SGEF IBERIA LOAN FOR SMES&MIDCAPS CLIMATE ACTION

Promoteur – Intermédiaire Financier

SG EQUIPMENT FINANCE IBERIA EFC SA

Lieu

• Espagne

Description

The project consists of a loan to finance eligible investments carried out by small and medium sized enterprises (SMEs) through SGEF leasing schemes in Spain. At least 70% of the facility will be allocated to SMEs investments, while at least 20% to Climate Action and Environmental Sustainability projects.

Additionality and Impact

Dedicated EIB loan to finance investments promoted by small and medium-sized enterprises (SMEs) for at least 70%, and by Midcaps for a maximum of 30% of the total loan amount in Spain. At least 20% of the facility will be dedicated to projects aimed at promoting Climate Action and Environmental Sustainability in Spain.

The project aims to promote and accelerate private sector investments as well as facilitating access to finance for SMEs and Midcaps, a backbone in terms of growth and employment for the Spanish economy. The soaring inflation and rise in interest rates pose a risk to the emerging post-pandemic economic recovery in Spain. SMEs and Midcaps which have already been in a fragile position following the pandemic, are poorly positioned to withstand a second major shock. Due to the reliance on the tourism and service sector, Spain was already one of the countries more affected by the C19 outbreak, and unemployment rates are also significantly above the European Union average (Spain's unemployment rate stood at 12.8% at the end of March-2023 versus an EU rate of 6.0% (Source: Eurostat)).

The operation is also expected to have a high contribution to Cohesion (60%), given that a substantial part of the GDP in Spain is generated in cohesion regions. While less developed regions have caught up in terms of GDP per capita over the last two decades narrowing the gap with wealthier regions, divergences in terms of income and living conditions still persist across the European Union. In addition, the recent energy crisis is expected to have a very asymmetrical impact aggravating regional disparities, as it has been the case during previous crisis including the C19 outbreak. SMEs and Midcaps in these regions are more vulnerable to financial distress and without continuing to address their short-term liquidity and investment needs, the adverse economic effects on these regions could be long-lasting.

Objectifs

This is the first EIB operation with SGEF in Iberia, which offers a wide range of selected leasing products: (i) high tech (i.e. IT solutions, office equipment and medical equipment); (ii) transport vehicles (i.e. trucks, handling trucks, aircraft and ships) and (iii) industrial equipment (i.e. machinery, construction equipment and commercial/industrial real estate).

Secteur(s)

• Lignes de crédit - Lignes de crédit

Montant BEI envisagé (montant approximatif)

EUR 100 million

Coût total (montant approximatif)

not applicable

Aspects environnementaux

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

Passation des marchés

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

Statut

Signé - 24/07/2023