EIB helps out SMEs

Monday July 25th, 2011

The European Investment Bank (EIB) have signed a €200m contract with Finlombarda, the finance company of the Lombardy Region, for financing small and medium-sized regional businesses (SMEs). The signing ceremony was attended by EIB Vice-President Dario Scannapieco, who is responsible for operations in Italy, Malta and the Western Balkans, and the President of the Lombardy Region, Roberto Formigoni.

This EIB loan will serve to finance ongoing working capital requirements, the acquisition of tangible assets and investment in intangible assets up to a maximum of EUR 12.5m per project. Its flexible conditions will also make it possible to finance other types of requirement of Lombardy’s small businesses.

The loan will target companies with fewer than 250 employees (the EU definition of an SME), which will be able to benefit from the funding advantage of the EIB, whose issues are rated AAA by the three international rating agencies.

Support for SME projects is one of the traditional areas of the EU bank’s activity and the operation signed today constitutes the second instalment of a total €530m loan to the Region, of which the first €330m instalment signed in December 2009 helped to finance regional infrastructure under Lombardy’s 2007-2013 regional operational programme.

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