EIB and DZ BANK sign new global loan for small and medium-sized enterprises
- Release date: 13 May 2014
- Reference: 2014-104-EN
The European Investment Bank (EIB) and DZ BANK have signed a €100 million loan for financing small and medium-sized enterprises (SMEs). The funds are mainly intended for small SME investment projects in Germany, but projects in other EU countries will also be eligible.
Financing small businesses is one of the EIB’s core tasks. Last year alone, the EIB and its subsidiary the European Investment Fund provided a record amount of around €22 billion for SMEs and midcaps (firms with up to 3000 employees), benefiting some 230 000 companies across Europe. In Germany the Bank financed small businesses to the tune of €1.4 billion in 2013 – also a record amount.
For its small business lending, the EIB works together with intermediary banks. This enables it to both broaden its reach and provide tailor-made finance for smaller investment projects. One of the EIB’s financing partners in Germany is DZ BANK, which onlends to SMEs via its subsidiary VR Leasing.
EIB Vice-President Wilhelm Molterer, who is responsible among other things for the Bank’s financing operations in Germany, said: “It is small and medium-sized businesses that create growth and jobs in Europe. This is particularly true in Germany, where SMEs predominate in the economy. I am delighted that we are continuing our excellent cooperation with DZ BANK to make tailored finance quickly available to small businesses.”
“Financing small and medium-sized firms and helping them with their business has long been a particular concern of the Cooperative Financial Network. We are very pleased to provide, together with the EIB, further funding for SMEs’ pioneering projects and initiatives, strengthening their financial position in a competitive international market”, added DZ BANK’s corporate finance director Stefan Zeidler.