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Investment Plan supports SMEs in cultural and creative sectors in Estonia, Latvia, Lithuania and Finland

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The European Investment Fund (EIF) and the Estonian lender Finora Capital signed a €6 million guarantee agreement to unlock favorable loans for SMEs from the cultural and creative sectors in Estonia, Latvia, Lithuania and Finland. This guarantee will allow Finora Capital to develop a new product matching the specific needs of SMEs in cultural and creative sectors, develop competences in financing the cultural and creative sectors and expand into new markets.

The operation is enabled under both the Cultural and Creative Sectors Guarantee Facility (CCS GF), a guarantee scheme managed by the EIF on behalf of the European Commission, and the European Fund for Strategic Investment (EFSI), a part of the Investment Plan for Europe. This is the first CCS GF-supported operation in Lithuania, Latvia, Estonia and Finland.

Internal Market Commissioner Thierry Breton said: “Today's support to cultural and creative companies in Estonia, Latvia, Lithuania and Finland is a great initiative, part of our joint efforts to offer concrete, quick and direct relief to small businesses and individual actors in the cultural and creative sector that have been severely affected by the coronavirus crisis. Now more than ever European SMEs and creators need support across Europe. I am very happy our financial tool is helping them to weather the crisis, power their creativity, and preserve Europe's rich and diverse cultural scene.” The press release is available here. The Investment Plan for Europe has so far mobilized €535 billion of investment across the EU, benefitting over 1.4 million SMEs in total.

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