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EIF, CaixaBank, and MicroBank to support Spanish SMEs with EUR 500 mln under the EGF

Thursday 23 December 2021 12:32 CET | News

The European Investment Fund has joined forces with CaixaBank and MicroBank to support Spanish small and medium-sized companies hit by the economic crisis generated by COVID-19.

The EIF will provide a EUR 350 million guarantee to CaixaBank and MicroBank, enabling the Spanish banks to originate a portfolio of EUR 500 million of financing for Spanish SMEs. 

Thanks to the EIF guarantee under the EGF, CaixaBank and MicroBank will offer more favourable financing to SMEs and small mid-caps active in sectors particularly exposed to the COVID-19 pandemic, backing their recovery from liquidity shortages and safeguarding jobs in the country. The EIF will take up to 70% of the risk on these new loans granted to SMEs by the Spanish bank.

The agreement is backed by the European Guarantee Fund (EGF), part of the EUR 540 billion EU rescue package approved to respond to the economic impact produced by the pandemic. It is estimated that over 18,000 Spanish businesses will benefit for this agreement. 


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Keywords: financing , SMEs
Categories: Banking & Fintech
Companies:
Countries: Spain
This article is part of category

Banking & Fintech