April 6, 2020 / 12:25 PM / 3 months ago

Germany expects heavy demand for small business bridging loans - ministers

BERLIN, April 6 (Reuters) - Germany expects heavy demand from small and medium companies for state-backed loans of up to 800,000 euros ($863,120.00) that the government is offering to help them survive the collapse in demand caused by the coronavirus crisis, ministers said.

The loans, which will be fully guaranteed by the state, will vary in size depending on the size of the company in question and the outcome of a risk assessment made by the lender.

The purpose of the loans is to ensure that these companies, a crucial component of the German economy, “are still there when the economy starts growing again,” Finance Minister Olaf Scholz said on Monday at a joint news conference with Economy Minister Peter Altmaier.

$1 = 0.9269 euros Reporting by Thomas Escritt Editing by Michelle Martin

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