CAN and CEN make € 430 million available to Navarrese companies
On Friday the 12th of March, the Confederation of Navarrese Businesspeople (CEN) and Caja Navarra (CAN) signed a collaboration agreement to finance Navarrese companies, traders and self-employed workers. The new contract, which replaces the one which the two organisations signed in January 2009, will make ? 430 million available to finance CEN member companies.
CAN undertakes to open two specific lines of financing: one worth ? 400 million for any type of feasible financing and another worth ? 30 million for new investments in productive assets, the latter at 3.45% for the first two years and in normal conditions for the remainder. The financing will be granted in accordance with the characteristics of each operation (particularly on the basis of the sector in question), the solvency of the company, the project to finance and the term of amortisation.
CAN also undertakes to provide a wide range of banking services (cash management, short- and long-term financing, financial and strategic support, company and personal insurance, means of payment, business internationalisation through logistic, financial and commercial support, etc.).
CAN will design suitable financial solutions, tailor-made for the project presented, for the companies receiving financing. To this end, CAN undertakes to design specific products responding to the needs detected by the Joint Committee overseeing the Agreement.
In addition to publicising the agreement among its member companies, CEN, in collaboration with CAN, will run specific workshops and sessions aimed at previously selected sectors and companies in order to launch this source of financing and make it available.
A Joint Committee, consisting of three people named by CEN and three named by CAN, is being formed to oversee the correct implementation of the agreement, which is valid throughout 2010. This Committee will meet every month to find out about, assess and support the application of the agreement.
Renewal of the agreement signed in 2009
The agreement signed last Friday is a renewal and redefinition of the agreement which CEN and CAN signed on the 23rd of January 2009, which made ? 200 million available to companies. Due to the great demand for credit, this sum was increased in May with a further ? 200 million for any form of feasible financing for member companies. By the 15th of November 2009, the lines involved had practically run dry, their accounting for loans and credits to Navarrese companies worth more than ? 386 million.