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Investment Plan backs additional support for SMEs in Spain affected by COVID-19 crisis

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The European Investment Bank (EIB) Group and Banco Santander in Spain are teaming up to provide additional financing on favourable terms to SMEs and mid-cap companies affected by the COVID-19 crisis. Part of this agreement is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. Thanks to this new agreement, over €900 million will become available to support the economic recovery of Spanish businesses. A specific focus of the new financing will be on investments into innovation, digitalisation and climate change mitigation and adaptation.

Economy Commissioner Paolo Gentiloni said: “Once more the Investment Plan is joining forces with the EIB and EIF to support lending to SMEs hit hard by the COVID-19 crisis. The newly available financing from Banco Santander in Spain will benefit a large number of small and medium-sized companies, especially those operating in the digital sector or seeking to adapt to climate change.”

The press release is available here. The Investment Plan for Europe has so far mobilized €535 billion of investment across the EU, benefitting more than 1.4 million SMEs in total.

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