SNCI put in place a “Special Anti-Crisis Financing – SACF”, for a maximum total amount of 400 million euros corresponding to a total leverage effect of nearly 700 million euros, including bank financing.
This instrument is aimed at Luxembourg SMEs and large companies which possess a business permit issued pursuant to the Law of 2 September 2011, with a view to financing any exceptional needs that have arisen in light of the COVID-19 crisis, for financing decisions taken until 31.12.2020.
This is indirect financing via the company’s usual bank - the SNCI finances up to 60% of the required amount, provided that the bank finances 40%. Amount of SACF (financed by the SNCI) can vary between EUR 12,500 and EUR 10,000,000. Loans are disbursed upon request of the client’s bank without further formalities. Maximum SACF duration is 5 years with an initial grace period on the repayment of capital of maximum 2 years.
The SACF represents a paradigm shift for the SNCI as it covers the short-term exceptional financing needs which have arisen in relation to the current crisis.