Patria Credit supports small rural businesses by providing collateral-free financing with the support of the European Union

  • Patria Credit has signed an agreement with the European Investment Fund (EIF) and benefits from a guarantee financed by the European Union under the Employment and Social Innovation Programme (EASI) 
  • Patria Credit is thus launching a new financing product, without collateral, up to 120,000 lei and comes to support small and very small rural businesses regardless of the object of activity (agro or non-agro)
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Bucharest, 5 November 2020

Patria Credit announces the signing of an agreement with the support of the European Union and the European Fund for Strategic Investments (EFSI) în order to facilitate its clients' access to the possibility of obtaining a loan of 120,000 lei, without down payment and without guarantees, through the Employment and Social Innovation (EaSI) Programme.

The new initiative comes în aid to small în entrepreneurs in rural areas with activities carried out în agricultural or non-agricultural sector, regardless of the form of organisation established (e.g.: agricultural producers, PFA, II, IF, SRL etc). The benefit of this product is mainly represented by the lack of guarantees usually required to cover the amount of the loan, which is covered for the first time by the European guarantee as a form of support for the COVID pandemic until April 2021, after which it is 80% of the amount financed.

”The European guarantee allows us to increase the maximum limit of funding to 120,000 lei and to further support the development of agricultural producers and small businesses in rural areas. At the same time, the new facility increases the number of those who can receive funding even if they do not have sufficient collateral, which is common in rural areas. This is a new project developed with the EIF, Patria Credit's strategic partner, and we are pleased with the trust placed in us to support small Romanian entrepreneurs and the development of rural communities. Moreover, the new agreement supports Patria Credit's and EIF's joint approach to provide access to finance to vulnerable segments and thus contribute to increasing financial, economic and social inclusion. said Raluca Andreica, CEO Patria Credit.

The new product will be called EaSI Unsecured Credit from Patria Credit and will facilitate access to microfinance for agricultural producers and small businesses. With this new product, current activity (e.g. purchase of goods, raw materials or salaries, etc.), investments (e.g. purchase of equipment, machinery, means of transport and even real estate purchases or improvements) or mixed-purpose projects (working capital and investments) can be financed.

Patria Credit is one of the most important and dynamic financiers of agricultural producers in Romania, with over 15 years of experience and expertise in the development of rural communities. &In the first half of 2020, Patria Credit continued its upward trend of growth, recording a profit of 2.6 million lei & up 15% compared to the same period in 2019, remaining with entrepreneurs regardless of the times and the challenges brought this year by the health crisis generated by Covid-19.

Also, in the general context of COVID-19, Patria Credit continued to stand by agricultural producers and small businesses with new products, such as the tomato loan,  and simplified digital flows -payment of installments by card on site and credit flow initiated online- , facilitating quick access to financing in conditions of maximum safety and attention for farmers and small businesses.

The product can also be applied for online right here.