The European Investment Bank (EIB) is to lend EUR 80 million to Europejski Fundusz Leasingowy (EFL) to support small-scale projects undertaken in Poland by small and medium-sized companies (SMEs), especially micro-enterprises, in the fields of industry and services, including tourism.
To improve access for SMEs and micro-enterprises (enterprises which employ up to nine employees and whose annual turnover does not exceed EUR 2 million) to long-term finance, the EIB will join forces with EFL, a well-established leasing institution in Poland. EFL has some 160 000 clients and operates in the commercial vehicle, passenger car, machinery and equipment, and IT sectors. This is the first loan to be provided by the EIB to EFL and will increase to fifteen the number of intermediary financial institutions on-lending EIB funds in Poland.
EIB-intermediated loans finance up to 50% of the cost of small and medium-sized projects, with a total investment cost of less than EUR 25 million. Intermediated loans are arranged with EIB partner financial institutions operating in the individual countries. They on-lend EIB funds to final beneficiaries at their own risk, assessing each project individually. Promoters of small to medium-scale projects must contact EIB partner financial institutions, in this case the EFL, directly.
EFL will benefit under this intermediated loan from the SME Finance Facility, a special scheme supported by European Commission grants. Aimed at further developing strong and competitive small and medium-sized enterprises, the SME Finance Facility provides the EIB’s partner financial institutions with incentives to lend to SMEs and micro-enterprises.
Note for the editor:
The prime objective of the EIB, the European Union’s long-term financing institution, is to contribute towards the integration, balanced development and economic and social cohesion of the Member States by financing sound investment.
Support for the development of micro-enterprises, small and medium-sized companies and municipalities is an EIB priority. This type of EIB lending helps to increase the productivity and competitive capacity of SMEs and micro-enterprises, which collectively make an important contribution to economic growth, modernisation and employment throughout Poland.