Libra Internet Bank offers RON 100 million (EUR 22 million) to micro-enterprises, guaranteed by the European Investment Fund

The European Investment Fund and Libra Internet Bank have signed a guarantee agreement under the EU Programme for Employment and Social Innovation (EaSI), with funding from the European Union.

Libra Internet Bank signed an agreement under the EaSI Programme and through this partnership will provide loans to micro-enterprises in the amount of RON 100 million (EUR 22 million).

The EaSI agreement will increase the lending volumes granted by Libra Internet Bank to micro-enterprises, offering a number of benefits for micro-borrowers   including rapid analysis and approval of credit files.

Also, it will allow Libra Internet Bank to provide enhanced access to finance for micro-enterprises in both start-up and development phase. The Programme is funded by the European Commission and managed by the European Investment Fund.

Speaking at the signature ceremony in Bucharest, EIF Microfinance Manager, Cristina Dumitrescu said: "Libra Internet Bank is one of our trusted partners and I am pleased to be announcing this new EaSI microfinance guarantee agreement for Romanian micro-borrowers. This deal complements the agreements signed last year, benefiting Romanian businesses lacking the sufficient collateral to access micro-finance".

"We are glad to extend the co-operation with the European Investment Fund also under the EaSI Programme, given the previous experience with COSME and Progress Microfinance  programmes. Micro-enterprises represent an important segment for Libra Internet Bank and in the future we want to develop affordable financing and guarantee products, according to their needs", said Emil Bituleanu, CEO Libra Internet Bank.

Micro-enterprises interested to apply for financing under EaSI Programme can directly contact Libra Internet Bank’s branches or on the following website: www.librabank.ro/Fonduri_Europene.

About the Programme for Employment and Social Innovation

The European Commission’s Programme for Employment and Social Innovation ("EaSI") is a financial instrument aiming at supporting the EU's objective of high level employment, adequate social protection, fighting against social exclusion and poverty and improving working conditions. The microfinance and social entrepreneurship axis of the EaSI programme provides support to financial intermediaries that offer microloans to entrepreneurs or finance to social enterprises. The aim is to increase access to microfinance for vulnerable groups who want to set up or develop their business and micro-enterprises, through notably loans of up to EUR 25,000. In addition, for the first time, the European Commission is helping social enterprises through loans of up to EUR 500,000. The microfinance and social entrepreneurship support is currently being implemented through the EaSI Guarantee, which enables financial intermediaries to reach out to micro-entrepreneurs that would not have been able to gain finance otherwise due to risk considerations, and to social. The European Commission has selected EIF to implement the EaSI Guarantee.

About the EIF

The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

About Libra Internet Bank

Libra Internet Bank is a Romanian legal person, regulated by the Romanian law and the supervisory norms of the National Bank of Romania. Libra Internet Bank has a network of 46 national branches and is addressed mainly to customers in the SMEs segment, Corporate, Professionals and Agriculture.

For further information about this Programme please visit: http://www.eif.org/what_we_do/microfinance/easi/.

Press contact:

EIF: David Yormesor, Tel: +352 42 66 88 346, e-mail: d.yormesor@eif.org

Libra Internet Bank: Corina Zamfirache, Tel: , +40 742 174 607, e-mail: corina.zamfirache@librabank.ro