Luxembourg/Frankfurt, 13 May 2014
EIB and DZ BANK sign new global loan for small and medium-sized enterprises
The European Investment Bank (EIB) and DZ BANK have signed a €100 million loan for financing small and medium-sized enterprises (SMEs). The funds are mainly intended for small SME investment projects in Germany, but projects in other EU countries will also be eligible.
Financing small businesses is one of the EIB’s core tasks. Last year alone, the EIB and its subsidiary the European Investment Fund provided a record amount of around €22 billion for SMEs and midcaps (firms with up to 3000 employees), benefiting some 230 000 companies across Europe. In Germany the Bank financed small businesses to the tune of €1.4 billion in 2013 – also a record amount.
For its small business lending, the EIB works together with intermediary banks. This enables it to both broaden its reach and provide tailor-made finance for smaller investment projects. One of the EIB’s financing partners in Germany is DZ BANK, which onlends to SMEs via its subsidiary VR Leasing.
EIB Vice-President Wilhelm Molterer, who is responsible among other things for the Bank’s financing operations in Germany, said: “It is small and medium-sized businesses that create growth and jobs in Europe. This is particularly true in Germany, where SMEs predominate in the economy. I am delighted that we are continuing our excellent cooperation with DZ BANK to make tailored finance quickly available to small businesses.”
“Financing small and medium-sized firms and helping them with their business has long been a particular concern of the Cooperative Financial Network. We are very pleased to provide, together with the EIB, further funding for SMEs’ pioneering projects and initiatives, strengthening their financial position in a competitive international market”, added DZ BANK’s corporate finance director Stefan Zeidler.
The EIB is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. As well as financing small and medium-sized enterprises, the Bank focuses on research, development and innovation, strategically important infrastructure and efficient resource use.
DZ BANK AG is the parent company of the Cooperative Financial Network and central bank for more than 900 cooperative banks, which it majority owns. It also acts a holding company for the DZ BANK Group’s affiliates. As well as DZ BANK AG, leading financial service providers such as Bausparkasse Schwäbisch Hall, Union Investment and R&V Versicherung belong to the DZ BANK Group. With its comprehensive financing offer the DZ BANK Group supports the Volksbanken and Raiffeisenbanken in their retail, corporate, capital market and transaction banking business.
DZ Bank: Sylke Kieliba, email@example.com, Tel. 069 7447 2381