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Montenegrin government to Issue Favorable Loans for Helping Businesses 

Jun 2020 | Source: BETA
Montenegrin government to Issue Favorable Loans for Helping Businesses 

The state will issue favorable loans to craft shops, taxi drivers, hairdressers, small stores, boutiques and transporters, hospitality companies, private day-care and other entrepreneurs whom the pandemic has forced to shut down, so they can pay their workers’ wages in the next three months. The state will issue favorable loans to craft shops, taxi drivers, hairdressers, small stores, boutiques and transporters, hospitality companies, private day-care and other entrepreneurs whom the pandemic has forced to shut down, so they can pay their workers’ wages in the next three months. “These loans will be issued through banks, which will distribute them to employees‘ checking accounts. By doing this we will have encompassed as many small businesses as possible and their employees, given the current limited resources,” president of the Investment Development Fund’s board of directors, Zoran Vukcevic has said. Total support will equal EUR130m. The maximum amount will be three million, but that does not mean that everyone who applies will get that sum. The Fund decides on the amount, depending on the complexity of the situation in which businesses are in, and in accordance with their aforementioned needs, Vijesti reported. A 1.5% interest rate will apply to funds from the European Investment Bank and two percent for other sources. The payment date is up to eight years (including a two-year grace period). The grace period will be determined, depending on a company’s realistic capabilities. 

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