KfW eases conditions for quick credit


KfW quick loans have been available since Wednesday.

(Photo: dpa)

Frankfurt The conditions for obtaining the new KfW loans with full state liability have been softened again. Companies can now also receive the so-called KfW quick loan, which only made their way into the profit zone in 2019.

Originally, only companies should be able to receive money that made a profit in the sum of the years 2017 to 2019. “By applying to the house bank without further risk assessment, the aid quickly reaches the companies and thus helps to alleviate the severe effects of the corona pandemic,” said the head of the state development bank Günther Bräunig on Wednesday.

The loans are available to medium-sized companies with more than ten employees who have been active on the market since at least January 1, 2019. The federal government assumes the entire risk for loans of up to EUR 800,000.

KfW quick loans have been available since Wednesday (April 15). The first funds should flow to the companies this week. KfW has given the banks and savings banks a general commitment so that they can make an advance payment and pay the loans if the application conditions are met.

From April 22, the first funds will flow from KfW to the house banks. Then the necessary IT system should be in place. So far, this was only expected at the end of April.

Experts anticipate a high demand for the new quick loans. “We expect a large number of consulting requests and requests from our corporate customers in the coming days and weeks,” said one Commerzbank-Speaker. “We are well prepared to support our customers.”

With an interest rate of three percent, the quick loans are somewhat more expensive than the KfW aid loans launched at the end of March, in which part of the risk remains with the house banks and a credit check is carried out.

As of Tuesday evening, there were 9728 applications for these loans with a total volume of 22.9 billion euros, according to KfW. Around 90 percent of the applications were for loans under EUR 800,000. KfW will probably not be able to provide information on the demand for the new quick loans until next week.

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