EIF, Banca March to offer EUR 300 mln to Spanish SMEs

Monday 8 November 2021 15:15 CET | News

The European Investment Fund (EIF) has partnered Banca March to promote the economic recovery of Spanish SMEs, with financing amounting to EUR 300 million.

The EIF will grant a guarantee of up to EUR 210 million which, while Banca March’s will provide the rest of the funds. It is estimated that the agreement signed will facilitate access to finance at advantageous conditions for more than 350 small businesses affected by the pandemic, thereby also safeguarding employment levels. 

This agreement between Banca March and the EIF falls under the Pan-European Guarantee Fund, part of the European Union's EUR 540 billion package to address the economic impact of COVID-19.

Thanks to the Pan-European Guarantee Fund (EGF), Banca March will be incentivised to provide debt financing to SMEs and small mid-caps at favourable terms, ensuring that Spanish companies have sufficient financing available to mitigate the economic impacts of the COVID-19 crisis, and are able to continue their growth and development in the medium to long term. The EIF will provide a 70% guarantee on a portfolio of new lending.

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Keywords: partnership, funding, SME lending, COVID-19
Categories: Banking & Fintech
Countries: Spain
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Banking & Fintech

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