The European Investment Bank (EIB) and the Government of Castilla y León have signed a EUR 50 million loan agreement for financing the investment projects and working capital requirements of SMEs (firms with up to 250 employees) and midcaps (firms with up to 3 000 employees). This is the final instalment of a total loan of EUR 175 million.
The loan agreement was signed in Valladolid by EIB Vice-President Román Escolano and the Region’s Finance Minister, Pilar del Olmo, in the presence of the President of the Government of Castilla y León, Juan Vicente Herrera.
The EIB loan will help to finance investment projects costing up to EUR 25 million in the case of SMEs and up to EUR 50 million in the case of midcaps, mainly in the region’s agri-food sector. It will serve to provide smaller businesses with long-term finance at low interest rates.
Supporting SMEs is one of the EIB’s top priorities. Today’s loan forms part of EU cooperation with this type of entity and is designed to improve the EIB’s assistance for the economic development of smaller businesses by making available funds on favourable terms.
In 2013, the EIB provided EUR 4 836 million in new credit lines for financing the investment projects of more than 45 000 SMEs and midcaps.