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Guaranteed loans will cost the state at least 3.6 billion euros

Centerpiece in the arsenal deployed by the government to try to save companies from bankruptcy, the state guaranteed loan (PGE) comes to the end of the cycle, seven months after its launch. The distribution by the banks of these credits, to which the State provides its guarantee for 90% of the loan (80% or 70% for large companies), has peaked since August. According to the latest figures compiled by the Ministry of Finance, banks have granted more than 122 billion euros in loans, as of October 9.

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They could start to rise again, with the decision taken by Emmanuel Macron to establish a curfew in metropolitan areas, which will penalize the cash flow of companies in the hotel, cafes, restaurants, culture and events sectors. or sport. The Minister of the Economy, Bruno Le Maire, has also announced the extension by six months, until the end of June 2021, of the guaranteed loan system. “The companies most weakened by the new sanitary measures have often already reached their EMP quotas”, however indicates Arnaud Caudoux, deputy managing director of the public investment bank Bpifrance, who does not expect “To a second wave of loans guaranteed by the state. “

“As a precaution”

France is, in fact, already very much in the lead among European countries having granted loans benefiting from a public guarantee.. In September, they reached 100 billion euros in Spain, 93 billion in Italy, 81 billion in the United Kingdom and 54.5 billion in Germany, according to the European think tank Bruegel. “In most European countries, banks got paid on loans, so the higher interest rate was less of an incentive for companies, explains Frédéric Visnovsky, national business credit mediator at the Banque de France. In France, banks have undertaken to grant to cost price the first year of the EMP. This has encouraged many companies to subscribe to it as a precaution. “

In a large French bank, a manager points out that “50 to 60% of our customers didn’t shoot it. The amount released upon subscription remained in their current accounts “. These loans should be repaid easily. But many weakened VSEs and SMEs will encounter difficulties in meeting their deadlines, leading to a call for the State guarantee.

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