After successful talks with the main banks involved, Deutsche Bank and Stadtsparkasse Wunstorf, onoff AG signed loan agreements today to secure its liquidity requirements for the coming months.
Since the participating main banks had reviewed the strong corporate figures prior to the outbreak of the pandemic and the Executive Board convincingly presented the company’s continued positive corporate outlook, an application was made for an Entrepreneur Loan under the KfW 2020 Special Program. Today the loan agreements were signed with the main banks involved, Deutsche Bank and Stadtsparkasse Wunstorf. In view of the good credit rating of the onoff group, the KfW Entrepreneur Loan with a maximum loan volume of EUR 3 million is priced at an interest rate of 1 percent for a term of five years.
CFO Uwe Ganzer explained this important component of the Group’s risk protection: “At present, it is not clear whether we will have to draw down individual or all tranches of the credit volume available to us, but it provides all parties involved with the certainty that the company has financial leeway, even in this crisis situation.”
