The European Investment Fund (EIF) and Banca Comerciala Romana Chisinau (BCRC) signed an InnovFin agreement that will benefit innovative Moldovan small and medium-sized enterprises (SMEs) and small mid-caps.
The InnovFin agreement will enable BCRC to provide loans to innovative companies over the next two years with the support of a guarantee provided by the EIF and backed by Horizon 2020, the EU Framework Programme for Research and Innovation. The InnovFin guarantee covers 50% of each loan disbursed by BCRC
Carlos Moedas, European Commissioner for Research, Science and Innovation, said: “I am pleased to announce that Moldovan companies can now benefit from EU-guaranteed loans up to €10 million to boost their research and innovation potential. The deal signed today will support Moldova’s economy, and it is a testimony to the openness of Horizon 2020, our research and innovation funding programme, and the productive relationship between the EU and Moldova."
Commenting on the signature, the EIF’s Chief Executive, Pier Luigi Gilibert, said: “I welcome the signature of this InnovFin agreement in Moldova. BCRC is a rapidly expanding bank with strong focus on lending to SMEs and small mid-caps and today’s agreement will enable the Bank to expand its financing activities, to benefit innovative Moldovan companies.”
Juan Luis Martin Ortigosa, Executive President of Banca Comerciala Romana Chisinau, said: “Thanks to the signing of this agreement, BCR Chisinau will offer it’s corporate and SME customers a tool to develop innovative projects at a very competitive price that we hope will serve to improve their competitiveness in the local and international markets”.
The aim of the InnovFin SME Guarantee is to encourage banks or other financial institutions to lend to SMEs and small mid-caps (up to 499 employees) in need of investment and/or operating capital to finance research, development and innovation activities, with EU financial support. Financial institutions are being selected by the EIF following a call for expression of interest for financial intermediaries across Europe.
About the 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. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.
About Banca Comerciala Romana Chisinau
Banca Comercială Română Chişinău S.A. (BCR Chişinău S.A.) is a universal bank, subsidiary of BCR S.A. (România) and member of Erste Group Austria, one of the leading financial groups in Central and Eastern Europe. With a strategic focus on corporate and SME clients, their employees and partners, BCR Chișinău started its activity on October 22, 1998, being one of the first European based banks in Moldova.
The InnovFin SME Guarantee Facility is established under the “EU InnovFin Finance for Innovators” initiative developed under Horizon 2020, the EU Framework Programme for Research and Innovation. It 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 the 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 the EU and the EIF against a proportion of their losses incurred on the debt financing covered under the facility.
EIF: David Yormesor
Tel.: + 352 24 85 81 346, E-Mail: firstname.lastname@example.org
Banca Comerciala Romana Chisinau: Alexandru Talmațchi
Tel.: +373 22 85 20 98, E-Mail: email@example.com
European Commission: Maud Noyon
Tel: + 32 229 80379, E-mail: firstname.lastname@example.org