I N S T R U C T I O N On Application of the Rules for Providing Loans Under Credit Lines and Loans to Unemployed Demobilized Soldiers

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1 I N S T R U C T I O N On Application of the Rules for Providing Loans Under Credit Lines and Loans to Unemployed Demobilized Soldiers I. GENERAL PROVISION Article 1 The Instruction on Application of the Rules for Providing Loans under Credit Lines and Loans to Unemployed Demobilized Soldiers (hereinafter: the Instruction) shall determine mandatory documentation which needs to be submitted by a loan beneficiary along with the loan application, by type of credit line set forth in Article 3 of the Rules for providing Loans Under Credit Lines and Loans to Unemployed Demobilized Soldiers (hereinafter: the Rules), as well as meaning and content of terms and expressions in the application of the Rules, i.e. implementation of the Loan Programme. II. MANDATORY DOCUMENTS Article 2 Documentation which needs to be submitted by the loan beneficiary along with the loan application shall include mandatory documents prescribed by this Instruction and documentation prescribed by a financial intermediary. Mandatory documents which need to be submitted by the loan beneficiary along with the loan application: Credit line for start-up activities Business Plan (with a cash flow projection during the loan repayment period); For entrepreneurs Certificate of Business Registration issued by the competent body, not older than 8 days before submitting the loan application; For enterprises Excerpt from the Court Register (Excerpt) with overview of business activity, not older than one month or Excerpt with a copy of the Decision on Registration a part referring to registered business activities; Balance Sheet and Income Statement for previous year or an Annual Personal Income Tax Return for persons who generate income from independent activities if any, certified copy not older than six months; Statement on persons related by ownership; Construction Permit or a proof that an application for Construction Permit has been submitted to the competent body, in case when loan funds under credit lines are used for construction of buildings, while in case the financing is used to purchase buildings it is necessary to submit the Construction Permit or a Land Registry Excerpt;

2 If the subject of financing is building construction, a proof that the land which is planned for the building construction project is owned by the loan applicant. Credit line for micro-business in agriculture Certificate issued by APIF; If the loan applicant is not the head of family farm: a household list not older than one month. Credit line for entrepreneurs and enterprises For entrepreneurs: Annual Personal Income Tax Return for persons who generate income from independent business activities (for the last accounting period); Business Plan (with a cash flow projection during the loan repayment period); Certificate of Business Registration issued by the competent body, not older than 8 days before submitting the loan application; Certificate of the number of employees on the day of submitting the loan application, certified by the Tax Administration of the Republic of Srpska; Loan Agreement which is the subject of re-financing (with repayment schedule) or a paid invoice (including proof of payment); Construction Permit or a proof that an application for Construction Permit has been submitted to the competent body, in case when loan funds under credit lines are used for construction of buildings, while in case the financing is used to purchase buildings, it is necessary to submit the Construction Permit or a Land Registry Excerpt or other relevant entry into public registries of real estate; If the subject of financing is building construction, a proof that the land which is planned for the building construction project is owned by the loan applicant; Statement on persons related by ownership; For enterprises: Business Plan (with projections of Balance Sheet, Income Statement and Cash Flow Statement during the loan repayment period); Excerpt from the Court Register (Excerpt) with overview of business activity, not older than one month or Excerpt with a copy of the Decision on Registration - a part referring to registered business activities; Certificate of the number of employees on the day of submitting the loan application, certified by the Tax Administration of the Republic of Srpska; Financial statements of the company for the last accounting period (annual), certified by APIF; for newly established companies: financial reports of the founder for the last accounting period (annual) and investment valuation report; The latest Gross Balance Sheet as of the date of submitting the loan application to the financial intermediary; Loan Agreement which is the subject of re-financing (with repayment schedule) or a paid invoice (including proof of payment); Construction Permit or a proof that an application for Construction Permit has been submitted to the competent body, in case when loan funds under credit lines are used for construction of buildings, while in case the financing is used to purchase buildings, it is necessary to submit the Construction Permit or a Land Registry Excerpt; 2

