State-guaranteed loans: “I don’t know if I can pay”, the time of reckoning has come

Firms should start repaying state-guaranteed loans (PGE) taken throughout the well being disaster. If most start to repay, for others, it isn’t really easy …

No longer doable to postpone, now corporations should begin repaying state-guaranteed loans (PGE) contracted throughout the well being disaster, and if most handle to satisfy their deadlines, the state of affairs is essential for some, forcing them to name the banks for his or her generosity. .

How to pay a PGE corresponding to fifteen% of my turnover when I nonetheless have 20% much less turnover than earlier than the disaster? It will not be doable. Patrick Bellity, foundry boss Cifa Technologies, summarizes the dilemma he at the moment faces.

“I don’t know if I can pay.”

The firm, already weakened by the diesel disaster of the late 2010s, subscribed to PGE in the mid-2020s. The entrepreneur has negotiated a delay to November 2022 for its first reimbursement. And then? “ I don’t know if I will be capable to pay as a result of I don’t know what my order stage can be throughout the fall “, he lets go.

According to Banque de France, above About 700,000 corporations subscribe to a PGE For a complete of greater than 148 billion euros, the default price might barely attain 3%.

With few exceptions, corporations have began making refunds as deliberate “, we are saying in Barsi, the place the disaster exit committee created in mid-2021 is piloted.

“No extra room for tips”

But these quite reassuring statistics shouldn’t conceal the actual difficulties of some corporations.

As for tourism group Pierre et Vacances, a backup plan was compelled in and noticed its PGE transformed to greater than 200 million euros in capital, bringing lenders into the group’s shareholding.

In the lodge and catering trade, the place many corporations have taken out PGE, one in 4 corporations stated at the finish of June that they had been unable to honor their reimbursements, in a context the place inflation is controlling shopper spending.

The state of affairs can also be tense in the tourism sector the place “ Many corporations affected by the pandemic have requested the most allowable PGE, i.e. 25% of turnover (relative to). Paying it again over 4 years is actually sophisticated “, worries Yvon Peltanche, consultant of the skilled affiliation Entreprises du voyage.

He himself has carved out a number of PGEs for his community of journey businesses. He has no issue in paying in the brief time period however ” There is not any extra room for trickery If the exercise stops, as he already fears, the anticipated disruption to air transport this summer time.

Credit Intermediation

Companies in bother can ask to restructure their PGE by way of a credit score middleman by way of a particular course of negotiated between the state and the financial institution, which particularly makes it doable to increase the reimbursement interval as much as 10 years.

For the second, solely 300 circumstances have been processed by credit score mediation, a determine ” very low According to mediator Frederic Wisnowski, “an indication that the monetary state of affairs of the firm stays constructive.

However, many corporations are unaware of the existence of this 10-year staggered course of, and plenty of keep away from it as a result of it downgrades their rankings and complicates their financing.

When you might be in default, the credit score insurers withdraw, which suggests it’s important to pay your suppliers instantly and this makes the state of affairs worse. CPME President François Asselin additionally stepped ahead, believing that corporations “ Prefers the collective method that accumulates debt » (Safety plan, receivership, liquidation, and so on.)

We are conscious of the inconvenience, however PGE is a financial institution mortgage, so banks apply the guidelines », fastened at the European stage, we reply to Bercy.

The Banque de France, on which credit score intermediation relies upon, might quickly revise its forecast on the quantity of corporations unable to pay their PGE, Frédéric Wisnowski acknowledges.

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