The EIF and SKB Leasing, Slovenia have signed a EUR 9 million loan agreement aimed at supporting micro-enterprises and self-employed entrepreneurs in Slovenia.

This transaction was signed under the European Progress Microfinance Facility (Progress Microfinance), funded by the European Commission and the European Investment Bank and managed by the European Investment Fund.

SKB Leasing will provide a total amount of up to EUR 13million to micro-entrepreneurs across the country, with a particular focus on supporting self-employed entrepreneurs and formerly unemployed micro-entrepreneurs starting-up their own businesses. This agreement will provide easier access to finance to about 1,000 Slovenian micro-enterprises and fostering job preservation and new employment in the country.

Commenting on the agreement, European Investment Fund Head of the Microfinance team, Per-Erik Eriksson said: “I am delighted to be signing this Progress Microfinance agreement in Slovenia with SKB Leasing.

At a time of tightening credit conditions and a challenging employment market, this agreement will bring valuable benefits to micro-entrepreneurs across the country”.

The transaction will allow SKB Leasing, to continue and further develop its current leasing activity to small and micro-enterprises in Slovenia.

“In SKB Leasing, we are very proud, that EIF gave us an opportunity of becoming a microcredit provider under European Progress Microfinance Facility. As one of the biggest leasing companies on the Slovenian leasing market we will engage all our capacities to offer the EIF funding to prospective SMEs for developing their business. With EIF finance we will help them to grow, to be innovative and to create or at least preserve working places.” said Don Schöffmann, General Manger of SKB Leasing d.o.o.

Micro-enterprises wishing to apply for a micro-loan under Progress Microfinance can directly contact SKBL Leasing‘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 205 million of funding from the European Commission and the European Investment Bank. 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.

SKB Leasing marks the 46th 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, Romania, 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 micro, small and medium-sized businesses 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. EIF’s total net commitments to private equity funds amounted to over EUR 6.9bn at end 2012. With investments in over 435 funds, 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. EIF’s guarantees loan portfolio totalled over EUR 4.7bn in close to 255 operations at end 2012, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.

Press contacts:

EIF: David Yormesor, d.yormesor@eif.org
SKB Leasing: Monika Jenko, or visit SKB Leasing`s website http://www.skb-leasing.si

HIGHLIGHTS

European Progress Microfinance Facility