European Investment Fund (EIF) and Banque Internationale à Luxembourg (BIL) extend InnovFin SME Guarantee Facility agreement; EUR 20 million available for innovative SMEs and small mid-caps.
The project is supported by European Fund for Strategic Investments, part of the Investment Plan for Europe, or Juncker Plan. This extension of an existing InnovFin agreement between the EIF and BIL will see an increase in access to finance for innovative Luxembourgish small and medium-sized businesses and small mid-caps.
The original guarantee agreement, first signed in 2015, was increased by EUR 10 million to allow BIL to expand its lending to the innovative business sector in Luxembourg by twice that amount. The increase means that the EIF’s guarantee will cover a portfolio of SME and small mid-cap lending by BIL of up to EUR 80 million in total, awarding loans to well over 100 businesses.
Carlos Moedas, European Commissioner for Research, Science and Innovation, said: “This is very good news, and yet another example of the Juncker Plan at work. It means fresh financing for Luxembourgish small and medium businesses, and this is often exactly what they need to launch new products, integrate innovative processes, create new jobs and expand beyond their local market.
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Source: Startup Europe news