DAMANE RECOVERY
Incentive Category : Funding
Description
Guarantee of a medium/long term loan intended to finance the working capital needs of companies negatively impacted by the COVID-19 crisis, in order to finance their activity recovery.
Organization
Central Garantee Fund (CGF); Banks
Detail
- Depreciable mid-term loans intended to cover the working capital requirement (WCR) for activity resumption;
- The amount of the loan is fixed at 1.5 months of turnover for companies operating in industry and at 1 month of turnover for companies in other sectors as well as for companies in the creation process (operating for less than one year) regardless of their sector;
- The loan is limited to MMAD 100;
- The loans must be granted until December 31, 2020. The limit of the duration of the drawing is 6 months as of the date of granting of the loan;
- Releasing Recovery loans is done directly to the beneficiaries, on the basis of a expenditure statement signed by the client and under his exclusive liability.
Eligibility
RECOVERY product is intended for the fabric of companies satisfying the following criteria:
- To be governed by Moroccan private law and to have as purpose goods or services production (are excluded, financial holdings and financial services);
- Have a turnover of more than MMAD 10 (excluding taxes, based on the last turnover for the fiscal year 2019 or 2018 for companies whose turnover does not exceed 20 MDH, having not submitted the balance sheet of 2019);
- Have a ratio of short, medium and long term bank debts/gross operating surplus (DBCLMT/EBE) inferior or equal to 7 ;
- Must not be in receivership or liquidation;
- Not having a “Compromise” downgraded bank loan as of 29.02.2020;
- Not having paid dividends during the year 2020;
- Any company meeting all these eligibility criteria can apply for a Recovery Loan to its bank for review and granting approval by the bank and by the CGF.
