Brussels, 20/07/2010 (Agence Europe) - On Monday 19 July, the European Investment Bank (EIB) and the Société Générale set up a €300 million credit line in support of projects by French small and medium-sized enterprises (SMEs).
This partnership will enable independent, development-minded French SMEs (i.e. enterprises of which not more than 25% of the capital is owned by one or more enterprises that fail to meet the staffing condition of fewer than 250 people) with fewer than 250 employees to contract loans with terms of at least two years throughout the Société Générale network on the EIB's preferential terms. An initial €300 million loan advanced in January 2009 has already helped to finance nearly 2,800 projects promoted by 1,950 French SMEs.
This new agreement comes under the €30 billion financing support plan to assist European SMEs launched by the EIB in September 2008 for the period 2008-2011. To tackle the financial crisis, the EIB was quick to step up its support for SMEs. In 2009 alone, the EIB lent €12.7 billion - i.e. 55% more than in 2008 - to banks in the form of credit lines for the financing of small businesses. The EIB has helped more than 50,000 SMEs across the EU in this way. (O.L./transl.jl)