The European Investment Fund (EIF) and Banca Intesa signed an agreement on InnovFin guarantee for support to innovative entrepreneurs and small and medium enterprises (SME) in Serbia on Friday, November 17, 2017.
The agreement will enable Banca Intesa to lend the expected EUR 100 million in loans to innovative companies over the next two years, with the support of an EIF guarantee which will cover 50% of each loan and the Horizon 2020 framework program of the EU for research and innovations, the bank’s press release says.
– Thanks to the agreement signed today, Serbian entrepreneurs will get access to additional funds for financing the development of new products, services and projects. Increasing our support in Serbia is of crucial importance for achieving the mutual goal, which is to create smart, inclusive and sustainable economies throughout the EU and the associated countries – Carlos Moedas, EU Commissioner for Research, Science and Innovation, pointed out on this occasion.
Commenting on the signing of the agreement, EIF Chief Executive Pier Luigi Gilibert said that Banca Intesa was an important partner to the EIF and that it realized good results within the COSME instruments and that he was glad that the new agreement, which would support the development of innovations in the country, had been signed.
– This is the third agreement already that we have signed with the EIF in only a year in order to further stimulate the growth of the economy through providing access to affordable finance for entrepreneurs and SME. After ours providing them with loans for working assets without solid collaterals through the COSME line, we will also offer them long-term investment loans with considerably relaxed security instruments through the InnovFin program. I believe that, this way, we will provide an additional contribution to the expected growth of corporate crediting, as well as to initiating a new investment cycle in Serbia – stated Draginja Djuric, president of the Executive Board of Banca Intesa.
The aim of the InnovFin guarantee is to stimulate banks and other financial institutions to lend money to entrepreneurs and SME with up to 499 employees which need investment and/or working capital to finance research, development and innovative activities, with support by the EU, the press release adds.
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