform credit assessment and disburse loans to small and medium-sized enterprises under the new scheme. Businesses in need of credit must contact their banks directly. GIEK’s role is to administer the new scheme on behalf of the Norwegian state, and handle future claims.

The new guarantee scheme has an upper exposure limit of 50 billion NOK (4,7 billion USD).

- This liquidity scheme is important to help save businesses and jobs. GIEK is ready to administer it, utilising our current guarantee and financial expertise to help Norwegian businesses in new ways, says Mr. Ivar Rekve, Head of Departement at GIEK.

GIEK already handles five other guarantee schemes with a total exposure limit of 183 billion kroner (17 billion USD), mainly directed at Norwegian export industries and maritime industry.

- The new SME scheme is relevant for all Norwegian businesses and is not linked to exports, Mr. Rekve points out.

The new scheme was greenlighted by the European Surveillance Authority (ESA) on 25. March.

 

Contact the bank – not GIEK

Businesses in need of new loans due to the corona virus outbreak are asked to contact their banks directly. GIEK is not involved in applications for individual loans. GIEK will work vis-a-vis banks, administer the scheme on behalf of the Government and follow up future claims.

 

Information for banks

Those in charge at the banks should read the Parliament proposal, relevant regulations and information from Finance Norway.

At GIEK, contact Mr. Ivar Rekve.

 

Press contact

Allon Groth, kommunikasjonssjef, tlf. 93251124

 

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