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Home BUSINESSSMEs to get EUR 400m new loans by 2020
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Thu, 15 Sep, 2016 12:01:42 AM
FTimes – STT Report, Sep 15

A new EU guarantee programme among Finland, the European Investment Bank (EIB) and the EU Commission seeks to boost the growth of small and medium-sized enterprises (SMEs).

The aim is to disburse new loans totalling approximately 400 million euros among SMEs by financial institutions and financial intermediaries by the end of 2020.

Finland’s liability is 40 million euros out of the 400 million euro loan guarantee. Half of the sum will come from state funds, and the other half from Finland’s EU Structural Fund.

The financial agreements were signed in Helsinki on Wednesday by Minister of Economic Affairs Olli Rehn, EIB Vice President Jan Vapaavuori, European Commission REGIO DG Rudolf Niessler, and European Investments Fund Deputy Director Hubert Cottogni.

According to Rehn, the programme will significantly expand the access to credit for SMEs, which will strengthen economic growth and employment.

“The leverage effect is very significant, and the invested euros are a very good value,” Rehn said.

The guarantee scheme includes the EU’s so-called SME initiative which is aimed at supporting growth and employment.

 
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