EIB and Banco Sabadell join forces to provide EUR 400 million for financing SMEs
The European Investment Bank (EIB) has signed a EUR 200 million loan agreement with Banco de Sabadell to finance the investment projects of SMEs and midcaps (companies with up to 3000 employees), mainly in industry and services. Banco de Sabadell will match the EIB loan with the same amount, meaning that a total of EUR 400 million will be pumped into the small business sector.
The projects eligible for financing will mostly be located in Spain and to a lesser degree in other EU countries. Around 30% of the funds is earmarked for projects in convergence regions.
As an EU objective, supporting SMEs is one of the EIB’s investment priorities. This agreement comes under the EIB’s policy of assisting small businesses in the current economic crisis by facilitating their access to credit with long maturities, flexible disbursement schedules and preferential interest rates in order to foster job creation.