Who is eligible for the aid?
Entrepreneurs, micro, small, medium and large enterprises directly impacted by the pandemic. Priority will be given to enterprises active in the supply of medicine, medical equipment, food and hygiene and those unable to pay salaries to the employees (small caterers, craftsmen, service providers, shops, etc.).
What does the aid consist of?
The Montenegrin Government’s economic measures package provides for the following liquidity support measure:
- creation of a new line of credit from the Investment and Development Fund of Montenegro (“IDF”) intended to improve the liquidity of entrepreneurs, micro, small, medium and large enterprises up to a maximum amount of EUR 3 million per beneficiary, without an approval fee and with an interest rate of 1.5%, repayment period of eight years, including a two-year grace period; funds can be used for the purchase of goods, raw materials, semi-finished products, payment of net-salaries and rental costs.
Where to apply for the aid?
Application should be submitted to the IDF along with a prescribed set of documents.
Is a notification to the EU Commission necessary?
The liquidity support measure is likely to represent an aid scheme that would need to be cleared by the regulator.
IDF will have a discretionary right to decide on individual requests depending on the needs of the applicant and pre-set priorities.