European Investment Bank again supports small and medium-sized enterprises
The European Investment Bank (EIB), the European Union's long-term lending institution, is making EUR 350m available for investment by small and medium-sized enterprises (SMEs) in the Netherlands, Belgium and Luxembourg. For businesses in these countries the EIB's involvement means that they benefit from a lower interest rate. With the finance supported by the EIB, individual firms' investment costs can be covered 100%, up to a maximum of EUR 12.5m per project.
"The European Investment Bank continues to provide support for small and medium-sized enterprises in the Netherlands, Belgium and Luxembourg, together with ING. It is very important for small businesses throughout Europe to have access to funds with which they can finance their investments and to be able to make the most of new opportunities in economically difficult times", said Pim van Ballekom, EIB Vice-President responsible for lending operations in the Netherlands.
"We are pleased that the European Investment Bank is once again giving us the opportunity to support our SME customers in this way", said Hans van der Noordaa, who is responsible at ING for banking activities in the Benelux. "This is the fifth time in just over four years that we have entered into a finance contract with the European Investment Bank. This brings the total amount available for SMEs in the Benelux to EUR 1.3bn. Our customers are enthusiastic about this and gratefully make use of the facility. Including this new round of financing, we will be helping a total of around 2 400 companies to receive funding on more favourable terms."
The new financing programme is being launched in January. For the Netherlands EUR 210m is available in the form of loans and lease finance. For Belgium and Luxembourg EUR 140m is available, also in the form of loans and lease finance.
The new agreement marks the start of another round of financial support provided via ING to SMEs in the Netherlands, Belgium and Luxembourg now that ING's previous round of funding has already found its way to SMEs.
Over the past five years the EIB has made EUR 6.7bn available for projects in the Netherlands. This went on loans for transport projects, energy, water, healthcare and education, as well as support for SMEs.