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German banks strike deal to support innovation

A group of lending banks in Germany has signed a deal with the European Investment Fund to guarantee high-risk loans worth €200 million for small innovative businesses.

The deal, announced on 10 December, was struck between the EIF and the Deutsche Bürgschaftsbanken group. The German banks will distribute the money over the next three years to an estimated 400 small hi-tech companies and start-ups.

“The support of the EIF will help small businesses to improve their balance sheet structure and stabilise company funding,” said Guy Selbherr, deputy chief executive of the German banking group. “With this agreement, small businesses and start-ups in Germany will have better access to leased financing.”

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