More than any other self-employed person affected by the pandemic, who needed help with a loan to operate in the COVID III program, turned to MONETA Money Bank. The bank has achieved respectable success in supporting small businesses thanks to easy and fast application processing, a very favorable interest rate with a 90% guarantee from the National Development Bank (NRB), longer maturities, and a willingness to lend to entrepreneurs in the sectors most affected by Covid.
“We have invested a lot of resources and energy so that we can also bring this form of support to sole proprietors and small businesses. At the same time, we tried to simplify the entire administrative process for them as much as possible. We achieved that more than half of the loans with the COVID III guarantee, intended for self-employed persons, came from Moneta” said Petr Kábele, senior manager for small business at MONETA Money Bank.
With an operating loan with an NRB guarantee, up to 2.5 million CZK (approx. 97 257,37 EUR) can be obtained through an automated process, but it is also possible to apply for small amounts in the order of tens of thousands of crowns. MONETA offers it in the form of an Express Business loan with an interest rate of 3.6% per year. In addition, the bank allows the deferral of the first principal payment by up to 3 months. Applications are normally assessed within 15 minutes of delivery of all necessary documents by the client.
In addition, an operating loan can be arranged in the form of an overdraft, Flexi Business, in a business account. “It is possible to obtain a very flexible source of financing, which is immediately at hand, with interest always being paid only on the amount depleted,” added Petr Kábele. An overdraft with a very advantageous interest rate of 5.9% is automatically repaid from payments coming to the account, in addition, it can be repaid in full at any time without any fees or penalties.
“Historically, we belong to the top in the financing of sole proprietors and small enterprises in the Czech Republic. We are proud that at a time when entrepreneurs needed it most, we were able to react very flexibly and quickly develop effective tools to help even those most affected by the pandemic” said Tomáš Spurný, CEO and Chairman of the Board of MONETA Money Bank.
Source: Bank’s Press Release from October 21, 2021