VSE RECOVERY
Incentive Category : Funding
Description
Guarantee of a medium/long term credit intended to finance the working capital needs of small companies affected negatively by COVID-19 crisis, in order to finance their activity recovery.
Organization
Central Garantee Fund(CGF); Banks
Detail
- Medium-term depreciable loan intended to support the working capital requirement of the business recovery;
- The amount of the loan amounts to 10% of the turnover with a minimum of MAD 10,000 based on the turnover reported for the last financial year;
- The release on the recovery loan is made directly to the beneficiaries, based on a statement of expenses signed by the customer and on his liability;
- The credits must be granted before December 31, 2020. The duration of the drawdown is limited to 6 months as of the date the credit is granted;
- The bank commits itself to maintaining all operating lines through December 31, 2021 at least at the same level as for the 2019 fiscal year.
Eligibility
- Operate under Moroccan private law and produce goods or services (financial holding companies and financial services are excluded);
- Having a turnover not exceeding MMAD 10 (excluding taxes, based on the last turnover for the 2019 fiscal year or 2018 for companies that have not yet made their tax return for the year 2019);
- Must not be in restructuring or judicial liquidation ;
- Must not have a bank loan downgraded to a Compromise as of February 29, 2020.
