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Investment Plan for Europe backs SME financing agreement with #BBVA in #Spain

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The European Investment Bank (EIB) is providing Spanish bank BBVA with a guarantee worth €300 million, enabling BBVA to offer €600m in financing to some 1,700 small businesses in Spain. Part of the guarantee is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.

Economy that Works for People Executive Vice-President Valdis Dombrovskis said: “As of today, 1,700 businesses in Spain can benefit from loans under preferential conditions from BBVA thanks to EU backing. Those businesses employ some 9,000 people currently, and this new financing will enable the companies to grow even further. The Commission will continue to develop the growth finance market for European SMEs, which account for 85% of new jobs created in the past five years.”

The press release is available here. As of December 2019, the Investment Plan had mobilized €458.8 billion of investment across the EU, including €49.8bn in Spain, and supported more than one million start-ups and small and medium businesses.

More information is available on the website.

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