This device is the result of the State guarantee of € 300 billion announced last week for the loans granted by banks to businesses.

The French banks make a move for businesses to be able to blow. They will be offering “as soon as Wednesday” additional loans at low prices for businesses, to a maximum amount equal to three months of sales, to deal with the consequences of the outbreak of coronavirus, reported on Monday, the federation of the sector.

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“Thanks to an exceptional scheme of State guarantees, we will offer loans additional bank for all businesses”, said Frédéric Oudéa, boss of the Société Générale group and chairman of the French banking Federation, in an interview aired Monday by Le Parisien.

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rate 0.25%

“to be clear : all companies will be able to ask their bank for a loan of an amount up to three months of sales (…). We will disseminate the information and train our networks in the next two days, and it will be operational as of Wednesday,” adds the banker. These loans will be offered at the rate of 0.25%, says Le Parisien.

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In addition, a business leader “in trouble because of this crisis” and who would decide to borrow in the framework of this program “will have nothing to pay back before a year,” said Frédéric Oudéa. “At the end of these twelve months, he will have to decide : either the immediate refund, either gradually extending the loan for up to five more years.”

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This device is the result of the State guarantee of € 300 billion announced last week for the loans granted by banks to businesses affected by the coronavirus.