TERMS AND CONDITIONS

Terms and conditions of the loan

- Refinancing of existing loans with the start-up loan is not permitted

- The loan is repaid in monthly payments based on a depreciation schedule. Upon termination of the loan period, the loan balance must be zero.

- Payment relief pertaining to the principal loan amount is up to 6 months, yet not more than half of the length of the loan period.

Scope of guarantees

Start-up loan KredEx – for financing and Stardilaen KredEx – for suretyship


- With loans of no more than 32,000 Euros (included), solidary suretyship of the undertaking’s natural person owners that are among the company’s group of owners directly or through other companies is 30% of the loan amount.

- With loans the amount of which exceeds 32,000 Euros, solidary suretyship of the undertaking’s natural person owners that are among the company’s group of owners directly or through other companies is 30% of the part of loan amount which does not exceed 32,000 Euros and 50% of the part of loan amount which exceeds 32,000 Euros.

- If the start-up loan is not used for the intended specific purpose or the use of the loan for the intended specific purpose is not proven to the Bank or Fund by documents, the maximum monetary amount of liability, arising from suretyship of the undertaking’s direct or indirect natural person owners is always 100% of the loan amount.

- The surety amount of the undertaking’s direct or indirect natural person owners does not decrease proportionally to the reduction of the loan amount.


In addition, start-up loan KredEx – for suretyship


- KredEx surety is up to 75% of loan balance if KredEx and the Bank have agreed in the loan contract that KredEx suretyship is a state guarantee for the purposes of the Support of Enterprise and State Loan Guarantees Act.

- KredEx surety is up to 80% of loan balance if KredEx and the Bank have not agreed in the contract of suretyship that KredEx suretyship is a state guarantee.

- KredEx surety amount decreases proportionally to the reduction of the loan amount.

- If a deposit pledge is applied so as to secure the undertaking’s obligations, the monetary amount of liability arising from suretyship of the undertaking’s direct or indirect natural person owners is reduced by the deposit amount; however, in the said case, solidary suretyship of the undertaking’s direct or indirect natural person owners may in no case be less than 20% of the loan amount.

- Deposit amount may not exceed 20% of loan amount.

- Deposit amount does not decrease as the loan amount decreases.

- The sole proprietor that is a loan recipient is fully liable with all of its assets for the performance of their obligations based on the loan contract.

Other terms and conditions- The resolution of the Bank and/or KredEx to grant a loan application may include prerequisites applicable to granting of the relevant loan, incl. the prerequisite of granting or issuing a guarantee which the loan recipient must duly satisfy before a start-up loan is issued.

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