Home News Companies have already asked the bank for 10.5 billion but it is not enough, warns CIP

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Companies have already asked the bank for 10.5 billion but it is not enough, warns CIP

by ace
Companies have already asked the bank for 10.5 billion but it is not enough, warns CIP

Companies' requests for support lines launched by the Government due to the covid-19 pandemic reached 10.5 billion euros, compared to an availability of 6.2 billion euros, said the president of the CIP this Monday. .

“The applications that were submitted exceed 10.5 billion needs,” said the president of CIP – Confederação Empresarial de Portugal, António Saraiva, in a press conference to present the results of a survey on the investment perspectives of companies after the pandemic.

According to António Saraiva, taking into account that the availability of the line is 6.2 billion euros and that the access to the money is made “on a first come, first served basis”, there are companies that will not be able to access it if the line is not reinforced.

The president of CIP said that, according to information transmitted by the Ministry of Economy, "6.1 billion euros are approved with State guarantees, that is, almost all of the 6.2 billion are approved".

And of the 6.1 billion euros approved, "there are 3.1 billion contracted," said the leader of the employers' confederation.

António Saraiva again criticized the “excessive bureaucracy” in accessing credit and the “lack of perception” of the Government regarding the dimension of the measure to support companies.

According to data from the survey released today by CIP in partnership with ISCTE, the percentage of companies that applied for bank financing last week increased from 38% to 42%.

Of the companies that applied for financing, 69% had not yet received the funds last week.

CIP defends the creation of an emergency capitalization fund of three billion euros for companies, through venture capital funds, in the face of the covid-19 pandemic crisis, a measure that the confederation called “Portuguese bazooka” and which it is part of a set of proposals that the confederation presented to the Government.

The confederation calls for an increase in credit lines, which are "exhausted", and for the financial system and the mutual guarantee system to be more responsive.

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