PURPOSE:

The funds are to be used for registering a new business and creating as many jobs as projected in the loan agreement (Evidence: Registration decision and М1 М2 Form);

• If the borrower has had prior debt up to MKD 30,000.00 for more than 60 days, outstanding debt refinance may be covered by the Self-employment Loan Project, and transfer the remaining part of the loan directly to the borrower’s account.

MAXIMUM AMOUNT:

• For small business scale, maximum amount is up to EUR 9,000.00 (EUR 3,000.00 for each new job position, while up to 3 jobs are financed);
• For bigger business scale, maximum amount is up to EUR 17,000.00 (EUR 5,000.00 for the loan applicant and EUR 3.000,00 for each new job position, while up to 5 jobs are financed);
• For young persons up to the age of 29, maximum amount is EUR 23,000.00 (EUR 7,000.00 for the loan applicant, and additional EUR 1,000.00 may be approved for each new job to the basic amount of EUR 3,000.00, while financing up to 5 job positions);
• For unemployed on the grounds of redundancy, bankruptcy or liquidation and registered as unemployed for more than three years, maximum loan amount may total to EUR 22,000.00 for five new employees (EUR 5,000 for the borrower (plus EUR 1,000), and for each further employed person is entitled to EUR 3,000.00 (plus EUR 1,000).

REPAYMENT PERIOD:

• 3 years with possibly included 1-year grace period  for a loan approved to an amount of EUR 9,000.00
• 5 years with possibly included 1-year grace period for a loan approved to an amount of EUR 9,000.00
• 7 years with possibly included 18-months grace period for a loan approved to young persons aged up to 29.

Application charges and approval fee – none.

• Loan applicant creditworthiness: not calculate, for guarantors: ½ creditworthiness (annuity/salary);
• Age limit – maximum 64 years of age on the loan maturity date.

COLLATERAL INSTRUMENTS:

• For loans for unemployed up to EUR 3,000.00, or up to EUR 4,000, a guarantee is required provided by a solvent guarantor employed in public administration, JSC or private company with 5 or more employees;
• For loans up to EUR 8,000.00, a guarantee is required provided by 2 (two) solvent guarantors employed in public administration, JSC or private company with 5 or more employees;
• For loans up to EUR 12,000.00, a guarantee is required provided by 3 (three) solvent guarantors employed in public administration, JSC or private company with 5 or more employees;
• The following is required for an amount over EUR 12,000:
  • mortgage/approved loan in proportion 1:1 (including land);
  • movable property pledge/approved loan in proportion 1:2;
  • Land mortgage:
    • Zone 1, in proportion of 1:1.5 against the approved loan;
    • Zone 2, in proportion 1: 2 against the approved loan;
    • Zone 3, in proportion 1: 3 against the approved loan;
    • Promissory note endorsed by at least one endorser whose rights and obligations thereupon are regulated by endorsement provided in a form of notary act and enforcement document.

1% annually;

* In case of delay, a contractual default interest is paid amounting to 5% over the regular rate.

• Upon employment, the salary is to be received through a transaction account in Stopanska banka a.d. Bitola;
• All payment operations of the new company established by the self-employment project are to be made through an account in Stopanska banka a.d. Bitola.