The loan guaranteed by the State (PGE) will experience a second life. Created on the occasion of the health crisis, this financing tool will be extended in a new form to enable French companies to withstand the shock of the war in Ukraine, the government announced on Wednesday during the presentation of its resilience plan for the French economy.
From 1East July, and until December 31, 2022, companies “particularly impacted by the economic consequences of the Ukrainian crisis” will be able to benefit from the State guarantee to borrow – a priori – up to 10% of their turnover. business.
Be careful with the details of the device
This measure should in particular make it possible to relieve SMEs which are “very worried about seeing their electricity bill and their gas bill explode”, underlined the Minister of Economy and Finance, Bruno Le Maire, on Wednesday. “Many SMEs have said that they might need this instrument,” insisted the minister.
Granted to some 700,000 companies between 2020 and 2021, for an amount of nearly 145 billion euros, the PGEs have enabled them to take on debt over six years without difficulty – with a State guarantee on 90% and in the limit of 25% of their turnover. The PGE were to cease to be distributed by the banks at the end of June, knowing that the end of this tool had already been shifted in the past.
“I remain cautious, because all of this has not yet been definitively validated – on the amount of turnover – by the European Commission”, however specified Bruno Le Maire. The terms and criteria for distributing the device must also be discussed between Bercy and the French Banking Federation (FBF) in the coming days.
Bpifrance loans for manufacturers
In the short term, it is above all on the current PGE – in force until June 30 – that the companies concerned will be able to rely: the latter should be reinforced to allow them to borrow up to 35% of their turnover. business, and no longer just 25%.
Incidentally, Bruno Le Maire recalled that companies having great difficulty in repaying their loan already have the possibility of spreading the repayment of their PGE up to ten years (compared to six years). “Only a dozen companies have made use of this possibility,” said the minister.
To cushion the shock of the war, the government also highlights the loans intended for industrialists by the public bank Bpifrance. They will be made available to the construction and public works sectors which are affected by the crisis. “This loan at interest, it is longer than the PGE since it has a duration of ten years, defended Bruno Le Maire, if you specifically want to change production tools to no longer use gas, you can do so. make. There are 700 million euros which are available. »
The Prime Minister, Jean Castex, has also promised to mobilize prospecting insurance to “support the effort to redirect certain exports to new markets and to develop companies’ export prospects”.