In the first half of 2008, the European Investment Bank (EIB) provided EUR 910 million in seven credit lines designed to finance investment projects promoted by SMEs in Spain. These were opened with the following financial institutions:

  • Agencia de Inversiones y Servicios de Castilla y León
  • Banco Pastor
  • Banco Santander
  • Bankinter
  • Caja de Cataluña
  • Institut Catalá de Finances
  • Instituto de Finanzas de Castilla-La Mancha

These loans form part of the Bank’s policy of supporting small and medium-sized enterprises approved by the Board of Governors and its annual meeting. With a view to providing small firms with easier access to credit, the EIB is introducing greater flexibility and simplified procedures, asking in return for increased transparency on the part of the intermediary banks, which will be required to clearly inform their customers of the positive impact of the EIB funds on their lending conditions in terms of longer maturities, more flexible disbursement procedures and lower interest rates.

The credit lines are intended to help finance SME projects mainly in the industrial, tourism and service sectors. An innovative feature is that, as well as traditional investment in fixed assets, it will be possible to finance intangibles essential for companies’ growth such as investment in RDI (1) or the creation of distribution networks.

At a time of widespread difficulty accessing credit, the financing of small businesses is particularly important. The EIB formulated its new policy in line with the conclusions of a consultation exercise (2) carried out in all the EU Member States in 2007.

The European Investment Bank is the EU’s long-term financing institution promoting European objectives. Created in 1957, it operates in the 27 EU Member States and more than 130 other countries around the world. Support for European SMEs is an EU priority and therefore one of the EIB’s investment priorities.

1. Research, development and innovation
2. The conclusions of the consultation can be viewed on the EIB’s website: http://www.eib.org/attachments/strategies/sme-consultation-2007-2008-en.pdf