Brussels, 05/12/2008 (Agence Europe) - On Wednesday 3 December, the European Investment Bank (EIB) awarded the Banca Monte dei Paschi di Siena (Banca MPS) one of the “new” loans for SMEs amounting to €250 million for the financing, via leasing contracts, of SMEs operating in the industrial, tourism and services sectors. The EIB funds will be made available to the beneficiary SMEs through the Montepaschi Group's two leasing companies, MPS Leasing&Factoring and MPS Commerciale Leasing, on the basis of a structure of joint and several liability with the parent company, Banca MPS.
Managed through its network of accredited financial intermediaries, the EIB's new loan for SMEs has a simpler, more flexible format compared to the traditional global loan in order to reach an ever-increasing number of SMEs in an even more transparent and efficient manner. The traditional “global loans” instrument was renewed in 2008 to meet the financing requirements of SMEs that emerged in the course of a process of consultation conducted by the EIB. At the end of September, the EIB approved an initial package of measures, including an increase in the Bank's financing threshold for SMEs from 50% to 100% of the investment cost, up to a maximum of €12.5 million. The new loan for SMEs instrument will enable the intermediary banks to finance all types of investment or expenditure requested by expanding enterprises with fewer than 250 employees (fixed investments, research and development projects and even permanent working capital increases). Credit operations carried out via leasing arrangements are one of the main sources of finance for SMEs: in fact, they account for around 40% of the financial resources of companies with fewer than 100 employees. (O.L./transl.rt)