The EIF and Banka Koper today signed a guarantee agreement aimed at supporting over 500 micro-enterprises in Slovenia.This agreement will allow Banka Koper to provide enhanced access to finance to micro-entrepreneurs, in particular to young entrepreneurs in Slovenia, many of whom face difficulties in accessing credit from traditional banking sources.

Progress Microfinance is funded by the European Commission and the European Investment Bank and managed by the EIF. Commenting on the transaction, Head of the Microfinance team, Per-Erik Eriksson said: “We are pleased to be signing the first guarantee agreement in Slovenia under Progress Microfinance with Banka Koper. I am convinced that this finance will help to benefit micro-enterprises and contribute to the economic growth and social inclusion in Slovenia”.

The transaction will allow Banka Koper, to continue further developing its current lending activity to small and micro-enterprises in Slovenia. The new product will be launched in the Slovenian market toward the end of February 2014.

The Director of Banka Koper Small Business Department, David Zorman, said: “We give a lot of attention to the micro and small business segment and we will continue to focus on this segment also in the future. Under the new offer the enterprises will gain funds in a more easy and simple way, especially due to the 75% EIF guarantee, furthermore the pricing will be more favourable. We believe the new product may contribute to overcome the tough economic situation.”

Micro-enterprises wishing to apply for a micro-loan under Progress Microfinance can directly contact Banka Koper’s branches in Slovenia.

About the European Progress Microfinance Facility

The European Progress Microfinance Facility (Progress Microfinance) provides guarantees and funded instruments to microfinance intermediaries. The initiative is established with EUR 203 million of funding from the European Commission and the European Investment Bank. The European Investment Fund (EIF) acts as Management Company on behalf of the EU Microfinance Platform FCP-FIS - European Progress Microfinance Fund, the main vehicle through which Progress Microfinance is implemented. Progress Microfinance aims to increase access to finance for micro-entrepreneurs, including the self-employed. It has a particular focus on, but is not restricted to, groups with limited access to the conventional credit market. Examples include female entrepreneurs, young entrepreneurs, entrepreneurs belonging to a minority group, entrepreneurs with a disability, sole traders etc. Loans less than EUR 25,000 are made available through selected intermediaries participating in the facility. Progress Microfinance does not provide direct financing to micro-entrepreneurs or individuals.

Banka Koper marks the 45th transaction signed under Progress Microfinance since its inception in 2010. To date, commitments of over EUR 130 million under Progress Microfinance have been signed to benefit EU micro-borrowers. Countries where agreements have been signed to date include Austria, Belgium, Bulgaria, Cyprus, France, Greece, Ireland, Italy, Lithuania, Poland, Portugal, Slovenia, Slovenia, Spain, the Netherlands and the UK.

For further information about this initiative please visit: www.ec.europa.eu/epmf

About EIF

EIF's central mission is to support Europe's small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture capital and guarantees 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. The EIF total net commitments to private equity funds amounted to over EUR 6.5bn at end 2012. With investments in over 430 funds, the EIF is a leading player in European venture due to the scale and the scope of its investments, especially in high-tech and early-stage segments. The EIF guarantees loan portfolio totalled over EUR 4.7bn in 255 operations at end 2012, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.

About Banka Koper

Banka Koper is a universal bank and among the eight largest banks in Slovenia. It was established almost 60 years ago, its skyrocketing development initiated in the late nineties of the previous century, during which it gradually outgrew from a regional bank to an all- Slovenian bank that is present in all major Slovenian cities, holding 52 branches in total. Domestically and in an international venue it is recognised as an innovative bank, since it provides the most state-of- the- art banking products and services on global scale to its customers. Since 2007 it has been a member of the Intesa Sanpaolo international banking group.

Press information

EIF: David Yormesor, d.yormesor@eif.org

Banka Koper: Laura Brec Frančeškin laura.brec.franceskin@banka-koper.si

HIGHLIGHTS

European Progress Microfinance Facility