The European Investment Fund (EIF) and the ProCredit Group signed an agreement today to boost lending to innovative small and medium-sized enterprises (SME) as well as small mid-caps through InnovFin - a new loan facility for innovators, which is an initiative backed by the European Commission.
This new agreement allows the ProCredit Group to finance innovative companies, from a budget totaling EUR 250 million, through ProCredit banks in Albania, Bosnia-Herzegovina, Bulgaria, Macedonia, Moldova, Romania and Serbia. An advantage for these banks lies in the possibility to use the guarantee provided by the EIF under Horizon 2020, the EU's Framework Programme for Research and Innovation.
Carlos Moedas, the European commissioner for research, science and innovation said: "The EU-backed loan agreement signed today is open to SMEs and small mid-caps in EU Member States as well as countries associated to Horizon 2020 in Southeast Europe. Its objective is to help boost investment in innovative companies to promote jobs and growth."