The largest bank in Slovakia is gradually bringing solutions for individual client groups in order to help them manage the current situation. The bank has recently introduced a package of measures for businesses and entrepreneurs who use its services.

 “We are well aware of the current situation regarding the coronavirus and its adverse consequences for the business environment. Within our possibilities that we have as a bank, we are making every effort to mitigate these impacts and thereby assist the business sector, which is the cornerstone of the Slovak economy,” states Norbert Hovančák, Member of the Board of Directors of Slovenská sporiteľňa, responsible for corporate banking. “At the same time we are awaiting a response and coordination from the side of the state. If necessary, we are prepared to participate in distributing any state aid.”

Prolongation of credit lines and postponement of instalments

Companies and entrepreneurs who have to date been fulfilling their liabilities toward the bank in a due and timely manner, and whose operational financing in the form of an overdraft is to expire in the coming three months, will be able to simply prolong their credit lines for a further half year. There will be no need to sign addenda to agreements; the bank will simply perform this change on the basis of their request. “In this way we are creating for businesses a capacity to address their operational problems and keep available their operating liquidity. The level of credit lines will remain unchanged, so firms will also be able to use any undrawn funds,” explains Hovančák.

In the same simple way, businesses with good history of cooperation with the bank will be able to obtain an amendment to the repayment schedule for loans, for instance by postponing the maturity of the principal or interest by half a year. Where necessary, Slovenská sporiteľňa can help a client also by, for example, postponing the deadline for meeting non-monetary terms and conditions, which must be satisfied after drawing a loan. This may concern various documentary information obligations or other conditions.

Personal contact only when absolutely necessary

 “We wish to minimise any risk of infection and personal contact has been scaled back to truly absolutely necessary meetings. For this reason, the above listed changes will be carried out on the basis of a written request without submitting any further documents,” said Hovančák. If a company needs any form of relief, the business should contact their business advisor by phone or email. The request can then be simply sent electronically via Business24. Corporate centres of Slovenská sporiteľňa, as well as its retail branches, are operating in shortened opening hours, 4 hours per day.

This also includes new loans

Slovenská sporiteľňa is prepared to assist its business clients in need of new funds for bridging over the coronavirus impacts. In this case the request should be sent together with a clarification of the pandemic’s impact on the company’s business and justification for the use of new funds to stabilise or improve the company’s situation. “We believe that these measures will facilitate entrepreneurs and companies in Slovakia to cope with this difficult time so that once it is over they can again fully contribute to the growth and prosperity of our country,” concludes the head of corporate banking for Slovenská sporiteľňa.