Information COVID-19 - Financial measures

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Welcome Office

9, Rue du Gabian (1er étage)
Fontvieille
MC 98000 MONACO

Opening Hours : from 9.00am to 5.00pm from Monday to Friday

Phone : (+377) 98 98 98 98

Fax : (+377) 98 98 48 70

Send us an email
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In agreement with the Prince’s Government, the Monaco Association for Financial Activities (AMAF) and the Order of Chartered Accountants (OECM) have put in place special financial support measures for businesses that have experienced an economic impact as a result of the COVID-19 crisis.

All of the measures have been disseminated to members, and it is thus up to each company that is in need of financial support to contact their bank or their chartered or certified accountant.

It should be noted that in the case of Emergency COVID-19 -related cash flow loans and overdraft facilities granted at a maximum interest rate of 0.75% , whether they are 100% guaranteed by the Credit Guarantee Fund or are subject to an application for a subsidy reducing the interest rate to 0%, the support requested must be required exclusively due to the current economic situation resulting from COVID-19.

The measures are as follows:

 

Interest subsidy

A measure is in place whereby the State can grant preferential interest rates for loans taken out with lending institutions in the Principality in order to help businesses in Monaco. This applies to all types of legal entity.

The Prince’s Government has decided to extend this scheme to cash flow loans sought by companies in the Principality, in acknowledgment of the specific and unique economic situation resulting from the COVID-19 health crisis. The Ministerial Decree no. 2020-253 of 20 March 2020 amending the Ministerial Decree no. 2004-261 of 19 May 2004 pertaining to the establishment of businesses and assistance for companies, amended can be consulted below: journaldemonaco.gouv.mc/fr/

In this extraordinarily challenging context, the subsidy reduces the real agreed interest rate on the loan to zero.

For more information on the procedure for requesting a modification, please download the following practical guide: Practical guide of measures taken by the Government to support businesses that have been impacted by the COVID-19 health crisis

 

Monegasque Guarantee Fund

Aware of the realities on the ground and keen to make things as easy as possible for companies, the Prince’s Government has, in partnership with the Order of Chartered Accountants (OECM) and the Monaco Association for Financial Activities (AMAF), developed a special measure for applying for cash flow loans and overdraft facilities in connection with difficulties resulting from the COVID-19 health crisis, allowing companies to benefit from a 100% counter-guarantee from the State.

1. Measure introduced for cash flow loans and overdraft facilities amounting to less than €50,000, granted to traders, craftspeople and very small businesses affected by the COVID-19 crisis
This measure is aimed at legal entities or individuals engaged in economic activity in the Principality of Monaco (commercial or licensed professional); associations, non-trading companies, portfolio management companies, insurance companies and companies subject to insolvency proceedings are excluded.

2. Measure for cash flow loans and overdraft facilities amounting to between €50,000 and €500,000, granted to businesses affected by the COVID-19 crisis
This measure is aimed at companies operating in the Principality and registered in the Trade and Industry Registry of Monaco; associations, non-trading companies, portfolio management companies, insurance companie, companies subject to insolvency proceedings are excluded.

In both cases, the applicant should contact their normal bank.

The bank, as the primary entry point for the measure, will set out for clients the criteria for analysis and the documents that need to be submitted.

The lending institution will then be responsible for preparing the submission to the Monegasque Guarantee Fund.

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Last update: 02/04/2020

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