Financing for small and medium-sized enterprises (SMEs) in Western Denmark will receive a boost following an agreement signed today between the European Investment Bank (EIB) and Ringkjøbing Landbobank, a Danish regional financial institution.

Under the agreement, the EIB will provide up to EUR 37 million in loans for onward lending to SMEs mainly in the region around Ringkjøbing. The funds will finance projects to improve productivity and competitiveness at firms in a variety of industry and service sectors, including renewable energy.

Background information:

EIB
The mission of the EIB, the European Union’s bank, is to contribute to the integration, balanced development and economic and social cohesion of the EU Member States by financing sound investments. The European Investment Bank is the long-term lending institution of the European Union, whose shareholders are the 27 member states. This loan is one of many supporting the EU Strategy for the Baltic Sea Region and its four priorities:  sustainable environment; regional prosperity; increased accessibility and attractiveness; safety and security.

Ringkjøbing Landbobank is Denmark’s 11th largest bank with a focus on clients in the Western Jutland area in the country.