Business in Europe is starting to resume after COVID-19 outbreak. The majority of the countries have started to loosed the restrictions and businesses are opening their doors again. But because of the time when businesses were closed, it put a big financial strain on local companies. Every government has tried to support their local economy and Slovenia was one of the countries that offered the most generous packages to support businesses and the population. Now, we can finally see the implementation of government measures in practice, especially the ones ensuring liquidity.
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Implementation of government measures in Slovenia in practice: banks started activities to ensure liquidity of businesses in Slovenia
In order to ensure liquidity of the companies, banks have started to approve deferral of credit payments to companies that receive their credit approval after 12.3.2020. Ensuring liquidity in this way will be crucial for a fast exit of the current crisis and fast recovery of Slovenian economy, for which the predications are above average. A high request for deferrals in April showed how crucial the implementation of government measure was for Slovenia. This government measure was implemented in practice very quickly also because of effective feedback and willingness of the bank to carry it out.
Until 1st May, the banks have received 22.227 application to approve deferral of credit payments or applications for new liquidity credits. All together these applications amount to 267.2 million EUR. From this amount, 234 million EUR requests came from companies, while the rest of requests were from the general public.
The EU commission predicted economic recovery in Slovenia to be 6,7% until the end of 2021, which will bring the GDP back to the rate of 2019. Because of stable public finances and bank liquidity, Slovenia will recover more quickly than other EU states also because of fast implementation of government measures.
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Good economic indicators for Slovenia present a great opportunity to start a business in Slovenia. Contact us for support!
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