The European Investment Fund (EIF) has agreed with CaixaBank (BME:CABK) and with MicroBank, which specialises in microcredit, the provision of guarantees worth €637 million to support Spanish SMEs.
In a statement, CaixaBank reports that this agreement, the first of InvestEU’s portfolio of guarantees signed in Spain, will allow these two financial institutions “to mobilize more than one billion euros in financing that will help companies reach their full potential”.
Specifically, the EIF will provide guarantees of up to 150 million to CaixaBank, which will allow this bank to “mobilize some 214 million euros in loans” for Spanish SMEs.
The financing line is linked to the thematic areas of innovation and digitalization and sustainability and CaixaBank “will begin to offer these financing products from the second half of the year”.
The EIF will also provide a guarantee of €487.5 million for MicroBank, including four products provided by the InvestEU Fund: microfinance, social entrepreneurship, competitiveness for SMEs and sustainability.
The agreement will allow MicroBank to mobilize up to 800 million euros.
In statements sent together with the statement, the CEO of FEI, Marjut Falkstedt, said: “The objective is to help Spanish companies move towards a greener, digital and inclusive future and, in that sense, our vision fully coincides with that of CaixaBank and MicroBank”.
The CEO of CaixaBank, Gonzalo Gortázar, has indicated that “this agreement is an excellent opportunity to join the forces of the EIF, CaixaBank and MicroBank towards the common objective of accompanying Spanish SMEs to enhance their sustainability and their capacity for innovation”.
“Through this agreement we want to improve access to financing for the self-employed, microenterprises and social enterprises, a support that will undoubtedly contribute to strengthening the Spanish business fabric by generating employment, wealth and well-being within the territory,” added the general director of MicroBank, Cristina González.