The Credit Line to Support Revitalization of Albufeira Commerce Sector, available from April 15, 2016, has an overall envelope of 3.5 million Euro and aims to support companies in the trade sector located in Albufeira, who have suffered damage from the storm of November 2015. It is a line of credit with a mutual guarantee, counter-financed by the Fund for the Modernization of Commerce (Fundo de Modernização do Comércio), which also provides for the payment of fees charged by mutual guarantee companies.
Financing of investments in construction and replacement equipment resulting from damage caused by the storm, duly identified by the aggrieved company, validated by the City Council or other local authority which will be defined, and working capital, with the 20% limit investment value in fixed capital.
Loans to enter under this line benefit from an independent guarantee on first demand provided by SGM, to guarantee up to 70% of the amount outstanding at each point of time.
The companies and the Bank shall negotiate with a maximum cap corresponding to Euribor (12 months) plus a spread of 1.5% maximum.