Financial help for Spanish Companies affected by Covid-19

FINANCIAL help for Spanish Companies affected by Covid-19 with €300 million available through Banca March with the support of the European Investment Fund (FEI).

There is a €210 million guarantee from the FEI and with its own funds involved Banca March will be able to channel up to €300 million in loans to SMEs and midcaps much of it to the Balearic Islands.

The agreement is backed by the Pan-European Guarantee Fund (EGF), which is part of the package of measures worth €540 billion approved by the European Union to alleviate the economic effects of the pandemic.

It is estimated that the signed agreement will facilitate access to financing under advantageous conditions for more than 350 SMEs affected by the pandemic, which will also help to safeguard employment levels and the EIF will guarantee up to 70 per cent of the new loan portfolio.

European Investment Bank (EIB) Vice President Ricardo Mourinho Félix stated: “As early as December 2020, Banca March was the first bank to sign an agreement with the EIB Group within the framework of the Pan-European Guarantee Fund.

“This is one more example of the EIB Group’s commitment to supporting Spanish financial institutions in the creation of new credit lines for small companies in the context of the recovery from the Covid-19 pandemic.

“By collaborating with Banca March, we can reach numerous companies affected by the pandemic in the Balearic Islands and throughout Spain, providing liquidity to support their investment needs for growth in the medium and long term.”

Since the beginning of the pandemic Banca March a family-owned investment bank has reinforced its commitment to promote and stimulate the role of family businesses.

Thank you for reading ‘Financial help for Spanish Companies affected by Covid-19’ and remember that all articles produced by Euro Weekly News may be accessed free of charge.