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EUR 60 MILLION TO BENEFIT 3,000 SMEs IN SERBIA

The European Investment Fund (EIF) and Banca Intesa AD Beograd signed the first agreement in Serbia under the COSME programme, the European Commission’s programme for small and medium-sized enterprises (SMEs), during a signature event held today in Belgrade, Serbia.

Thanks to the financial backing of the European Commission, EIF is providing a direct guarantee that will enable Banca Intesa to support 3,000 SMEs in Serbia over the next two years with EUR 60 million in loans on favourable terms - with increased maturities and without any hard collateral.

COSME is the EU programme for the Competitiveness of Enterprises and small and medium-sized enterprises (SMEs) running from 2014 to 2020 with a total budget of EUR 2.3 billion. At least 60% of the programme will be devoted to easing access to finance for SMEs in Europe, with two financial instruments. The COSME Loan Guarantee Facility supports guarantees and counter-guarantees to financial institutions to help them provide more loans and lease finance to SMEs. This facility also includes securitisation of SME debt finance portfolios. The COSME programme also invests through the COSME Equity Facility for Growth in equity funds that provide risk capital to SMEs mainly in the expansion and growth stages.

The European Investment Fund (EIF) and Banca Intesa AD Beograd signed the first agreement in Serbia under the COSME programme, the European Commission’s programme for small and medium-sized enterprises (SMEs), during a signature event held today in Belgrade, Serbia.

Thanks to the financial backing of the European Commission, EIF is providing a direct guarantee that will enable Banca Intesa to support 3,000 SMEs in Serbia over the next two years with EUR 60 million in loans on favourable terms - with increased maturities and without any hard collateral.

COSME is the EU programme for the Competitiveness of Enterprises and small and medium-sized enterprises (SMEs) running from 2014 to 2020 with a total budget of EUR 2.3 billion. At least 60% of the programme will be devoted to easing access to finance for SMEs in Europe, with two financial instruments. The COSME Loan Guarantee Facility supports guarantees and counter-guarantees to financial institutions to help them provide more loans and lease finance to SMEs. This facility also includes securitisation of SME debt finance portfolios. The COSME programme also invests through the COSME Equity Facility for Growth in equity funds that provide risk capital to SMEs mainly in the expansion and growth stages.

 

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