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Signature(s)

Amount
€ 350,000,000
Countries
Sector(s)
France : € 350,000,000
Credit lines : € 350,000,000
Signature date(s)
22/12/2023 : € 350,000,000

Summary sheet

Release date
20 February 2024
Status
Reference
Signed | 22/12/2023
20230144
Project name
Promoter - financial intermediary
FRANFINANCE CA&ES LOAN FOR SMES AND MIDCAPS
FRANFINANCE SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 350 million
not applicable
Location
Sector(s)
Description
Objectives

The operation consists of a loan to Société Générale to be utilised by Franfinance (Leasing subsidiary operating through a vendor network in France) to provide leases to small and medium sized enterprises (SMEs) and mid-caps.

The aim is to enhance access to finance to the target beneficiaries, including those implementing projects in the field of Climate Action and Circular Economy.

Additionality and Impact

The operation will provide funding to the promoter, Franfinance, a subsidiary of Société Générale, with the aim of generating additional lending to French SMEs (70% of the volume) and MidCaps (30%). Franfinance will use the funding to provide loans and finance leasing (originated via a network of vendors) in favour of SMEs and Midcaps. Recent surveys carried out by the Banque de France on this market segment signal a decline in the approval of loans to purchase tangible assets, as well as an increase of interest rates. The availability of long-term funding is also a constraint. The operation foresees that at least 15% of the investment volume will be dedicated to Climate Action projects, mainly supporting energy efficiency and renewable energy investments. An additional 15% will be dedicated to Circular Economy, in the form or the refurbishment and re-lease of used goods and machinery.

 

The EIB's intervention will support French SMEs' and Midcaps' access to finance in a difficult economic environment due to the remaining impacts of the pandemic, the war in Ukraine and the resulting delays in supply chains, and the inflation.

 

With its ambition to finance at least 30% Climate Action and Circular Economy sub-projects, the operation will contribute to EU and national policy objectives. The intervention aims to contribute to generate positive environmental externalities and support the ecological transition.

Environmental aspects
Procurement

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Milestone
Under appraisal
Approved
Signed
26 June 2023
22 December 2023
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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Alternatively, the EIB can be contacted through its external offices.
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The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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