EIB and Banca March sign guarantee agreement to provide up to €300 million in financing to Spanish companies with 250 to 3 000 employees
22 October 2024 Category: Agreements
- The agreement seeks to promote private sector investment and support the financing needs of a key segment of the Spanish economy in terms of growth, competitiveness and job creation.
The European Investment Bank (EIB) and Banca March have signed a new agreement under which Banca March will provide up to €300 million of additional financing to Spanish companies with 250 to 3 000 employees. The EIB will offer an institutional guarantee covering 50% of the total amount.
The goal of this agreement is to promote and accelerate private sector investment and offer working capital and liquidity solutions to Spanish mid-caps – many of which are family businesses, the strategic focus area of Banca March – making it easier for them to access finance with attractive terms in a high interest rate environment.
At least 35% of investments are expected to be made in regions with a per capita income below the EU average, helping to improve competitiveness and cohesion between regions, which is among the EIB Group's strategic priorities.
“The EIB is once again joining forces with Banca March to take another step forward in developing attractive lending solutions tailored to the needs of Spanish mid-caps,” said EIB Director of Financial Institutions Gemma Feliciani. “This agreement is yet another example of cooperation between the public and private sectors to boost the competitiveness of a key business segment for economic growth and job creation in Spain.”
The agreement is part of the EIB’s efforts to finance small and medium companies (SMEs) and mid-caps and Banca March’s commitment to provide its financing capacity, all of which is in line with EU priorities and the goal of both institutions to help improve industrial competitiveness in the European Union.
Banca March CEO José Luis Acea added: “As a bank specialising in advising businesses, business-owning families and family businesses, this agreement reflects our ongoing commitment to make it easier for Spanish companies to access finance from top-tier European institutions, enabling them to play their role as key motors of economic and social development in their domains.”
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