The European Investment Bank is making a EUR 50 million loan available to small and medium-sized enterprises (SMEs) and midcaps in the Tyrol. The funds will first be provided to Raiffeisen-Landesbank Tirol AG (RLB Tirol AG), which will act as an intermediary. An agreement to that effect was signed by both parties on Wednesday in Innsbruck.
Two thirds of all jobs in Europe are created by SMEs, which account for 58% of economic growth in Europe.
There are around 310 000 SMEs in Austria, which employ some 1.9 million people. A sizeable share of these firms‘ investment is in the areas of research, development and innovation. The financial stability of this segment of the business community is therefore crucial for the medium and long-term growth of Austria’s economy.
The main target group in the Tyrol is SMEs. The EIB specifically provides financing for this often highly innovative segment. For the borrowers the comparatively favourable terms are particularly attractive. Lending to SMEs and midcaps will continue to be a priority for the EIB Group in the coming years.
At the signing ceremony Wilhelm Molterer, EIB Vice-President with responsibility for lending operations in Austria, said: “Small and medium-sized enterprises create growth and provide a key contribution to regional economic development, which makes it all the more important to facilitate access to the finance required. Together with the Raiffeisen banking group in the Tyrol we can ensure not only that the funds are made available but that they are provided where they are so urgently needed. At the same time, thanks to this cooperation there will be an even greater diversity of regional funding.”
“Businesses in the Tyrol will benefit from our partnership with the European Investment Bank in the long term. The direct allocation of the EIB global loan will act like a turbocharger, supplementing the enormous financial contribution that the Raiffeisen banks have already made in the Tyrol, thereby supporting the domestic economy. These loans can be handled by the Raiffeisen banks in the Tyrol and RLB Tirol AG”, remarked Mr Hannes Schmid, Spokesman for the Board of RLB Tirol AG. “Raiffeisen is currently the only bank in the Tyrol to receive EIB global loans”, added Mr Schmid.
