21 November 2016
From now on, entrepreneurs who decide to take a loan at Mobiasbanca may benefit from an additional guarantee for developing innovative projects.
To this effect, today a Guarantee Agreement was signed by Ridha Tekaia, President of the Management Board – CEO of Mobiasbanca – Groupe Société Générale and Pier Luigi Gilibert, Chief Executive of the European Investment Fund.
Thus, Mobiasbancă became a partner of the InnovFin SME Guarantee Facility with the financial backing of the European Union under Horizon 2020, the EU Framework Programme for Research and Innovation.
Under the InnovFin Facility, the bank’s customers will have an additional guarantee in case of insufficient collateral requirements. Up to 50% of the contracted value of the loan amount can be guaranteed by the InnovFin Facility. The loan guaranteed by InnovFin will be issued on attractive terms and conditions, with interest rates lower than the bank’s standard offer.
The loan/lease amount contracted by local entrepreneurs may vary from EUR 25 000 to EUR 7.5 million, for a maximum period of 10 years. The complexity for obtaining such financing is minimal. This program can benefit small and medium enterprises focused on developing innovative projects, with the aim to launch new products and services, or companies involved in research and development.
EIF Chief Executive, Pier Luigi Gilibert, commented: “As one of the major financial institutions in the country, Mobiasbancă is very well placed to reach out to those SMEs that are in need of additional financing. Thanks to today’s agreement, Mobiasbancă will be able to provide loans and leases on favourable terms and EIF will be expanding its already existing support to small businesses in Eastern Europe, thus contributing to the creation of jobs and growth in Moldova.”
Ridha Tekaia said: “Through this agreement we strengthen our leading position in the segment of attracted international financial resources and signed partnerships with the International Financial Institutions. Joining the InnovFin Facility backed by the European Investment Fund adds value for local companies in accessing their financing resources with additional guarantees on preferential conditions. We are the only bank that can provide various customer segments the most competitive solutions for business development, and especially for innovative projects."
Commenting on the signature, Carlos Moedas, Commissioner for Research, Science and Innovation, said: “Moldavian companies can now benefit from EU-guaranteed loans to boost their research and innovation potential. The deal signed today will support Moldova’s economy, and it is a testimony to the productive relationship between the EU and Moldova under Horizon 2020, the EU's research funding programme.”
About EIF
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.
About Mobiasbanca
BC “Mobiasbanca – Groupe Société Générale” S.A., part of one of the most important financial groups in Europe, is one of the most transparent, financially stable and reliable banks on the Moldovan market, offering innovative financial services that meet international standards. The extensive network units provide to customers the accessibility to the bank’s products and a personalized approach in development projects, because it is #correct.
About InnovFin
The InnovFin SME Guarantee Facility provides guarantees and counter-guarantees on debt financing of between EUR 25 000 and EUR 7.5 million in order to improve access to loan finance for innovative SMEs and small mid-caps (up to 499 employees). The facility is managed by EIF, and is rolled out through financial intermediaries – banks and other financial institutions – in EU Member States and Associated Countries. Under this facility, financial intermediaries are guaranteed by EIF against a proportion of their losses incurred on the debt financing covered under the facility.