Investment Plan backs up to €500 million in loans for SMEs affected by coronavirus crisis in Germany
The European Fund for Strategic Investments (EFSI) is backing a financing operation which will support small and medium-sized businesses (SMEs) in Germany that have been affected by the coronavirus crisis. The EIB Group and Commerzbank will provide new lending of up to €500 million to SMEs and Mid-Caps in Germany under favourable terms. This is expected to mitigate the impact of the COVID-19 crisis on smaller businesses, self-employed individuals and Mid-Caps, who are currently experiencing shortages in liquidity. Executive Vice-President for an Economy that Works for People, Valdis Dombrovskis, said: “This financing under the Investment Plan for Europe will allow Commerzbank to provide new lending of up to €500 million to SMEs in Germany affected by the coronavirus pandemic. SMEs will play a vital role in our economies and societies and they need extra support at this challenging time. More broadly, we will continue to pay special attention to SMEs to ensure they can continue to thrive.” To date, the projects and agreements approved under EFSI are expected to mobilise around €535 billion of investments and benefit around 1.4 million SMEs throughout the EU. The press release is available here.