Bankinter and EIF sign agreement to assist innovative firms
The European Investment Fund (EIF) and Bankinter have agreed to increase lending to innovative SMEs and small mid-caps under a new initiative supported by the European Commission.
The InnovFin scheme allows Bankinter to provide innovative companies in Spain with access to a total of €200m of financing for the next two years with the support of a guarantee provided by the EIF and backed under Horizon 2020. The deal also enables the Spanish bank to offer innovative companies additional financing at favourable conditions.
Commenting on the signature, EIF deputy chief executive Marjut Santoni said: “This pioneering deal marks a significant step in the EU’s efforts to increase access to finance for innovative businesses across the EU.”
The aim of the InnovFin SME Guarantee is to encourage banks or other financial institutions to lend to companies in need of investment and/or operating capital to finance RDI, with EU financial support. Financial institutions are being selected by the EIF following a call for expression of interest for financial intermediaries across Europe.
Carlos Moedas, the new European Commissioner for Research, Science and Innovation, added: “With this signature we have started to deliver our promise to stimulate private investment for sustainable growth, job creation and a more competitive Europe. I am convinced that this agreement is first of many that will directly help SMEs across the EU to finance innovation.”
The European Investment Bank, which oversees the EIF, has announced that it is also in advanced discussions with Bankinter and is expected to finalise a €200m credit facility in the coming months which, combined with the InnovFin guarantee agreement, could further enhance access to finance for innovative businesses in Spain.
