Credendo is increasing its support for Belgian businesses that are active internationally
- Credendo is increasing its support for Belgian businesses that are active internationally
- Alongside credit insurance, foreign investment insurance and direct financing, Credendo is also offering financial guarantees to banks that grant credit to businesses active abroad
- Credendo now offers a new financial guarantee, the ‘Credendo Bridge Guarantee’
- This guarantee covers bridging loans with a maximum duration of one year, granted to Belgian businesses that are internationally active
The Belgian economy is one of the most open economies in the world and exports from Belgium represent more than 85% of GDP. It is therefore crucial to support Belgian businesses active within the global economy during the covid-19 crisis.
On that basis, Credendo, the Belgian export credit agency, is increasing its support for Belgian exporters by offering a new financial guarantee, the ‘Credendo Bridge Guarantee’, to banks granting credit to those companies.
The ‘Credendo Bridge Guarantee’ has the following main features:
- the guarantee will be issued in favour of a bank;
- the guarantee, with a maximum duration of one year, is intended to cover bridging loans granted to Belgian businesses that are internationally active;
- the guarantee will cover 80% of the bank’s risk with a ceiling of EUR 10 million per company;
- companies that were already in difficulties before the crisis or that could have access to other support measures will not be able to benefit from this reinforced financial guarantee.
Banks are familiar with Credendo’s financial guarantee product. Through this guarantee, businesses can obtain credit more easily, and the credit amounts may be higher while also providing greater capacity and reassurance for the granting bank. This means that the ‘Credendo Bridge Guarantee’ can be deployed quickly. The procedures for practical application will be implemented to accommodate the needs of SMEs as a priority.
Alongside the financial guarantees, Credendo offers credit insurance, insurance for investments abroad and direct financing packages designed for SMEs to Belgian businesses that are active globally.
Group Deputy CEO
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