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On July 12th AS BIGBANK and KredEx signed a cooperation contract, according to which companies applying for a loan in BIGBANK shall have an opportunity to use the loan guarantee of KredEx, similarly to the customers of other Estonian commercial banks. An additional guarantee of KredEx may be applied for directly from the bank together with a bank loan. “Thanks to us paying more attention to financing of companies than previously, private customers of the bank, who also act as entrepreneurs, obtain a convenient opportunity to find financing. A KredEx guarantee is a good choice for a small and medium-sized entrepreneur, if the business requires additional funding, the company is viable and guarantee assets are insufficient”, said Ingo Põder, manager of credit area and member of the board of BIGBANK. According to Lehar Kütt, manager of enterprise and export division of KredEx, the guarantee of KredEx helps sustainable companies characterized first of all by a short operating history, rapid growth, risky operating area, insufficient guarantees for obtaining a bank loan, or a low capability of self-financing. “A loan guarantee of KredEx helps to manage risks connected with the financing of banks and companies, thus granting companies a better access to capital and more favourable financing terms”, Kütt added. KredEx guarantees up to 75% of loan or bank guarantee issued to a company, or unpaid purchase price of leasing asset. Also, KredEx offers start loan guarantee aimed at entrepreneurs, who are starting their operation, and those that have operated for up to three years. Differently from a regular loan product, in the event of a start loan, a personal guarantee of an entrepreneur of up to 40% of the loan amount is considered sufficient.
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