What is the Event Companies Loan Subsidy Scheme - Applications Process Started

Event companies will be involved in the credit-guarantee scheme and bank interest will be financed. Application process for these types of companies have already started and will continue until November 29th.

The aim of the program is to facilitate the subsidization of loans taken by commercial entities operating in the field of organizing any type of event and came across difficulties amid Covid-19 outbreak. 

Program terms:

Under this mechanism, the agency "Produce in Georgia" will co-finance the annual interest on the loan for entrepreneurs for the next 12 months from March 1, 2020, which will be calculated using the interest rate as of March 1.

The amount of subsidy calculated for each loan under the Subsidy Scheme may be used to cover both liabilities arising before March 1, 2020 and liabilities payable after March 1, 2020 (loan principal and accrued interest).

A loan to an entrepreneur must be issued by a commercial bank in the period before March 1, 2020;

According to the document establishing the purpose of the loan concluded between the entrepreneur and the commercial bank, it should be established that the purpose of not less than 80% of the loan is the acquisition of fixed assets necessary for the activity by the entrepreneur with the relevant profile.

The co-financing established by the program will not benefit the entrepreneur, whose loan is classified by the commercial bank in the problem category in the period before January 1, 2020, in accordance with the agreement between the parties and the bank's internal procedures.

The program is one-time and covers all Georgian regions.