The country's banks are already beginning to offer their clients financing solutions beyond the mortgage moratorium and the guarantees of the Official Credit Institute (ICO) approved by the Government within its battery of measures to alleviate the economic impact of the coronavirus pandemic. Bankia has announced this Sunday that it will allow its clients, companies, SMEs and the self-employed to extend the repayment term of their credits in the short term.
Specifically, the bank will extend the terms of financing for the circulation of self-employed workers, micro-companies and companies before the credit lines begin to be commercialized with the public guarantee of the ICO. The Ministry of Economy prepares 100,000 million euros in State guarantees through the ICO so that financial institutions lend to companies in this situation without assuming large losses in case of late payment. These lines their conditions are approved but not yet definedtherefore, banks cannot yet market them.
Therefore, and while these credits guaranteed by the ICO do not arrive, the temporary postponement offered by Bankia will allow companies to alleviate their treasury tensions, especially in financing for foreign trade, "confirming", commercial discount, financing without recourse, credit lines Factoring and credit accounts. Along with this measure, Bankia will also meanwhile grant bridge loans to companies that need it to pay their long-term loans.
"Banks now have to demonstrate the important role we have and one of the greatest contributions we can make is to help companies get out of this health crisis as little as possible because this will benefit all citizens" , said the president of Bankia, José Ignacio Goirigolzarri.