Leading Danish SME lender Sydbank has signed a guarantee agreement with the European Investment Fund (EIF), which will facilitate DKK 797 million (€107 million) in new financing for small businesses in Denmark and Germany.
“With the support of the InvestEU program Sydbank will be able to further empower small and medium-sized enterprises in Denmark and Germany to drive innovation, digitalization, and sustainability. This is a testament to our commitment to the growth and success of SMEs which help drive the economic development. This agreement with EIF reflects our dedication to support Europe’s ambitious goals and contributing to a greener world, and we are excited about the positive impact it will have on SMEs in Denmark and Germany,” said Claus Peter Michelsen, Group Executive Vice President.
Under the guarantee, Sydbank will create two new portfolios of lending to SMEs aimed at supporting innovation and digitalisation on the one hand, and the development of sustainability projects on the other.
“The EIF continues to closely monitor current developments and the effects they may have on European companies and Europe’s growth prospects," said Marjut Falkstedt, EIF Chief Executive. “We continue to see the need for thematic financing in many countries, including Denmark. Sustainability, innovation and digitalisation are key components of Europe’s shift towards a carbon-neutral future and we’re glad to partner with Sydbank to contribute to these goals.”
Two years ago, Sydbank also signed a guarantee agreement with the EIF. This made available just over DKK 2 billion which was intended to support the restart after the corona pandemic and the continued growth while securing Danish jobs.
Background information:
The European Investment Fund (EIF) is part of the European Investment Bank (EIB). Its core mission is to support Europe’s micro, small and medium-sized enterprises (SMEs) by helping them access funding. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that are specifically targeted at this market segment. In this role, the EIF promotes EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.
The purpose of the InvestEU programme is to create growth and mobilise investment in the European Union. The programme will run from 2021 to 2027 and aims to mobilise public and private investments of €372 billion through an EU guarantee of €26.2 billion channelled through partners such as the European Investment Bank (EIB) and other financial institutions.
Sydbank is a nationwide, full-service corporate and advisory bank building on relationships between people. We find solutions where they are – quickly and efficiently. This is the basis of the day-to-day work at Sydbank, which has grown through mergers and acquisitions into one of Denmark’s largest banks.
As an advisory and service undertaking Sydbank’s primary objective is to meet the financial requirements of its customers. Sydbank achieves this objective by striving to be among the absolute top performers in Denmark in terms of operating a bank and providing advisory services to customers based on their unique situation.
Press contacts:
EIB Group: Mai Zeilund, +4571900523, m.zeilund@ext.eib.org
European Commission: Flora Matthaes, +32460755148, flora.matthaes@ec.europa.eu
Sydbank: Lars Grubak Lohff, +45 20 31 54 65, lars.lohff@sydbank.dk
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