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Commission approves €322 million Croatian loan guarantees and subsidised loans scheme for micro, small and medium-sized companies affected by #Coronavirus outbreak

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The European Commission has approved an approximately €322 million (HRK 2.450m) Croatian scheme for loan guarantees and subsidised loans to micro companies and small and medium-sized enterprises (SMEs) affected by the coronavirus outbreak. The scheme was approved under the state aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April and 8 May 2020.

Under the scheme, the support will take the form of subsidized loans and State guarantees on loans. The scheme will be managed by HAMAG-BICRO - the Croatian Agency for SMEs, Innovations and Investments.. The Commission found that the Croatian measure is in line with the conditions set out in the Temporary Framework.

The Commission concluded that the measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a member state, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework. On this basis, the Commission approved the measure under EU state aid rules.

Executive Vice President Margrethe Vestager, in charge of competition policy, said: “This Croatian scheme of about €322m will support micro companies and SMEs affected by the coronavirus outbreak by facilitating their access to finance in these difficult times. We continue to work in close cooperation with member states to find workable solutions to mitigate the economic impact of the coronavirus outbreak, in line with EU rules.”

The full press release is available online

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