3 If the subject of financing is building construction, a proof that the land which is planned for the building construction project is owned by the loan applicant; Statement on persons related by ownership. For exporters: If the loan applicant exports directly, a contract concluded with the foreign buyer; If the loan applicant carries out distribution of products in the foreign market through intermediaries, a contract concluded with the intermediary and contract concluded between the intermediary and the foreign buyer; If the loan applicant intends to finance lohn business project, the contract on lohn business. Credit line for agriculture For entrepreneurs: Certificate issued by APIF; Annual Personal Income Tax Return for persons who generate income from independent business activities (for the last accounting period); Business Plan (with a cash flow projection during the loan repayment period); Certificate of Business Registration issued by the competent body, not older than 8 days before submitting the loan application; Certificate of the number of employees as of the day of submitting the loan application, certified by the Tax Administration of the Republic of Srpska; Loan Agreement which is the subject of re-financing (with repayment schedule) or a paid invoice (including proof of payment); Construction Permit or a proof that an application for Construction Permit has been submitted to the competent body, in case when loan funds under credit lines are used for construction of buildings, while in case the financing is used to purchase buildings, it is necessary to submit the Construction Permit or a Land Registry Excerpt or other relevant entry into public registries of real estate; If the subject of financing is cultivation of perennial crops, a proof that the land which is used for cultivation of the crops is owned by the loan applicant or that the loan applicant has concluded a concession agreement or a multi-year lease agreement; If the subject of financing is building construction, a proof that the land which is planned for the building construction project is owned by the loan applicant; Statement on persons related by ownership; For enterprises: Business Plan (with projections of Balance Sheet, Income Statement and Cash Flow during the loan repayment period); Certificate issued by APIF; Excerpt from the Court Register (Excerpt) with overview of business activity, not older than one month or excerpt with a copy of the decision on registration - a part referring to registered business activities; Certificate of the number of employees as of the day of submitting the loan application, certified by the Tax Administration of the Republic of Srpska; Financial statements of the company for the last accounting period (annual), certified by APIF; for newly established companies: financial statements of the founder for the last accounting period (annual) or investment valuation report; 3

4 The latest Gross Balance Sheet as of the date of submitting the loan application to the financial intermediary; Loan Agreement which is the subject of re-financing (with repayment schedule) or a paid invoice (including proof of payment); Construction Permit or a proof that an application for Construction Permit has been submitted to the competent body, in case when loan funds under credit lines are used for construction of buildings, while in case financing is used to purchase buildings, it is necessary to submit the Construction Permit or a Land Registry Excerpt or other relevant entry into public registries of real estate; If the subject of financing is cultivation of perennial crops, a proof that the land which is used for cultivation of the crops is owned by the loan applicant or that the loan applicant has concluded a concession agreement or a multi-year lease agreement; If the subject of financing is building construction, a proof that the land which is planned for the building construction project is owned by the loan applicant; Statement on persons related by ownership. Housing loans Copies of ID cards of the loan applicant and his/her spouse; Certificate of Residence and Employment Contract for the loan applicant or his/her spouse, in the event that the loan applicant is taking the loan in the municipality of his/her employment; Certificate of Non-ownership of a house or an apartment in the municipality of residence and municipality of employment for the loan applicant (and his/her spouse), not older than one month; Household List, not older than one month. For the privileged group: Families of fallen and missing soldiers, disabled war veterans of I-IV category and civil victims of war of I-IV category Decision issued by the competent body of the Republic of Srpska that the loan applicant is entitled to the aforementioned rights; Families with 4 and more children Marriage Certificate, not older than six months; Birth Certificate for each child, not older than six months. Persons resolving their housing issue in the territory of underdeveloped and extremely underdeveloped municipality Certificate of Residence and Employment Contract for the loan applicant or a spouse, in case that the loan applicant is using the loan in the municipality of employment. For Special Group 1: Young married couples (one spouse or both spouses younger than 35 years), holding university degrees (both spouses): Marriage Certificate, not older than 6 months; Certified copies of diplomas, as a proof of completed educational level (university and post-graduate degrees) for both spouses Families with 3 children: Marriage Certificate, not older than six months Birth Certificate for each child, not older than six months. 4

