A guarantee by aval is a guarantee pursuant to sec. 2 of the Austrian Export Guarantees Act (AusfFG) and provides access to finance export transactions at attractive interest rates within OeKB's Export Financing Scheme.
- A guarantee by aval can be issued for a fixed time period or on a revolving basis. It is used to finance export transactions, market expenses, foreign direct investments or risks resulting from advance guarantees.
- Short-term claims arising from exports with repayment periods of less than two years can be financed under the Kontrollbank Credit Line (KCL), which is exclusively available for large companies. Services for SMEs* are provided by "Österreichischer Exportfonds" GmbH.
- The Austrian Federal Minister of Finance takes over a guarantee by aval on bills of exchange either for the issuer (bank) or for the acceptor (Austrian exporter).
- One of our precondition for granting a guarantee by aval is the participation of a commercial bank. Furthermore the underlying transaction must have a positive effect on Austria's current account balance.
* The category of micro, small and medium-sized enterprises (SME) is made up of enterprises which employ fewer than 250 persons (on a full-time basis) and which have an annual turnover not exceeding EUR 50 million, and/or an annual balance sheet total not exceeding EUR 43 million.
to the European Commission's User Guide on the SME Definition