CEC Bank and EIB expand credit lines to young entrepreneurs

Newsroom 18/08/2015 | 12:17

CEC Bank and the European Investment Bank (EIB) have signed until now financing agreements totalling EUR 145 million for SMEs, mid-cap companies and local public administrations, according to a statement by CEC Bank.

The two companies have reached a number of 200 credit lines offered, for financing the working capital and for the realization of investment projects with destinations such as the construction or acquisition of commercial, production or storage space, purchase of industrial equipment, upgrading of accommodation and tourism or green energy production.

Following a recent agreement with the EIB, the lines of credit have been expanded to cover businesses that include young people aged up to 25 years, either by hiring this age group or by offering vocational training to them. The new line also covers businesses run by young people and companies that have partnerships with educational institutions.

“CEC Bank continues its mission to support SMEs, agriculture and local government by developing modern and affordable banking products tailored to its customers’ current funding needs. By concluding funding agreements with the European Investment Bank, our bank facilitates companies’ access to finances much needed for development in a highly competitive environment,” said Radu Gratian Ghetea, CEC Bank president and general director.

Acording to the EIB website, EIB loan signatures in Romania amounted to EUR 590 million in 2014. This is a 11 percent rise over the 2013 total of EUR 534 million. Over the past five years (2010-2014), the bank has invested EUR 2.8 billion in the Romanian economy. SMEs have benefitted from over one third of this funding, with other notable recipient sectors being energy, transport and telecommunications infrastructure, as well as industry, services and agriculture.