5 For Special Group 2: Young married couples (one spouse or both spouses younger than 35 years), holding university degrees (one spouse): Marriage Certificate, not older than 6 months; Certified copies of diplomas, as a proof of completed educational level (university and post-graduate degrees) Families with 2 children: Marriage Certificate, not older than six months Birth Certificate for each child, not older than six months For purchase of a housing unit: Pre-contract or contract concluded with the seller on purchase of a housing unit; Land Registry Excerpt for the property and Cadastre Excerpt (registered possessor) or Excerpt from the Book of Deposited Contracts (for condominium owners) and Construction Permit for housing units under construction, issued to the investor; Purchase of the first housing unit in ownership Certificates (issued by municipality of residence and municipality of employment) that the loan applicant (and the spouse) do not have a house or apartment in ownership. For construction and reconstruction of a housing unit: Construction or Reconstruction Permit issued in the name of the loan applicant or his/her spouse; Extended bill of quantities; Harmonized Land and Cadastre Registry Excerpts in the name of the applicant, not older than six months; For construction of the first housing unit in ownership: certificates (municipality of residence and municipality of employment) that the loan applicant and his/her spouse do not have a house or apartment in ownership, not older than one month. For expansion of a housing unit: Property Deed (Land Registry Excerpt and Cadastre Excerpt, Excerpt from the Book of Deposited Contracts for existing housing unit owned by the loan applicant and/or his/her spouse); Certificate of Non-Ownership of a house or an apartment in the municipality of residence and municipality of employment for the loan applicant (and his/her spouse), except for the existing housing unit; Household List (as a proof that the total existing surface area of the loan applicant does not exceed 20m2 per household member). Expansion by construction Construction Permit, harmonized excerpts from the Land Registry and Cadastre; Expansion by purchase Pre-contract or contract on purchase of a new housing unit concluded with the seller; Credit line for local government units Adopted reports on budget implementation for previous 3 fiscal years; Adopted periodic report on budget implementation; Adopted budget for the current and/or the next fiscal year; Adopted budget rebalance for the current year; 5

6 Budget projections for the loan repayment period; Balance Sheet and Income Statement for previous three years; Updated form on debts and liabilities of the municipality; Decision of the Municipal Assembly on borrowing Act of the RS Ministry of Finance on approving the borrowing Project documentation for the project which is financed with approvals and projections of the competent municipal authorities or contracted costs and technical data of the project, depending on the project implementation phase. Credit line for factoring For entrepreneurs: Annual Personal Income Tax Return for persons who generate income from independent business activities (for the last accounting period); Certificate of Business Registration issued by the competent body, not older than 8 days before submitting the loan application; Agreement/invoices which are subject to factoring, a proof that the goods have been delivered to the buyer; Open Items Statement, the latest on the day of submitting the loan application; Debtor s statement on accepting the creditor change (old creditor: the loan applicant, new creditor: financial intermediary). For enterprises: Excerpt from the Court Register (Excerpt) with overview of business activity, not older than one month or Excerpt with a copy of the Decision on Registration - a part referring to registered business activities; Financial statements of the company for the last accounting period (annual), certified by APIF; for newly established companies: financial reports of the founder for the last accounting period (annual) if one of the founders is s a business entity or investment valuation report if the founder is a physical person; The latest Gross Balance Sheet as of the date of submitting the loan application to the financial intermediary; CMR for foreign debtors; Agreement/invoices which are subject to factoring, a proof that the goods have been delivered to the buyer, export declaration; Open Items Statement, the latest on the day of submitting the loan application; Debtor s statement of accepting the creditor change (old creditor: the loan applicant, new creditor: financial intermediary). Loans to unemployed demobilized soldiers of the RS Army Certificate that the loan applicant is recorded in the database of unemployed persons of the Republic of Srpska Employment Institute on of the day of submitting the loan application, IRBRS s Business Plan Form, Purchase-Sale Agreement or a pro forma invoice for the assets which are subject of purchase. 6

7 III. MEANING AND CONTENT OF TERMS AND EXPRESSIONS USED Article 3 Terms and expressions in the application of the Rules, i.e. implementation of the Loan Programme shall have the meaning and content set forth by this Instruction. Meaning and content of terms and expression in the application of the Rules implementation of the Loan Programme 1. Purpose The loan funds under the credit lines shall be used to finance acquisition of fixed assets and working capital for the purpose of start-up, modernization and expansion of business activity; factoring with the aim to ensure business continuity; purchase, construction, reconstruction or expansion of housing units and capital investments by the local government units in the territory of the Republic of Srpska. Acquisition means purchase and construction (in the sense of provisions of Article 3 of the Law on Spacial Planning and Construction Official Gazette of the Republic of Srpska, Number 55/10). Fixed assets include land, forests and perennial crops, building structures, equipment, tools and inventories and foundation stock. The cost of an item of property, plant and equipment, according to the International Accounting Standard 16 includes: o Purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, o Any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended, o The initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during a particular period for purposes other than to produce inventories during that period. Examples of directly attributable costs are as follows: o Initial costs of site preparation, o Initial costs of delivery and handling costs, o Initial installation and assembly costs, o Costs of testing whether the asset is functioning properly, after deducting the net proceeds from selling any items produced while bringing the asset to that location and condition (such as samples produced when testing equipment) and o Professional fees (such as architects and engineers). Working capital includes raw materials and consumables, fuels and lubricants, materials in processing and finishing, salary advances to employees, packing material and car tyres and other items related to production (working capital is a part of operating assets which are, as a rule, used through a one-time investment in the production process and other business processes) Refinancing includes: 7

