EIB and Banca March provide €340 million to finance SMEs

The European Investment Bank (EIB) and Banca March are joining forces to provide financing on favourable terms for Spanish SMEs and mid-caps. EIB Vice-President Emma Navarro and Banca March CEO José Luis Acea signed two agreements in Madrid enabling the Spanish company to provide up to €340 million in financing to support the investments of small and medium-sized enterprises.

Firstly, the EIB has granted a €70 million guarantee to Banca March on a portfolio of pre-existing loans to mid-caps. This guarantee will enable Banca March to build up a new loan portfolio of up to €140 million. The agreement was made possible by the support of the Investment Plan for Europe, known as the “Juncker Plan”. This means that Banca March now has more resources to foster investment among mid-caps, especially investment focusing on innovation and projects promoting climate action.

Secondly, the EU bank has provided Banca March with €100 million of financing – to which it will add a further €100 million of its own funds – for expanding SMEs’ financing capacities. The two agreements signed today will enable SMEs and mid-caps to access €340 million on favourable conditions, in terms of both maturities and interest rates.

Banca March CEO José Luis Acea said: «Banca March is dedicated to remaining a point of reference for companies, family businesses and business families, and to this end has a specialised range – unique in Spain – that drives the business-entrepreneur dynamic. These agreements with the EIB enable us to move forward with our firm commitment to bring the best and most appropriate financing options to companies via a specialist family-run bank.»

Original Story:Noticias Bancárias |  News
Photo: Banca March site
Edition:Prime Yield