INTERVIEW
In an attempt to save businesses in the midst of a coronavirus epidemic, the State has set up the PGE, a loan guaranteed by the State, available throughout the French banking network. How much do professionals use them? Philippe Brassac, Chief Executive Officer of Crédit Agricole, takes stock of progress on Europe 1. "We have examined more than 100,000 applications for requests which exceed 20 billion euros, and in total we are on an acceptance which is higher than 97%, "he explains. The company, historically alongside farmers, sees all sectors of its customers affected.
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"We have to look at every situation"
Among the sectors most affected, horticulture, market gardening. "But in fact all those who depend on out-of-home catering or tourism are also impacted. This is the case of cheese makers, shellfish farming. In general, all those who suffer from the lack of export since the borders are closed, are struck. For example, there are wine growers today who are suffering from the situation. We must examine each situation examine each situation very carefully, "specifies Philippe Brassac. On the French market, Crédit Agricole represents in terms of market share 25 to 30% of all financing.
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Beyond the loans guaranteed by the State, the company also decided to postpone the existing loan terms for professionals. "At this moment for the professional and business world, we are at around 400,000 extensions of deadlines, for around 4 billion euros." Its objective: "to transport the entire economy that worked before the crisis, so that it is always there after the crisis."
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Help for insured professionals
Regarding the insurance component of Crédit Agricole's activity, Philippe Brassac recalls that the contracts taken out cannot function in the context of the epidemic. However, the brand decided to provide financial assistance to professionals who have taken out business interruption insurance.
"We have released an envelope of around 200 million euros which will benefit a little more than 50,000 of our customers," explains the managing director. "For each of the insured, the amounts paid will range between 1,500 and 10,000 euros."