Garanti BBVA has signed an agreement with the Agency for Payments and Intervention for Agriculture (APIA), aiming to support Romanian farmers. Through this partnership, customers have access to a credit facility of up to 90% of the amount due, including redistributive payment, greening payment, and compensatory measures.
To achieve the proposed objectives and to generate a positive impact on the economy, farmers need to find solutions quickly for ensuring a constant financial flow, which is vital when the income depends on the seasonal specifics of the agricultural sector.
For sustaining the customers’ current expenses, Garanti BBVA also launches a new credit product for pre-financing up to 160% of the subsidies to be paid by APIA to the beneficiaries of direct payment schemes.
More specifically, through the new credit product, Romanian farmers can receive in advance up to 160% of the APIA SAPS subsidies, namely: 80% of the subsidy amount for the first year of financing and 80% of the subsidy level for the following year.
“Agriculture is one of the most important sectors of the Romanian economy and one of the fields we want to focus on as much as possible in the forthcoming period. With the new financial facility for agriculture, Garanti BBVA aims to support Romanian farmers by reducing their financial burden, as part of our strategy to increase funding for the agricultural sector. We strongly believe that our financial product will be of great interest to Romanian farmers, who will always find a long-term partner in Garanti BBVA for their plans and objectives”, stated Bilge Demirer, Deputy General Manager, Garanti BBVA Romania.
For the new financial support provided by Garanti BBVA a wide range of customers can apply - beneficiaries of direct payment schemes (Single area payment scheme (SAPS), Redistributive payment, Payment for agricultural practices beneficial for the climate and the environment) and the beneficiaries of environmental and climate measures (Measure 10 — Agri-environment-climate, Measure 11 — Organic farming and Measure 13 - Payments to areas facing natural constraints or other specific constraints).
For accessing the loan, in the first phase, the customers must open a current account within Garanti BBVA, necessary for submitting the Single Payment Application to APIA for the 2022 Campaign latest May 16th. After the subsidy is approved by APIA, the Bank will analyse the customer’s eligibility from a lending perspective.
Present in Romania since 1998, Garanti BBVA is part of Garanti BBVA group Romania, together with Garanti BBVA Leasing and Garanti BBVA Consumer Finance.
Garanti BBVA Romania is owned by Garanti BBVA Turkey (TGB), the second-largest private bank in Turkey. The majority shareholder of Garanti BBVA Turkey is the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA).