BSTDB provides new EUR 40 million facility to Garanti BBVA to strengthen SME resilience and post-pandemic recovery

The Black Sea Trade and Development Bank (BSTDB) is providing EUR 40 million SME Facility to Garanti BBVA Romania to expand support for small and medium-sized enterprises (SMEs) in the country and help them sustain their business under the challenging conditions caused by the coronavirus pandemic.

The BSTDB’s five-year loan will fuel the investment programmes and working capital needs of industrial, agricultural, and service-oriented businesses, will promote exports and facilitate the private sector growth and employment in the country.

“Small and medium-sized businesses are vital for the Romanian economy. Today’s signing demonstrates BSTDB’s commitment to strengthening the real economy, and especially the SME segment, which has been worst hit by the pandemic. Our strengthened partnership with Garanti BBVA Group will help small businesses bolster their resilience, make necessary investments, preserve jobs and continue to contribute to the country’s economy in this unprecedented crisis”, said Dmitry Pankin, BSTDB President.

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“The pandemic had caused important dislocation among small and medium-sized enterprises from its onset, and the last two years have not been easy for these entities. However, in Garanti BBVA, we understood from the beginning that SMEs are the backbone of the Romanian economy and, therefore, supporting them has become a priority for us, making every effort to meet their needs. We are very pleased to continue our successful partnership with BSTDB, because we know that, together, we can help the business environment and the local economy, including at times of challenge”, stated Mustafa Tiftikcioğlu, CEO of Garanti BBVA Romania.

BSTDB has been working with the Garanti BBVA Group in Romania since 2014. This is the sixth loan extended by BSTDB to the Group, which brings the total amount of financing for general SME and energy efficiency support and leasing to EUR 80million. Earlier this year the BSTDB extended a new EUR 20 million loan to Garanti BBVA Leasing and dual currency EUR 10 million equivalent loan to Garanti BBVA Consumer Finance, both being subsidiaries of the Garanti BBVA Group.