The European Investment Fund and a private bank are loaning €450 million to innovative small and medium-sized companies, the EIF has announced.
The loans, provided jointly by the EIF and the ProCredit banking group, were announced on 20 July. They top up a previous collaboration between the two banks, bringing their total joint support for European SMEs to €820m for businesses in 11 countries.
The agreement is part of the European Commission’s InnovFin initiative, which is supported by Horizon 2020. InnovFin enables participating banks to loan money to innovative companies, backed by an EIF guarantee.
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