In the context of the coronavirus pandemic, the private guarantee banks are helping to secure the credit supply for small and medium-sized enterprises. To this end, the German guarantee banks' aid programme had been extended as part of the Federal Government's coronavirus aid package. The extension of the aid was originally limited until 31 December 2020 and will now be extended until 30 June 2021.
The extension of the aid scheme allows, for example, for the guarantee ceiling to be raised to 2.5 million euros (previously 1.25 million euros), for the Federal Government to assume a higher level of risk through an increase in counter-guarantees, and for various measures geared towards speeding up decisions. Until the end of November, more than 4,600 enterprises from all across the country took advantage of the extended aid scheme, which is over a third more than in the same period last year. The guarantee banks granted guarantees for loans amounting to over 1.3 billion euros.
The guarantee banks' online (in German) has received a positive response from businesses and is already being used for many enquiries. Businesses can also get into contact with the guarantee banks through their principal bank, a chamber or an advisor. An (in German) of the relevant guarantee banks is available on the website of the Association of German Guarantee Banks (Verband Deutscher Bürgschaftsbanken).