OTP Bank Romania is one of the partner financial institutions, selected by the Ministry of Economy, Entrepreneurship, and Tourism (MEAT) in Romania for the implementation of the HoReCa aid program.
Through the new partnership with MEAT, OTP Bank continues to support the local economy and the development of HoReCa enterprises, respectively tourism, catering, and event organizers, whose activities have been affected in the context of the COVID-19 pandemic, by allocating grants to this segment.
Through the non-reimbursable financing scheme, based on GEO no. 224/2020, with subsequent amendments and completions, the beneficiaries who meet the eligibility criteria will be able to obtain grants from the state in the amount of a maximum of 20% of the calculation base, the latter being calculated as the difference of turnover, receipts, etc., obtained from the eligible activities in 2019 and those in 2020, up to a limit of 800,000 euros per beneficiary. In addition, for the amounts in the grant accounts that will be opened, customers will benefit from zero fees for receipts/payments in RON for inter/intrabank transactions, except for fees with third parties (ex: Transfond; BNR).
The total program budget is 500 million euros, the equivalent of 2.5 billion lei, and by implementing the measure it is estimated that state aid will be granted to 74,000 beneficiaries. If the applications exceed the allocated budget, the amounts that each beneficiary will receive will decrease proportionally, so that all eligible applicants will receive aid. The program runs until December 31, 2021, the payment of the corresponding amounts will be made by June 30, 2022, within the budget appropriations, according to the Ministry.
Source: Bank’s press release from June 22, 2021