October to provide more French Covid emergency loans


Peer-to-peer investors have earned $600,000 (£500,000) in principal and interest by backing French government-backed loans through the October platform.

An October update found it helped provide 164 government-backed loans worth €21 million to businesses during the Covid crisis.

It has also committed to funding more loans in the coming months after the program is renewed.

October was accredited for the French emergency loan program Covid in June 2020.

In a blog post on its website, the European peer-to-peer business lender, which operates in France, Spain, Italy and the Netherlands, said it would be adding new government-backed loans to its platform after the French government extended the program second time until June 2022.

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October is working with French authorities to find a way to provide extended repayments that are suitable for its lenders.

Earlier in January, France’s Economy and Finance Ministry announced expanded access to aid companies suffering from Covid restrictions and lost revenue.

Small businesses that have received a government-guaranteed loan of less than €50,000 and are experiencing serious financial difficulties can now obtain an extension of their loan repayment period, from six to ten years.

You can also request an additional 18-month grace period, compared to 12 months for other companies included in the grace period.

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These companies must apply for the extension to the Banque de France credit intermediation service, which facilitates negotiations between the borrower and the creditor.

October does not normally offer loans longer than seven years, unless required by a court decision, and is therefore currently trying to contact the authorities to find the best solution for all parties involved, including private lenders. to find.

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