With the help of the European Investment Fund (EIF), the EU aims to support innovative and fast-growing companies wishing to invest in new products, markets and customers. In Sweden, the National Export Credits Guarantee Board (EKN) has launched a new programme, in cooperation with the EIF, to provide credit guarantees for small- and medium-sized enterprises (SMEs).
A fresh study by the Swedish Federation of Business Owners (Företagarna) has shown that SMEs face difficulties raising capital. Under the new agreement, EKN and EIF will jointly guarantee 40% of SMEs’ credit risk. The banks will only need to guarantee 20% of the risk. EKN Director General Anna-Karin Jatko hopes the banks will now see an opportunity to finance exporters.
EKN has SEK 2.5 billion at its disposal, with an option to apply for additional funding from the EIF. The EU’s guarantee programme, which will run until 2020, is currently used by 38 financial institutions within the EU.
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