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Banca March - Crecemos con valores, crecemos juntosNews

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At Banca March, we want to keep you always informed, and this section gives you the opportunity to find out whatever you want to know about.

02/13/2020

The EIB and Banca March make €400 million available to finance Spanish SMEs and midcaps

  • The project will support investment in innovation and companies located in areas with high unemployment  

The European Investment Bank (EIB) and Banca March are once more joining forces to provide finance to Spanish SMEs and midcaps in favourable conditions, both in terms of repayment periods and interest rates. To this end, the EU bank has granted a loan of €200 million to Banca March, which the Spanish bank will supplement with an additional €200 million. This makes the total volume of finance available to Spanish businesses to finance their investment projects and working capital €400 million. The agreement was signed today by the Vice-President of the EIB, Emma Navarro, and the Managing Director of Banca March, José Luis Acea.

The funds will be used to finance SMEs and midcaps from all sectors to ensure their competitiveness and help create jobs. Part of the finance will be used to promote investment in innovation and help Spanish companies implement their R&D strategies. Another of the main objectives of the agreement is to support businesses located in areas with high unemployment rates.  

To be eligible for this new EIB and Banca March line of finance, the cost of the investment projects must be less than €12.5 million for the small businesses and not more than €25 million for the midcaps.

At the signing held in Madrid, the Vice-President of the EIB, Emma Navarro, who is responsible for the bank's activity Spain, said: "We are delighted to deepen our partnership with Banca March and strengthen our commitment to Spanish SMEs and midcaps. Supporting them continues to be one of the EIB Group's great priorities for contributing to economic growth and job creation. The finance being provided through this agreement will help bolster their competitiveness and will be of particular benefit to SMEs operating in regions with unemployment."

The Managing Director of Banca March, José Luis Acea, added: "The connection between Banca March, the only Spanish bank 100% family-owned since its creation, and entrepreneurs and family businesses is a key tenet of our business model. The financing agreements with the EIB will enable us to strengthen our commitment to a vital business segment for us, supporting these companies in their growth and development by offering them the best financing options as a specialised bank."

This agreement is the fourth between the EIB and Banca March to support SMEs. The most recent, signed in April 2019, made it possible to finance almost 400 companies with loans for an average of €240,000.

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