EIB and Banco Sabadell join forces to provide EUR 1 billion for projects of SMEs and midcaps
The European Investment Bank (EIB) has granted a EUR 500 million loan to Banco Sabadell to facilitate access to credit for SMEs, mainly in industry and services, through Banco Sabadell’s network in Spain. Under the agreement, Banco Sabadell will provide a further EUR 500 million, meaning that a total of EUR 1 billion will be made available to small and medium-sized businesses.
The loan agreement was signed by EIB Vice-President Román Escolano and Banco Sabadell’s CEO, Jaime Guardiola.
Román Escolano stressed that “the signing of this loan testifies to the EIB’s commitment to supporting SME investment, and this collaboration with Banco Sabadell will serve to strengthen smaller businesses’ access to our funding”.
SMEs and midcaps in a wide range of productive sectors will be able to access this funding on advantageous interest rate and maturity terms to finance both their investment projects and working capital. The individual loans will finance investments of up to EUR 25 million in the case of SMEs and EUR 50 million in the case of midcaps.
This is the third operation of this type with Banco Sabadell and is set in the framework of the EIB’s policy of supporting small and medium-sized businesses as the key to promoting economic recovery and job creation.