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Bucharest
September 29, 2020
AGRICULTURE ECONOMY FINANCE&BANKING

Veneto Banca offers farm loans


+ Veneto Banca operates on the Romanian market through its Bucharest subsidiary, which owns a network of 22 branches

Veneto Banca and the Agency for Payments and Intervention for Agriculture (APIA) have signed agreements on offering loans to livestock farmers. The beneficiaries of the loans can be livestock farmers that receive national subsidies for bovines and sheep, as well as those benefitting from Measure 215 “Payments for animal welfare – Fowl” (second session of the second commitment year and first session of the fourth commitment year).

Likewise, Veneto Banca offers financing to the beneficiaries of rural development compensation measures applicable to arable lands, namely Measure 214 “Payments for agro-environment,” included in Axis II of PNDR 2007-2013; Measure 10 “Agro-environment and climate,” Measure 11 “Eco-friendly agriculture” and Measure 13 “Payments for areas that face natural constraints or other specific constraints,” included in Axis II of PNDR 2014-2020.

Thus, the beneficiaries of the subsidies, both physical and juridical persons alike, can discount the subsidies offered as part of various measures. The value of the financing can reach up to 90 per cent of the value of subsidies. The annual interest rate is variable – six-month ROBOR plus 3.75 per cent – and the interest will be paid in full when the financing from the collected subsidy falls due. The analysis commission is 0.35 per cent of the value financed, collected when the financing is awarded, while the annual commission represents 0.50 per cent of the financed sum and is collected when the loan falls due.

“Agriculture continues to be one of the sectors with the biggest growth potential in Romania, which still requires major investments for consolidation of plots of arable land, the modernization of the fleet of equipment and, at the same time, an appropriate liquidity level for supporting current activity. Veneto Banca Romania comes to the support of operators in this sector with a complete financing solutions offer and, in collaboration with APIA, offers the beneficiaries of the subsidies advantageous conditions for the financing of working capital,” Veneto Banca Romani Director Alberto Morini (photo) stated.

Veneto Banca has been present in Romania since 2000, the year in which it bought the majority shares package of Italo Romena Bank, which was folded into its parent bank in May 2014. Since it was taken over by Veneto Banca, the institution has continuously developed its portfolio of clients, first turning toward Italian investors and then to Romanian companies and to the physical persons sector.

Veneto Banca is among the top 14 Italian banks that the European Central Banks considers endowed with systemic interest. It operates on the Romanian market through its Bucharest subsidiary, which owns a network of 22 branches, 5 of which are located in Bucharest and the remainder in the country’s most important cities.

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