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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 16:56

UniCredit Leasing to provide EUR 18 mln worth of loans to 1,000 Baltic SMEs

BC, Riga, 29.01.2016.Print version
The European Investment Fund (EIF) and UniCredit Leasing (UCL) have signed the first loan agreement in the Baltics under Progress Microfinance with funding from the European Union, providing for lending EUR 18 million in total to 1,000 micro-entrepreneurs in Estonia, Latvia and Lithuania.

LETA was told at the EIF that the loans are meant for small businesses facing difficulties in accessing credit from traditional banking sources. Progress Microfinance is funded by the European Commission and managed by the European Investment Fund.

 

Businesses wishing to apply for loans can directly contact UCL’s branches in Estonia, Latvia and Lithuania.

 

Progress Microfinance does not provide loans directly to micro-enterprises as lending is provided through microfinance intermediaries.

 

To date, commitments of EUR 194 million under Progress Microfinance have been signed to benefit micro-borrowers. Progress Microfinance agreements have been signed to date with financial intermediaries in 23 EU-Member States including Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, Estonia, France, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Sweden, The Netherlands and the UK.

 

EU Commissioner for Employment, Social Affairs, Skills and Labour Mobility, Marianne Thyssen said: "The European Commission is fully committed to promoting entrepreneurship and supporting the microfinance sector in the fight against social and financial exclusion. Today's agreement will enable over 1,000 micro-entrepreneurs in Estonia, Latvia and Lithuania to gain access to credit, thereby creating jobs and stimulating the economy from the foundation up".

 

Commenting on the transaction, EIF Chief Executive, Pier Luigi Gilibertsaid: “I am delighted to be announcing the first pan-Baltic agreement under Progress Microfinance, signed between EIF and UniCredit Leasing SIA. I am confident that this new support will be instrumental in helping micro-entrepreneurs in Estonia, Latvia and Lithuania to access financing”.

 

UniCredit Leasing SIA CEO of the Baltic Region, Jevgenijs Belezjaks said: "The time has come to pay greater attention to micro-entrepreneurs as they are part of dynamic and growing economies. I’m glad that together with our clients and partners we can provide the right inputs, support the considerable growth potential of micro-entrepreneurs in Estonia, Latvia and Lithuania and strengthening their role in the economies."

 






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