EIF has signed an extension of a deal with Microbank, allowing it to provide additional loans and extending its reach to 18 000 additional SMEs. This agreement and its extension demonstrates the European Union and EIF's continued commitment to cooperating with this Spanish financial institution.
Microbank's signed guarantee agreement with the EIF gave the institution a guarantee to provide micro loans to SMEs. The extension allows the institution to further enhance SMEs access to debt finance by providing more financing for start ups and individuals wishing to start their own businesses in Spain.
For further information please refer to the Press release issued by Microbank (Spanish language).
Notes to editors
About the EIF
EIF's central mission is to support Europe's small and medium-sized businesses (SMEs) by helping them to access finance. EIF primarily design and develops venture capital and guarantees instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. The EIF total net commitments to venture capital and private equity funds amounted to over EUR 5.4bn at end 2010. With investments in over 300 funds, the EIF is the leading player in European venture capital due to the scale and the scope of its investments, especially in the high-tech and early-stage segments. The EIF commitment in guarantees totalled over EUR 14.7bn in close to 160 operations at end 2010, positioning it as a major European SME loan guarantees actor and a leading micro-finance guarantor.
EIF: Mr. David Yormesor, e-mail: firstname.lastname@example.org, tel (+ 352) 42 66 88 346
Microbank: Paula Zapata, e-mail: email@example.com tel. (+34) 93 281 37 57 – 639 38 77 36