€300 million for Nordic SMEs; Scandinavian Credit Fund I signs agreement with EIF

• Finserve Nordic AB gets European Investment Fund guarantee to support Nordic small and medium-sized enterprises, made possible by the European Guarantee Fund (EGF).
• The guarantee, deployed through the Scandinavian Credit Fund I, will allow to support Swedish, Danish and Finnish companies hit by COVID, allowing them to benefit from EU crisis funds.
• The EGF is part of the EU’s € 540 billion COVID-response package agreed last year.

Small & Midsize enterprises (SMEs) in Denmark, Sweden and Finland will soon have access to additional funding in the wake of the COVID-19 pandemic. To help companies deal with the fallout of health-related restrictions, Scandinavian Credit Fund I has signed an agreement with the European Investment Fund (EIF) for a credit guarantee programme that will make available €300 million in new, advantageous lending to support them. The guarantee from the EIF falls under the “European Guarantee Fund”, meant to ensure that Nordic SMEs have sufficient financing available to mitigate the economic impacts of the COVID-19 crisis and are able to continue their growth and development in the medium to long-term.

The program makes it possible for Scandinavian Credit Fund I to offer enhanced conditions for their borrowers. The investment team that manages Scandinavian Credit Fund I is an integral part of Finserve Nordic AB which offers several alternative investment funds, serving both the Institutional- as well as the retail market.

Fredrik Sjöstrand, Head of Investments and Portfolio Manager of the Scandinavian Credit Fund I says in a comment: “We, in the investment team that manages Scandinavian Credit Fund I, are proud to have been included in the credit program by the EIF. Being included means that our rigorous analyzing processes as well as our policies and instructions have been extensively tested and approved by the EIF. Backed by the guarantee program we are now able to choose to include new credits under the 70% guarantee that the EIF has enabled us to. Furthermore we are able to adjust the interest rate in a beneficial way for the borrower.”

European Investment Fund Chief Executive Alain Godard added: “The European Guarantee Fund allows the EIF to do even more of what it does best; providing finance to European SMEs, allowing them to grow. As in other countries, Nordic businesses have had to deal with the restrictions related to the COVID pandemic and the EIF is glad to be able to partner with Finserve to make sure that this much needed financing is channelled their way.”

Background information:

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.

Finserve Nordic AB is a Swedish Asset Management company formed in 2006. Finserve offers numerous funds and strategies which includes fixed income direct lending to Nordic companies as well as hedge and equity funds. Finserve operates out of central Stockholm and has 21 employees and approx. 4,5 billion SEK under management.

Press contacts:

EIB Group: Tim Smit, +352 691 28 64 23, t.smit@eib.org, Follow us on Twitter@EIF_EU
Finserve: Fredrik Sjöstrand, +46 70 575 75 51, fredrik.sjostrand@kreditfonden.se