You can combine the guarantee up to 1.5 million euros with a Start Loan, Cofinancing or Cofinancing+, but you must check that the above-mentioned ceilings are not exceeded in the process.

Attention: when taking out a Starter Loan or a Cofinancing(+), a different formula is used to calculate the gross grant equivalent:

amount of Start Loan (or Cofinancing(+)) x [(reference interest rate (*) – I(**) %) + 4 % (***)] = gross grant equivalent

(*) defined by the European Commission, available online at ec.europa.eu

(**) interest rate Start Loan or a Cofinancing(+)

(***) percentage set by Europe for subordinated loans when calculating gross grant equivalent

Example:

In year 1, an SME obtained Cofinancing of €150,000. The interest rate for this loan was 3%.

In year 2, the SME obtains a loan of €1,000,000 from the bank for which a guarantee amount of €750,000 is requested for 6 years. When the bank grants the loan, one must check that the SME does not exceed the ceilings for PMV intervention and de minimis aid.

Total amount of de minimis aid = aid Cofinancing

Aid Co-financing: in year 2, the outstanding capital is €125,000. The gross grant equivalent (GGE) of this loan is:

125,000 euros x [(0.12% – 3%) + 4%] = 1,400 euros

BSE Guarantee Scheme = 750,000 euros x 26.666667 % x 6/10 = 120,000 euros

Total de minimis aid = 1,400 euros + 120,000 euros = 121,400 euros

Conclusion: If the company is not active in road transport, the maximum amount of aid will not be exceeded. If the company is active in road transport, only a guarantee of 4 years (GGE = 80,000 euro) or only a guarantee amount of 575,000 euro for 6 years (GGE = 92,000 euro) can be granted.