aws reduces guarantee fees by a third
The Austrian public sector financing bank aws has announced yesterday that it will reduce its guarantee fees for startups and SMEs by a third. The move follows a guarantee agreement between aws, the European Investment Fund (EIF)and the Austrian Ministry of Economy, according to which aws will have a guarantee volume of 180 million euros available until the end of 2014.
While the required founders’ equity remains the same, the guarantee fee will be reduced to 0,6 percent per year for startups. The agreement connects the aws guarantees to the European Competitiveness and Innovation Programme mangaged by the EIF. Through this, aws hope to facilitate the founding process and make its guarantees for loans between 30.000 and 2,5 millions more attractive for founders and SMEs.