The European Investment Bank (EIB) and the UniCredit Group have signed in Milan a EUR 300 million finance contract aimed at small and medium-sized enterprises (SMEs). The agreement forms part of the EU policy that the EIB is implementing in cooperation with banking groups aimed at improving small businesses’ access to credit as Europe emerges from the economic crisis.
The EIB funds will be channelled to small businesses via UniCredit Leasing. The new SME-financing rules designed to streamline loan application and disbursement procedures will be applied.
Through UniCredit Leasing’s lease financing schemes, it will be possible to finance up to 100% of the total value of projects, with a cap of EUR 12.5 million per project. Further agreements with the EIB in support of the network in Austria, Germany, Poland and elsewhere in Europe will be concluded shortly.
EIB
The European Investment Bank supports the strategic and policy objectives of the European Union by granting long-term loans for economically viable investment projects. The EIB’s shareholders are the 27 EU Member States. Italy is one of the four leading shareholders, along with the United Kingdom, Germany and France, each holding a 16.2% stake in the Bank. At end-2008, the EIB’s total financing amounted to EUR 355bn, of which EUR 45bn went to Italy.
UniCredit Leasing
UniCredit Leasing is the UniCredit Group’s dedicated global leasing business line. With a presence in 17 European countries, it operates via a specialised network with more than 2 900 employees (www.unicreditleasing.eu).