Brussels, 20/01/2012 (Agence Europe) - In Madrid on Friday 20 January 2012, the European Central Bank (EIB) and Bankinter signed a small and medium-sized business financing deal worth €200 million for companies of up to 3,000 employees). EIB funds will be lent on to industry and the service sector. EIB manager for Spain, Álvarez Arza, pointed out the scale of this type of intervention, particularly in the current economic and financial climate, which will help breathe life into the economy and stimulate growth and job creation.
At least 70 % of the EIB funding will be used for investment in small businesses with the remainder, no more than 30%, for medium-sized companies. A significant share of the funding must be lent on to business projects in areas of Spain subject to the “Convergence Objective”. The loans are part of the EIB's investment to provide competitive lending to small businesses with longer-than-average repayment periods, repayment flexibility and low interest rates. These beneficial terms and conditions should filter down to the end beneficiaries. (OL/transl.fl)