The European Investment Bank (EIB) and Société Générale have rolled out a EUR 300 million credit line in support of projects by French small and medium-sized enterprises (SMEs).
This partnership will enable independent, development-minded French SMEs (1) with fewer than 250 employees to contract loans with terms of at least two years throughout the Société Générale network on the EIB’s preferential terms.
The EIB and Société Générale thus confirm their long-standing cooperation to provide financial backing for corporate projects. An initial EUR 300 million loan advanced in January 2009 has already helped to finance nearly 2 800 projects promoted by 1 950 French SMEs.
This new agreement comes under the EUR 30 billion financing support plan to assist European SMEs launched by the EIB in September 2008 for the period 2008-2011. To tackle the financial crisis, the EIB was quick to step up its support for SMEs. In 2009 alone, the EIB lent EUR 12.7 billion – i.e. 55% more than in 2008 – to banks in the form of credit lines for the financing of small businesses. The EIB has helped more than 50 000 SMEs across the EU in this way.
With a 3.1% increase in outstanding loans at end-2009 compared to end-2008, Société Générale has demonstrated its financial backing for the French economy. On top of the measures taken in 2009, particularly the reorganisation of its lending decision-making arrangements, the bank continues to show its commitment in support of SMEs. In 2010, satisfaction surveys are being conducted systematically after loans have been provided in order to respond better to customers’ expectations.
Note to editors:
European Investment Bank
The EIB is the European Union’s bank. Its remit is to provide mostly long-term loans in support of viable private or public capital investment projects that meet the EU’s integration, cohesion and development objectives, broken down into six priority policies: economic and social cohesion; environmental protection; research and innovation; support for SMEs; trans-European transport networks; and the promotion of secure, competitive and sustainable energy.
In 2009, the EIB provided finance totalling EUR 70 billion in the EU, a 36% increase on the EUR 51.7 billion advanced in 2008. Of 2009’s total, EUR 6.3 billion was lent in France.
Société Générale
Société Générale is one of the leading financial services groups in the eurozone. With 157 000 employees worldwide, its activities revolve around three core business areas:
This partnership will enable independent, development-minded French SMEs (1) with fewer than 250 employees to contract loans with terms of at least two years throughout the Société Générale network on the EIB’s preferential terms.
The EIB and Société Générale thus confirm their long-standing cooperation to provide financial backing for corporate projects. An initial EUR 300 million loan advanced in January 2009 has already helped to finance nearly 2 800 projects promoted by 1 950 French SMEs.
This new agreement comes under the EUR 30 billion financing support plan to assist European SMEs launched by the EIB in September 2008 for the period 2008-2011. To tackle the financial crisis, the EIB was quick to step up its support for SMEs. In 2009 alone, the EIB lent EUR 12.7 billion – i.e. 55% more than in 2008 – to banks in the form of credit lines for the financing of small businesses. The EIB has helped more than 50 000 SMEs across the EU in this way.
With a 3.1% increase in outstanding loans at end-2009 compared to end-2008, Société Générale has demonstrated its financial backing for the French economy. On top of the measures taken in 2009, particularly the reorganisation of its lending decision-making arrangements, the bank continues to show its commitment in support of SMEs. In 2010, satisfaction surveys are being conducted systematically after loans have been provided in order to respond better to customers’ expectations.
Note to editors:
European Investment Bank
The EIB is the European Union’s bank. Its remit is to provide mostly long-term loans in support of viable private or public capital investment projects that meet the EU’s integration, cohesion and development objectives, broken down into six priority policies: economic and social cohesion; environmental protection; research and innovation; support for SMEs; trans-European transport networks; and the promotion of secure, competitive and sustainable energy.
In 2009, the EIB provided finance totalling EUR 70 billion in the EU, a 36% increase on the EUR 51.7 billion advanced in 2008. Of 2009’s total, EUR 6.3 billion was lent in France.
Société Générale
Société Générale is one of the leading financial services groups in the eurozone. With 157 000 employees worldwide, its activities revolve around three core business areas:
- retail banking, specialist financing and insurance, which have 32 million private customers in France and on the international market.
- private banking, asset management and investor services, in which the Group is among the leading banks in the eurozone with EUR 3 246 billion of assets in custody and EUR 164 billion under management (excluding Amundi) at end-March 2010.
- Société Générale Corporate & Investment Banking provides tailored customer services in a number of sectors by drawing on its general expertise in investment banking, financing and trading activities.
Société Générale is listed on the international sustainable development indexes, FTSE4good and ASPI. In 2010, the SAM rating agency awarded Société Générale the title of "Mover 2010" for the banking sector.
www.societegenerale.com
(1) enterprises of which not more than 25% of the capital is owned by one or more enterprises that fail to meet the staffing condition of < 250 people