NautaDutilh assisted the Dutch Banking Association and the larger banks in the Netherlands in connection with an additional COVID-19 relief arrangement for small businesses (Garantie Klein Krediet Corona). The arrangement was implemented by the Ministry of Economic Affairs and Climate Policy at the end of May 2020 and came about in part at the initiative of these Dutch banks.
Under the arrangement, the Dutch State guarantees 95% of loans granted by financiers to small business in the amount of between EUR 10,000 and 50,000. It is meant for small businesses with a revenue of more than EUR 50,000 and which were profitable prior to the COVID-19 outbreak. The arrangement is capped at EUR 750 million in total loan volume, with the guarantee budget being EUR 713 million.
The NautaDutilh team consisted of Sven Uiterwijk, Sybren de Beurs, Alex Draaisma, Larissa Silverentand, Mauricette Schaufeli, Michelle Slimmen and Felix Seuntjes.
Read the legal text of the arrangement here.