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Santander and EIF provide over €500 million to boost recovery and growth of Spanish SMEs

    Date: 27 September 2021
  • Companies will be able to access finance to implement their projects and undertake growth and development plans.
  • Agreement between Santander and the EIF under the Pan-European Guarantee Fund, part of the European Union's €540 billion package to address the economic impact of COVID-19.

Santander and the European Investment Fund (EIF), part of the European Investment Bank Group, are joining forces once again to provide financing on favourable terms to Spanish small and medium-sized enterprises (SMEs) and mid-caps to enable them to implement their projects and undertake growth and development plans. With this goal in mind, the EIF will grant a guarantee of up to €360 million that, when combined with Santander’s financing, will total more than €500 million to ensure that Spanish companies recover as quickly as possible.

This agreement between Santander and the EIF falls under the Pan-European Guarantee Fund, part of the European Union's €540 billion package to address the economic impact of COVID-19.

It means that Spanish businesses will have the financing they need to make medium to long-term growth and development plans. Part of the new financing will also back renewable energy, energy efficiency, circular economy and infrastructure projects mitigating climate change and promoting a green economy in Spain.

The EIF support will enable Santander to offer specialised products and teams to SMEs — channelling the financing of projects through its Structured Finance, Santander Corporate & Investment Banking (SCIB) division — with the aim of maintaining its leading role in Spain and taking up the challenge of driving these investments at a European level.

In June, Santander and the European Investment Bank (EIB) signed two agreements providing €2 billion of support via credit lines for advance payment of suppliers to Spanish and European companies affected by the pandemic. Thanks to these agreements, SMEs, mid-caps and large companies have a more comfortable liquidity position, with a positive impact on the entire supply chain. Santander, a leading trade finance bank, was a pioneer in promoting financial support for companies in the form of advance payment of suppliers.

Santander España General Manager of Commercial Banking Ángel Rivera said: “We are committed to the recovery of the economy and are there to help companies to grow. This agreement with the European Investment Fund will enable many SMEs to implement growth projects in areas such as renewable energy, the circular economy and infrastructure, projects that will drive the transition towards a more sustainable growth model.”

EIF Chief Executive Alain Godard stressed that: “We are very proud to join forces once again with Banco Santander to boost the economic recovery of Spanish companies. Thanks to the Pan-European Guarantee Fund, Banco Santander will be able to offer more favourable financing to SMEs and mid-caps in sectors particularly affected by the pandemic, in addition to backing projects that help to combat climate change.”

EIB Vice-President Ricardo Mourinho Félix said: “With this agreement under the Pan-European Guarantee Fund, €2.5 billion will be made available to European companies affected by the pandemic, thanks to the successful partnership between the EIB Group and Banco Santander. By working together we can reach as many companies as possible, supporting their investment needs and sustainable medium to long-term growth.”

Santander finished 2020 as the top financier of renewable projects in Spain and across the world — in terms of both financing volumes and number of operations — according to Dealogic’s ranking. In concrete terms, during the last financial year it took part in 28 operations worth a total of €1.17 billion in Spain, which represents 17.4% of activity in the country and keeps it in the top spot for the fifth consecutive year.

Background information

Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in ten core markets in Europe and the Americas, and is one of the largest banks in the world by market capitalisation. Its purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of the first half of 2021, Banco Santander had €1.1 trillion in total funds, 150 million customers, of which 24.2 million are loyal and 45.3 million are digital, 10 000 branches and 190 000 employees.

About the European Investment Fund (EIF)

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

The European Guarantee Fund (EGF) was set up by the EIB Group with contributions from Spain and other EU Member States to shield companies suffering from the COVID-19 crisis. Using nearly €25 billion in guarantees, the EGF allows the EIB and the EIF to quickly make loans, guarantees, asset-backed securities, equity and other financial instruments available to mostly small and medium-sized enterprises and mid-caps. The EGF is part of the European Union’s recovery package aiming to provide a total of €540 billion to boost those parts of the EU economy that have been hit the worst.

Press contacts

Lorenzo Squintani, tel.: +352 691 285 772, l.squintani@eib.org
Website: www.eif.org  – Press office: +352 4379 21000 – press@eib.org
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