CaixaBank and MicroBank support Spanish small businesses with guarantees that will enable the mobilisation of more than €1 billion through the InvestEU programme
This is the first European Investment Fund (EIF) guarantee agreement signed in Spain under InvestEU. The EIF will provide a guarantee of €150 million to CaixaBank to support the innovation and green transition of Spanish small and medium-sized enterprises (SMEs) and mid-caps. The EIF will provide a guarantee of €487 million to MicroBank, CaixaBank’s social bank to provide financing to microenterprises, entrepreneurs and social enterprises. The agreements are backed by the InvestEU programme.
The European Investment Fund (EIF), CaixaBank and MicroBank are stepping up their support for Spanish small and medium enterprises and mid-caps by providing them with guarantees worth €637 million through the first InvestEU portfolio guarantee agreement in Spain. CaixaBank and MicroBank will use these guarantees to mobilise more than €1 billion in financing that will help firms to reach their full potential.
CaixaBank will benefit from an EIF guarantee of up to €150 million to improve access to finance for small and medium-sized businesses and mid-caps in Spain. This will enable it to mobilise up to around €214 million in loans to these businesses. The credit line is linked to specific financing products provided by the InvestEU Fund covering two areas: Innovation and Digitalisation and Sustainability. The financial institution will begin offering these products in the second half of the year.
The InvestEU Innovation and Digitalisation Guarantee is worth up to €100 million. It will allow CaixaBank to continue support Spanish firms working in research and development and enhance their access to finance. This initiative will also help drive the digital transformation among companies of this size.
The InvestEU Sustainability guarantee is worth up to €50 million. With this guarantee, the EIF and CaixaBank will step up its support for the green transition and help beneficiaries make green, inclusive and environmentally friendly investments.