8 o Refinancing of outstanding debt or a part of the debt (loan debt principal) at financial intermediaries with which IRBRS has entered into agreement on business-technical cooperation and o Settled liabilities which arise not earlier than six months after the date of submitting the loan application. IRBRS shall not refinance loans which were provided from the proceeds of the funds managed by IRBRS in the period starting from 1 January Construction means the process which includes carrying out preparatory and building works (including construction-craft and installation works) for construction of new buildings, performing the said works during reconstruction, adding an annex, extension of existing buildings, protection of monuments (conservation, restoration, reproduction and illumination) as well as construction of temporary buildings and removal of buildings. Adding an annex means extension of horizontal dimensions of the existing building, which occupies land and area in relation to that building, provided that the annex part forms a constructional and functional integrity with the building. Extension means adding of one or more floors onto the existing building resulting in new housing or business space. Reconstruction of housing units means conducting construction works and other works aiming at changing the unit s purpose, as well as repairs on the existing building which change the constructive elements that may affect the building stability or its individual parts, fitting new installations and equipment, changing the technological process or external look of the building and changing conditions stipulated in the Construction Permit based on which the building was constructed. Expansion of housing units means expansion of housing space by purchase and reconstruction, extension and adding an annex. Capital investments mean capital projects which are, according to the rules of budget accounting, considered capital investments, i.e. capital investment is a development project, project of improvement and construction of infrastructure, including movable and immovable property, equipment and consultative services which form an integral part of such project, which has been previously approved by the competent administrative body and has had amortization period longer than five years and it is in function of public interest. Acquisition of fixed assets and working capital does not include: compensation, cession or debt takeover and thus the aforementioned will not be accepted as the appropriate use of funds. Beneficiaries of loans for preparation of export are legal persons and entrepreneurs who intend to use the loan to finance export-oriented projects (direct export to foreign market, export through intermediaries, lohn business, etc). Subject to factoring are outstanding receivables from suppliers in the country or abroad. 2. Own contribution Beneficiaries of the funds shall provide own contribution amounting to a minimum of 20% of the project value in money, property and rights. Own contribution means planned investments in the project which is to be financed by the applicant from own funds or other sources. The loan beneficiary has an obligation to 8

9 prove that he/she invested at least a planned amount no later than 18 months from the date of concluding the loan agreement. Property means fixed assets or working capital of the loan applicant recorded in the financial statements. Rights means rights which may be included in the original capital in line with positive legal regulations. Money means cash account balance as per financial statement the latest gross balance as of the date of submitting the application. 3. Employment/retention of existing number of workers The loan beneficiaries under the credit line for entrepreneurs and enterprises and the credit line for agriculture shall have an obligation to employ additional number of workers, except for legal persons and entrepreneurs whose main business activity belongs to the sector declared as sector of special interest by the RS Government, in terms of protection against negative effects of the global economic crisis. IRBRS shall submit to financial intermediaries a list of sectors which have been declared as sectors of special interest by the RS Government in terms of protection against negative effects of the economic crisis. The list shall be published on the IRBRS webpage. Employed number of workers means the number of workers employed by the concerned loan beneficiary at the time of submitting the loan application. Number of new employees means the number of additional workers employed by the loan applicant within two years from the date of submitting the loan application to financial intermediary. 4. Factoring The financial intermediaries can conclude an individual or a framework factoring agreement with the beneficiary and/or debtor. The individual agreement refers to factoring of one receivable. The framework agreement refers to factoring of more than one receivable, where a total amount of all receivables cannot be higher than the maximum amount set forth by the Rules. The value of the loan agreement, i.e. factoring agreement shall equal the discount value of all individual receivables which are subject to factoring and which is calculated by applying the following formula: X=(C*n*p/100)/(365+n*p/100) (X: discount; C: value of the receivable which is subject to factoring; n: number of days until receivables are due for payment; p: discount rate). For approvals of factoring applications to final beneficiaries, it is necessary to issue decisions in accordance with the loan amount, pursuant to Article 10 of the Rules for Providing Loans. The discount rate shall be established by IRBRS. The financial intermediary shall be entitled to fees stipulated in Article 18 of the Rules. 5. Loan disbursement Within 15 days from the day of concluding the loan agreement and before submitting the application for loan disbursement, the financial intermediary shall deliver the loan agreement signed with the final beneficiary. 9

