The European Investment Fund (EIF) and ProCredit Group provide an additional 450m euros for innovative small and medium-sized companies, a total of 820m euros in loans to businesses in 11 countries. The funding provided by the EIF is going to be facilitated through ProCredit Banks in Europe (Germany, Macedonia, Albania, Serbia, Bosnia and Herzegovina, Bulgaria, Greece, Romania, Moldova, Ukraine and Georgia) and is intended for companies that invest in new technologies and products. So far, with loans for innovation, ProCredit has supported more than 1000 innovative small and medium companies, and in the coming years this number will increase.
These agreements were signed in accordance with the InnovFin Initiative of the European Commission supported by the EU’s research and innovation program Horizon 2020. The InnovFin initiative allows banks to place loans for innovative companies with a guarantee scheme provided by the European Investment Fund. The agreement signed between the member states of the European Union was made possible by the support of the European Strategic Investment Fund. This fund is the central pillar of the European Investment Plan for Europe, known as the “Juncker Plan”.
Pier Luigi Gilibert, Chief Executive Officer, EIF said: “We are thrilled that the InnovFin guarantee scheme for small and medium enterprises realized in cooperation with ProCredit Bank has quite positive results. The well-developed network of ProCredit banks, combined with their experience and expertise in lending to small and medium-sized enterprises, gives us a guarantee that the loans supported by the European Commission will be quickly placed in the 11 countries where the bank operates. These loans will enable companies to access financial resources provided by the European Union and will foster the innovative spirit across Europe. ”
Jyrki Katainen, Vice President of the European Commission, responsible for employment, growth, investment and competitiveness, said: “The European Commission believes that small businesses contribute to the development of new employments and growth in Europe. By easing access to finance, which will enable enterprises to invest in new projects, expand business and create new jobs, the European Union actively supports SMEs in Europe. I personally wish a lot of success to the companies that will use the financing. ”
Borislav Kostadinov, Member of the Board of Directors of ProCredit General Partner AG (the only governing body of ProCredit Holding AG & Co.), said: “The InnovFin initiative has certainly supported the modernization of small and medium-sized enterprises in the countries in which we operate. Thanks to our long-term relationship with a number of innovative companies and working as their home bank, ProCredit banks were able to fund innovative projects in a number of industries, especially in the manufacturing sector. We are pleased that the European Investment Fund and ProCredit Group decided to expand cooperation in this successful program. “Category: Member News