The Government has passed two decrees to improve the application of the microcredit programmes for newly created businesses and of privileged financing loans to companies with added value or innovative companies. The aim is to broaden the types of guarantees to be provided by applicants for privileged financing and achieve a better functioning of the procedure of awarding and monitoring the privileged financing programmes.

The amendments appear in the Decree of classification of national and social interest of a microcredit programme aimed at privileged financing for newly created companies or businesses established in the country, and the Decree amending the Decree of classification of national and social interest of a credit programme aimed at privileged financing for companies with added value or innovative companies.

The decrees passed in March only referred to the possibility for applicants to provide personal guarantees. In contrast, with the amendment, which will be published this week in the BOPA official State gazette, the types of guarantees that may be provided by applicants have been extended. Thus, applicants for privileged financing may provide both personal and collateral guarantees.

In addition, among the changes made to the texts is the provision that persons with debts to the Administration cannot benefit from a privileged loan.