The EIB loan will facilitate micro-financing for entrepreneurs looking to start a business
The European Investment Bank (EIB) today signed two loans to facilitate financing for SMEs and support for microcredits in Spain. The funds totalling EUR 330m aim to promote economic growth, innovation and job creation, supporting small business people, self-employed young people and start-ups.
EIB Vice-President Román Escolano and CaixaBank CEO Gonzalo Gortázar signed a EUR 300m loan to ensure that SMEs and midcaps (up to 3 000 employees) can access the financing they need to continue developing. In Spain, these companies provide the largest contribution to economic growth and job creation.
In addition, the EIB is supporting small entrepreneurs who want to turn their ideas into a business. Román Escolano and MicroBank Chairman Antonio Vila Beltrán today signed a EUR 30m loan to facilitate microcredits for those with very limited access to financing to start their business. The goal is to help create jobs for young people in Spain. The last EIB loan to MicroBank – totalling EUR 100m and signed in 2014 – benefited more than 9 000 micro-businesses and self-employed workers. 30% of them launched start-ups thanks to these credits.
During the signing ceremony, EIB Vice-President Román Escolano highlighted “the importance of this operation for showing that the EIB also reaches small business people and young entrepreneurs. These loans will make it possible to support start-ups and small businesses, which are vital for creating jobs and promoting the growth of the Spanish economy.”
CaixaBank CEO Gonzalo Gortázar emphasised that CaixaBank would continue “providing the necessary funds and personalised advice from our specialists for companies’ new initiatives” and encouraged SMEs to “invest in innovation to internationalise their businesses.” Gortázar also gave his thanks for the “European Investment Bank's crucial work to promote economic activity and job creation in Spain.”
MicroBank Chairman Antonio Vila highlighted the fact that “we grant all of our microcredits on the basis of the viability of the project, the knowledge of the applicant and the level of confidence we have in them. No additional guarantees are required. We firmly believe that microcredits are useful instrument for driving access to financing for micro-businesses and entrepreneurs, and for fostering self-employment.”
The average amount of the microcredits granted by MicroBank thanks to EIB financing is between EUR 15 000 and EUR 25 000. MicroBank does not require any guarantees for its operations. This is the third time that the EIB has supported MicroBank, the only banking institution is Spain dedicated exclusively to micro-financing.
More information on how the EIB is supporting micro businesses and self-employed workers via MicroBank is available here.
