Entrepreneurs will continue to be able to take advantage of the “discount” ABN AMRO has secured on a loan from the European Central Bank (ECB) at least until the end of 2015.
Discount for entrepreneurs
Starting in November 2014, ABN AMRO borrowed funds as part of the ECB’s Targeted Long-Term Refinancing Operations (TLTRO) programme. The result was a financing windfall of several million euros, which ABN AMRO is passing on in full to its clients. Entrepreneurs are entitled to the discount until ABN AMRO’s full financial benefit has been passed on. ABN AMRO will be giving the discount at least until the end of 2015.
A great stimulus
Ruut Meijer, Senior Managing Director of Commercial Clients, says, “For the first time in a very long time, we began to see an increase in the number of credit applications starting in the last quarter of 2014. So far about 4,000 new applications have benefited from the scheme. Although the price of credit may not be the biggest obstacle to businesses at the moment, our clients certainly welcome the ECB discount.”
Lower financing costs
Clients taking out a new loan with ABN AMRO Bank, ABN AMRO Lease or ABN AMRO Commercial Finance are entitled to the discount, which is passed on to them in the form of lower overall financing costs during the first year of the loan as a result of reduced closing costs.