The EIB has provided Banca March with a EUR 70m Investment Plan for Europe guarantee to support mid-caps and EUR 100m in financing for SMEs
The European Investment Bank (EIB) and Banca March are joining forces to provide financing on favourable terms for Spanish SMEs and mid-caps. EIB Vice-President Emma Navarro and Banca March CEO José Luis Acea signed two agreements today in Madrid enabling the Spanish company to provide up to EUR 340m in financing to support the investments of small and medium-sized enterprises.
Firstly, the EIB has granted a EUR 70m guarantee to Banca March on a portfolio of pre-existing loans to mid-caps. This guarantee will enable Banca March to build up a new loan portfolio of up to EUR 140m. The agreement was made possible by the support of the Investment Plan for Europe, known as the “Juncker Plan”. This means that Banca March now has more resources to foster investment among mid-caps, especially investment focusing on innovation and projects promoting climate action.
Secondly, the EU bank has provided Banca March with EUR 100m of financing – to which it will add a further EUR 100m of its own funds – for expanding SMEs’ financing capacities. The two agreements signed today will enable SMEs and mid-caps to access EUR 340m on favourable conditions, in terms of both maturities and interest rates.
At the signature ceremony in Madrid, EIB Vice-President Emma Navarro highlighted the EIB's strong commitment to Spanish SMEs and mid-caps: “These agreements with Banca March enable us to take another step forward to ensure that the advantages of our financing are not limited to large-scale projects, but rather also benefit small and medium-sized enterprises in need of resources to continue growing and become more competitive. Supporting them is one of the EIB's main priorities in Spain, in order to contribute to economic growth and job creation.”
Jyrki Katainen, European Commission Vice-President for Jobs, Growth, Investment and Competitiveness, added: “One of the Investment Plan for Europe's central objectives is to provide small and medium-sized enterprises with better access to the financing they need to progress. Spain has made excellent use of the EU guarantee, which is expected to benefit around 130 000 SMEs and mid-caps. This latest agreement between the EIB and Banca March will enable many more Spanish companies to expand their activities, create jobs and support their local economies.”
Banca March CEO José Luis Acea said: “Banca March is dedicated to remaining a point of reference for companies, family businesses and business families, and to this end has a specialised range – unique in Spain – that drives the business-entrepreneur dynamic. These agreements with the EIB enable us to move forward with our firm commitment to bring the best and most appropriate financing options to companies via a specialist family-run bank.”
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