ProCredit Bank grants over 20 million euros in JEREMIE loans for SMEs
Since the first agreement between ProCredit Bank and the European Investment Fund was signed in December 2013, over EUR 10 million and an additional RON 10 million have been granted in JEREMIE loans to SMEs. ProCredit Bank is one of the few banks in Romania that offers this type of financial instrument to its SMEs clients. Furthermore, the institution is able to grant additional JEREMIE loans in the amount of approximately EUR 12 million by the end of the year.
These credit facilities can be accessed by SMEs to make investments in their businesses and to finance their current activity in the short- and medium-term. JEREMIE loans are issued under special conditions, including partially subsidized interest rates and fees, which are half of the level for standard loans, and have lower collateral requirements.
“By continuing to grant JEREMIE loans, ProCredit Bank supports small and medium-sized enterprises - just as it has throughout its 13-year history. The amount disbursed thus far through JEREMIE loans is further proof of our commitment to the local SME sector and shows our interest in encouraging entrepreneurs to develop their businesses” said Katerina Butnaru, Head of the Business Clients Department at ProCredit Bank.
The financing provided is supported by an operational programme co-financed by European Union Structural Funds pursuant to the “Joint European Resources for Micro to Medium Enterprises” initiative(JEREMIE). JEREMIE is implemented in Romania under the Sectorial Operational Programme “Increasing Economic Competiveness”, utilising funds provided by the European Regional Development Fund.
The second agreement between ProCredit Bank and the European Investment Fund, concerning JEREMIE loans in RON, was concluded in October 2014, as part of the European Union’s “Competitiveness and Innovation Framework Programme”.