EIB and Banca March provide EUR 200 million for SMEs and midcaps
The European Investment Bank (EIB) has signed a EUR 200 loan agreement with Banca March to finance the investment projects of SMEs and midcaps (companies with up to 3 000 employees) in the industrial and service sectors and innovation projects. The agreement was signed in Madrid this morning by EIB Vice-President Magdalena Álvarez and Banca March’s CEO, José Nieto.
This EIB loan will also help to boost the productivity and competitiveness of the beneficiary firms, foster the rational use of energy and diversification of energy sources and promote private enterprise in the health and education sectors. Around 30% of the loan amount is intended for projects located in convergence regions.
The loan has been granted under the Bank’s policy of supporting the economic development of small and medium-sized businesses by providing credit on preferential terms including longer maturities, flexible disbursement schedules and lower interest rates to foster job creation. These improved terms will be passed on to the end borrowers
Supporting small and medium-sized businesses is an EIB priority. In 2012, the Bank provided EUR 2 680 million for new credit lines designed to finance the investment projects of SMEs and midcaps in Spain.