The lender signed an agreement with the EIF to boost the financing after the initial allocation of EUR10 million was depleted.
Each of the two financial institutions cover 50% of the value of financings granted at costs lower than the standard ones and based on flexible guarantees, CEC Bank said in a statement.
Loans target projects for investments and financing of working capital.
The EUR10 million financing allocated initially, of which EUR5 million covered by EIF and the remaining amount covered by the bank, were used for loans needed to finance the working capital, for investment projects targeting the construction/acquisition of industrial halls, acquisition of retail and manufacturing spaces, expansion and modernization of accommodation and tourist units or the acquisition of industrial and medical equipment.
The JEREMIE initiative developed in cooperation with the European Commission allows member states to use part of their EU structural funds to finance SMEs. The program targets to ease SMEs’ access to financing.