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Banco Santander has set aside EUR 4bn to provide loans to SMEs to stimulate their business, both inside and outside The credit line for Spanish business will be offered as a new product, at a very competitive rate of Euribor plus 3.20%, subject to a minimum amount of activity in the account (one transaction a month in at least two of the following categories: payments of salaries, social security contributions or state taxes, bills, international transfers in euros or other currencies or in-store card payments). If customers do not meet these conditions, they can still use the credit line but will be charged an additional 2.5%. Loans range from a minimum EUR 30,000 to a maximum of EUR 5m for three years, with a one-year moratorium and quarterly principal repayments. The loans are for new business, for both new and existing clients, and cannot be used to renew, restructure or refinance existing loans. The EUR 2bn destined for international business will allow the bank to offer companies competitively priced loans as advances for exports, to finance their international activity or their purchases abroad. This new credit line complements “SMEs are the driver of economic growth and job creation. We have supported them since the crisis began with a wide range of products and financial services, adapted to the current economic situation. We are confident that companies’ international business will be a key driver of the recovery. We want companies to be able to take advantage of international growth opportunities and we hope to be a leader for SMEs that want to export,” said Enrique García Candelas, Other Business Money News
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