More Support For Economic Recovery In Monaco

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Nancy Heslin   Forbes Monaco

More Support For Economic Recovery In Monaco

Photo: Nancy Heslin

As of July 1, 2020, the government will launch a new Policy to Support Economic Recovery for businesses impacted by the health crisis.

This new loan system, backed by the Monegasque Guarantee Fund, and in agreement with the Monegasque Association of Financial Activities, will be set up “to support the resumption of activity” for companies whose activity has been strongly impacted from Covid-19 and to protect jobs.

The State will guarantee up to 65% of a €35,000-€500,000 loan, with the bank having to secure a guarantee from the borrower for the remaining 35%. Applicants are to contact their bank directly for a list of criteria and documents to provide. From this point of entry, the requested credit institution will be responsible for examining the referral file with the Monegasque Guarantee Fund.

The government has also decided to extend payment of the Exceptional Minimum Income (Revenu Minimum Extraordinaire) and (Business Support) by one month. Anyone who has benefited from either of these schemes over the past few months will automatically receive June’s payment in July.

The Exceptional Minimum Income pays €2,500 to anyone who has been authorized to return to work since May 4 or whose activity was not forced to shutdown to the public by the Ministerial Decision of March 18, 2020. For those whose activity was forced to remain closed in May, the amount is set at €5,000.

Since March 18, the State has injected €75 million a month (a third in aid to companies, and the rest to finance Reinforced Temporary Total Unemployment), plus an additional €50 million a month through loans from state-supported banking institutions. 

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Nancy Heslin   Forbes Monaco

Nancy Heslin is an established journalist and lifestyle writer. She has been the Editor-in-Chief of Forbes Monaco magazine (bimonthly in English) , since the magazine's 2nd issue . Launched in November 2018, Forbes Monaco is part of the Forbes family, with its 7 million readers and 71 million monthly website visitors worldwide.