Loans at 1% interest rate for Istrian entrepreneurs

16 May 2019

HBOR signed a Co-operation Agreement with the County of Istria on the implementation of programmes for the financing of Istrian small and medium-sized enterprises, crafts businesses and cooperatives with a lending potential totalling HRK 60 million. Pursuant to this Agreement, the County of Istria will subsidise interest rate with 1 percentage point for the entire period of loans approved under the programme Youth, Female and Start-Up Entrepreneurship.

Subsidised interest rate is 2%, and it can be additionally reduced by 0.2 percentage points, if a person younger than 30 is employed, or by 0.572 percentage points in case of an innovative small or medium-sized company.

By using the subsidy, companies, crafts businesses, sole traders, family farms, cooperatives and institutions that are young entrepreneurs or female entrepreneurs can finance their projects through a loan at an interest rate of 1% or lower (start-up entrepreneurs cannot use the subsidy).

Loans are intended for investments in fixed assets for the purpose of business modernisation, introduction of new technologies, increase in capacities, including tourist capacities, development and introduction of new products and services as well as promotion of new employment.

The maximum loan amount is HRK 2 million and financing through loan can be up to 85% of the estimated investment value, VAT not included.

Depending on the specific features and creditworthiness of the borrower as well as the purpose and structure of investment, it is possible to finance up to 100% of the estimated investment value, VAT not included, in case of loans in the amount of up to HRK 700,000.00.

Loans are approved with a period of up to 12 years, or up to 14 years in case of investments in tourism or perennial plants.

The cooperation with the County of Istria has been concluded with six commercial banks (Erste&Steiermärkische Bank d.d., Hrvatska poštanska banka d.d., Istarska kreditna banka Umag d.d., Raiffeisenbank Austria d.d., OTP banka d.d. and Privredna banka Zagreb d.d.) through which a loan application can be submitted.

The signed Agreement will be in effect until the available funds for interest rate subsidy by the County have been exhausted.

To remind, beside the County of Istria, the County of Osijek-Baranja also approved subsidised interest for investments in projects in the area of this county.

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