InvestEU: More than €1 billion in financing for small businesses in Spain to support innovation, digitalization, sustainability and social entrepreneurship
Backed by the InvestEU programme, the European Investment Fund (EIF), CaixaBank and MicroBank are stepping up their support for Spanish small and medium enterprises (SMEs) and mid-caps by providing them with guarantees worth €637 million. CaixaBank and MicroBank will use these guarantees to mobilise more than €1 billion in financing to help businesses reach their full potential in the areas such as innovation, digitalization, sustainability and social entrepreneurship.
The InvestEU Innovation and Digitalisation Guarantee is worth up to €100m. It will allow CaixaBank to continue supporting Spanish businesses working in research and development and enhancing their access to finance. This initiative will also help drive the digital transformation among companies of this size. The InvestEU Sustainability guarantee is worth up to €50m. With this guarantee, the EIF and CaixaBank will step up support for the green transition and help beneficiaries make green, inclusive and environmentally friendly investments. The financial institution will begin offering these products in the second half of the year. In addition, MicroBank, the social bank of CaixaBank, has signed a guarantee agreement with the EIF worth up to €487.5m. It includes four InvestEU Fund products: Microfinance, Social Entrepreneurship, SME Competitiveness and Sustainability. The agreement will enable MicroBank to provide financing to microenterprises, entrepreneurs and social enterprises in these areas on favourable terms.
An Economy that Works for People Executive Vice President Valdis Dombrovskis (pictured) said: “InvestEU is playing an important role across Europe in helping small and medium-sized businesses gain access to the finance they need to innovate, expand and create jobs. Thanks to this InvestEU agreement, more and more Spanish businesses will unlock the funds they need to reach their full potential, including in the areas of innovation, sustainability and social entrepreneurship – all vital for future growth.”
The agreement is backed by the InvestEU programme. The InvestEU programme provides the EU with long-term funding by leveraging private and public funds in support of EU policy priorities. The InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee and thus mobilising at least €372 billion in additional investment.
A press release is available online.
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