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EUR 25 million for Lithuanian SMEs as EIF and Siauliu Bankas sign new loan agreement

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    Date: 16 January 2017

The European Investment Fund (EIF) and Siauliu Bankas have signed a loan agreement, which will provide EUR 25 million to small and medium-sized enterprises (SMEs) and small mid-caps in Lithuania.

Under the new agreement, Siauliu Bankas will offer attractive loans to Lithuanian SMEs and mid-caps over the next three years. The EUR 12,5 million loan, is backed by the EIB Group’s Cooperative Banks and Smaller Institutions (CBSI) Instrument, which provides long-term senior loan financing to financial institutions for the ultimate benefit of SMEs and small mid-caps.

EIF Chief Executive, Pier Luigi Gilibert, commented: “This new loan agreement will allow Siauliu Bankas to provide EUR 25 million to Lithuanian companies. Siauliu Bankas is one of EIF’s long-term partners and with its strong track record, will continue to successfully deliver value for Lithuanian businesses.”

Deputy Chief Executive Officer of Šiaulių Bankas, Head of Finance and Risk Management Division Donatas Savickas says that "Small and medium-sized companies account for the major part of Lithuanian business. Therefore, provision of financing to this segment is one of the bank's underlying strategic trends allowing making remarkable contribution to the development of the national economy. More favourable lending terms which Šiaulių Bankas is able to offer for business entities in cooperation with the European Investment Fund facilitate achieving this objective".

More information:

About 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 Šiaulių Bankas

Founded in 1992, Šiaulių Bankas is rapidly and steadily growing bank with the diversified base of  local and international shareholders including the European Bank for Reconstruction and Development (EBRD) which owns 18% of bank shares. The bank provides consumer financing, saving, investment and daily banking services to individuals and corporate customers, offers fast and flexible financing solutions to business, and focuses on small and medium-sized businesses in particular. Šiaulių Bankas services its customers in 68 customer service points operating in 38 cities and towns throughout Lithuania. The Bank's shares are quoted on the Main List of the NASDAQ Baltics.

About the Cooperative Banks and Smaller Institutions mandate (CBSI)

The CBSI Instrument, is an EIB Group effort, providing senior loan financing to cooperative banks and other smaller financial institutions for the ultimate benefit of SMEs and small midcaps.

Following 5 years of a very successful implementation of the European Progress Microfinance Facility, where EIF has provided lending to small financial intermediaries reaching thousands of micro-enterprises that were supported in an earlier stage of their growth, the launch of the CBSI Instrument will contribute in a first phase to the sustainability and growth of approximately 3,000 companies across 8 or 9 different EU countries overall.

Press contacts:

EIF: David Yormesor

Tel.: + 352 24 85 81 346, E-Mail: d.yormesor@eif.org

Šiaulių Bankas: Grikšienė Daiva

Tel.: + 370 615 61 515, E-mail:  daiva.griksiene@sb.lt

 

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