10 The financial intermediary shall submit a loan disbursement request. An integral part of the loan disbursement request shall be the final beneficiary disbursement request. Disbursement on the basis of factoring loan agreement shall be performed in the following manner: o Beneficiary of the factoring shall serve the financial intermediary, while financial intermediary shall serve IRBRS with the loan disbursement request for each receivable separately. o IRBRS shall pay to the financial intermediary and financial intermediary shall pay to the beneficiary of the factoring the total amount of discount value of the factoring amount on the day of disbursement as per the loan agreement. 6. Availability and repayment of the loan The maximum availability period or the period for withdrawal of the total loan amount is six months from the day of concluding the loan agreement between the loan beneficiary and financial intermediary. The availability period shall end by withdrawal of the total loan amount or expiry of the six months period. The loan repayment period shall commence on the first day of the month following expiry of the availability period. During the period from the day of expiry of the availability period until the first day of the following month, an intercalary interest shall be calculated at the rate prescribed by Article 16 of the Rules. IRBRS shall compile and deliver the repayment schedule to financial intermediaries according to the loan agreement, while financial intermediary shall compile the repayment schedule as per the loan agreement and deliver it to IRBRS. The repayment of factoring is defined as single payment on the last day of maturity. 7. Appropriate spending, use and utilization of the loan funds As a proof of the appropriate spending of the loan funds, IRBRS shall accept: Invoice, certified copy of the purchase agreement, certified copy of the construction contract as the basis for transfer of funds which is proved by transfer order or bank statement proving that the payment has been done. When it comes to financing of purchase of fixed assets/working capital and capital investments, only invoices and temporary or final statements which date no earlier than six months after the date of submitting the loan application. When it comes to employing additional number of workers, a copy of M1 form for each new employee, no later than three months from the date of employment as well as certificate of the number of employees as of 31 December, certified by the Republic of Srpska Tax Administration, two years after the date of submitting the loan application to the financial intermediary; When it comes to refinancing, invoices dated not earlier than 6 months before the date of submitting the loan application to the financial intermediary, with proof that they are paid (Open Items Statement and Accounts Receivable (Customers) from suppliers and Accounts Payable (Vendors) from the beneficiary on the date of submitting the loan application). During purchase of assets from physical persons by legal persons/entrepreneurs, it is necessary to submit a purchase agreement or receipt and proof of transfer of the funds. 10

11 For purchase of livestock, the beneficiary should submit: valid certificate of animal health issued by an authorized veterinary station (during purchase and sale of livestock, new owner is obliged to request transfer of certificate to his/her name for the purchased animal from the authorized veterinary station/organization in the municipality of purchase transfer of certificate to another name is performed at the back of the existing certificate). For the livestock (if they are fixed asset), it is obligatory to provide a livestock passport where all changes of ownership are recorded. Besides the aforementioned, it is necessary to submit the following: o If purchasing from a legal person, it is sufficient to provide the invoice (along with the invoice, the buyer shall get a delivery note which contains the sort, number of heads and ear tag numbers or other animal marks). o If purchasing from physical person it is necessary to provide one of the following: - Purchase and Sale Agreement concluded between the seller and the buyer of livestock, certified by the competent body. The Agreement, among other things, must contain the sort, number of heads and ear tag numbers or other animal marks, value and the number of the seller s invoice or - Report by a loan officer of the financial intermediary about paying a visit to the client which confirms that the client purchased certain number of heads from the seller (it must include the sort, number of heads and ear tag numbers or other animal marks) as per the stated price and the total value of the purchased livestock. For the credit line of micro-business in agriculture: if the subject of purchase is a service performed by a physical person, an acceptable proof of the appropriate use of funds is certified statement of a loan officer of the financial intermediary confirming the services in question have been rendered. Use of the funds The loan applicant is obliged to use and utilize the funds provided through IRBRS credit lines in accordance with the business plan and the loan application. In case that the loan applicant, upon concluding the loan agreement establishes that he/she is not able to conduct purchase in accordance with the approved business plan and the loan application, he/she is obliged to inform the financial intermediary thereof, and financial intermediary is obliged to inform IRBRS about the proposal of alternative use of funds. The loan beneficiary shall not be entitled to use the loan funds for purposes other than those approved by IRBRS. Extension of deadline for providing proof of the appropriate use of funds In case that the loan beneficiary is not able to spend the funds in accordance with the deadline stipulated by the loan agreement, he/she is obliged to inform the financial intermediary and the financial intermediary is obliged to inform IRBRS thereof, explaining the reasons for not spending the funds within the deadline stipulated by the loan agreement and propose additional deadline to deliver a proof of the appropriate use of funds and a proof that the funds for which extension is requested have not been spent. IRBRS may extend the deadline for submitting documents about the appropriate use of funds up to a maximum of 3 months upon request by the loan beneficiary. Number: /10 Banjaluka, 29 July

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