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Luxembourg : SG Finans to increase SME lending with EIB support
Publish Date : 23-Aug-2019
- SG Finans makes available EUR 150 million EIB credit line in Denmark and Sweden.
- At least 70% earmarked for SMEs, 10% transversally only available for climate projects.
The European Investment Bank (EIB) and SG Finans announce the signature of a EUR 150 million credit line, the availability of which will be split evenly between Denmark and Sweden. While 70% of the funding is earmarked for SMEs, the agreement also foresees that at least 10% of the available funding will be channelled to projects supporting the energy transition of the SME sector.
I think we can see this loan as a signal." said EIB Vice-President Alexander Stubb. SMEs are the backbone of the European economy, but the fact that we have a part earmarked for climate relevant projects is an important sign. Together with the facility signed last year, a total of 50 million euros will be dedicated to purely climate action projects. Now, its up to the private sector to take up the glove and develop projects for a greener future.
The pace of transition to zero or low emission technology is impressive in Scandinavia, and through the renewed collaboration with the EIB, SG Finans can further advice and support our 50,000 clients in their transition to a greener future, says Hans Einar Herzog, Deputy CEO at SG Finans. Facilitating this transition requires strong commitment and contribution from all parties involved, and we are very pleased to contribute to the financing of assets and investments which support the way forward towards a climate friendly economy. We share the EIBs objectives and we include this important collaboration in our sustainable & positive impact finance offering, which brings together all our environmental and social expertise across our full range of investment and financing solutions.
The operation was signed in June this year; the allocation of the loans will start this month. The operation follows upon the EUR 100 million credit line signed in 2018, which was successfully deployed to support qualified SME entrepreneurs in their efforts to reduce their carbon footprint as well as SME small-scale biogas production.