Elkargi and Banca March sign agreement to offer financing for companies in the Basque Country, Navarra, La Rioja and Aragon 02 December 2024 Category: Agreements Elkargi and Banca March sign agreement to offer financing for companies in the Basque Country, Navarra, La Rioja and Aragon Elkargi, a non-profit financial institution offering financial support for businesses (Sociedad de Garantía Recíproca), and Banca March, specialising in private banking and corporate advisory services, have signed a cooperation agreement that seeks to improve competitiveness throughout the business landscape in the Basque Country, Navarre, La Rioja and Aragon. The agreement was signed by the Managing Director of Elkargi, Zenón Vázquez Irizar, and the head of Corporate Banking at Banca March, Felipe Rastrollo Marcos, at a ceremony held at Elkargi's headquarters in Donostia/San Sebastián. The two institutions are partnering up for the first time to provide companies with specialist financial products and facilitate access to financing on preferential terms. The agreement provides for loans of up to a maximum of €2 million per transaction and with a term of up to 15 years. The aim of this agreement is to promote and accelerate private sector investment and offer solutions to the working capital and liquidity needs of Basque companies – many of which are family businesses, a strategic priority for Banca March – and facilitate access to financing under attractive conditions. Zenón Vázquez Irizar, CEO of Elkargi, and Felipe Rastrollo, Director of Corporate Banking at Banca March Zenón Vázquez Irizar, Managing Director at Elkargi, said: “We are delighted to have reached this initial agreement with Banca March, as it will allow us to grow the range of solutions we offer our 23,000 member companies, many of which are family businesses and which are essential for economic growth and job creation. In these fast-moving times, businesses and, particularly family businesses, need to focus on strengthening their financial structure. The agreement with Banca March responds to this goal, and will also afford easier access to financing and greater competitiveness for companies.” Felipe Rastrollo Marcos, Head of Corporate Banking at Banca March, said: “As a bank specialising in corporate advisory services, business-owning families and family businesses, this agreement further evidences our commitment to affording Basque, Navarre and La Rioja companies access to finance, enabling them to fulfil role as essential economic and social drivers within their areas of influence. Banca March, the only Spanish bank which has been wholly family-owned since its inception, has reinforced its commitment to these communities, where we are delighted that the bank’s business model, based on prudent management and long-term relationships with customers, has been so warmly welcomed." Boosting economic growth Given Elkargi's extensive ties throughout the business community, this agreement underscores Banca March's commitment to supporting the business landscape by providing small and medium-sized companies with access to financial products to drive their growth and transformation. The agreement will both allow for the launch of new projects and improve the competitiveness of existing projects, all with a view to boosting economic growth. The agreement provides for financing for productive investment projects (real estate, fixed assets, machinery, etc.) as well as for working capital and to respond to businesses' short-term liquidity needs. The two banks have a shared strategy of supporting businesses as a key economic driver and as such, providing them with the financial tools they need is crucial. Elkargi will also step up the economic and financial advice it provides to small and medium-sized companies to help optimise their economic and financial management and meet their everyday needs. About Elkargi Founded in 1980 through the union of 350 partner companies, Elkargi is a financial institution specialising in advisory services and financing solutions for SMEs and business projects. It currently has more than 23,000 member companies, to which it provides advisory, financing and financial training services. Elkargi believes in companies as a key driver of progress and economic and social change. This clear vocation has allowed it to make meaningful progress on delivery solutions and providing financing, positioning itself as one of the top financial hubs specialising in efficient solutions to financial needs, with formulas that enable companies to grow and become more efficient and sustainable.