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Investment Plan backs €500 million in loans for SMEs affected by #Coronavirus crisis in Austria

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The European Fund for Strategic Investments is backing a financing agreement which will support small and medium-sized businesses (SMEs) in Austria that have been affected by the coronavirus crisis. The European Investment Fund and UniCredit Bank Austria are increasing their existing guarantee agreement that was signed in 2019, bringing its total available pot to €500 million.

Innovative SMEs with up to 3,000 employees, now also specifically in the field of digitization, can benefit from this financing. An Economy that Works for People Executive Vice President Valdis Dombrovskis said: “The European Commission and the European Investment Bank Group are working together to support small and medium-sized companies to recover from the devastating effects of the coronavirus crisis. The more we protect businesses and jobs now, the faster the economic recovery will be. In addition to support for SMEs, I welcome the focus on digitization, which alongside the green transition, is at the heart of our economic growth strategy.”

As of June 2020, the Investment Plan has mobilized €514 billion of investment and supported more than 1.4 million start-ups and SMEs throughout Europe. The press release is available here.

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