Groupe BPCE’s banks – the Banque Populaire banks, the Caisse d’Epargne banks, Banque Palatine and Natixis – are mobilized to enable their customers to benefit from France’s state-guaranteed loan scheme
The Banque Populaire banks, the Caisse d’Epargne banks, Banque Palatine and Natixis reacted swiftly and massively – as from 25 March in all regions – to ensure their customers can benefit from France’s state-guaranteed loan scheme (PGE). The Group’s banks have also made a commitment to rapidly examine all loan applications sent to them until December 31, 2020.
The state-guaranteed loan scheme concerns the very large majority of French companies, regardless of their size and legal form. Those eligible include intermediate-, small- and medium-sized companies, micro-enterprises, small retailers, tradespersons and artisans, farmers, independent professionals, individuals operating under micro-entrepreneur status, innovative companies and most not-for-profit associations and foundations with an economic activity. The rare exceptions were specified in the accompanying decree.
State-guaranteed loans can represent up to three months of 2019 turnover or two years of payroll for innovative companies or companies created since January 1, 2019. All payments on the loans (interest + repayment of principal) are deferred for the first year. Following this initial period, the customer can choose to repay the loan over a maximum five-year term. Loans are distributed at cost-price, so as to enable businesses to negotiate this exceptional crisis in the best circumstances.
True to their history, the Banque Populaire banks, the Caisse d’Epargne banks, Banque Palatine and Natixis will contribute to this collective effort to save the French economy.
Laurent Mignon, Chairman of the Groupe BPCE Management Board stated: “The commitment of the Banque Populaire banks, the Caisse d’Epargne banks, Banque Palatine, Natixis and all our staff in supporting the French economy is of fundamental importance in the period our country is currently facing. All Groupe BPCE’s banks throughout the regions are ready to distribute these loans to their customers as from March 25. The full resources of the state and the mobilization of our regional banks will ensure businesses are offered the right solutions to overcome this unprecedented crisis.”