UniCredit Tiriac Bank and the European Investment Fund (EIF) have signed a guarantee agreement under the JEREMIE Initiative (Joint European Resources for Micro and Medium Enterprises), allowing the bank to allocate lending resources worth EUR 87.5 million for Romanian SMEs. SMEs will be able to take out investment loans that are up to 80 percent guaranteed by EIF, through European funds.
The main advantage of this instrument is the lack of a guarantee commission, granting access to lending for SMEs which lack sufficient guarantees. In addition, there is not guarantee commission.
According to this agreement, the third of this type signed up to date in Romania, UniCredit Tiriac Bank will be in position to offer new loans for SMEs that want to invest or extend on the local market. The main advantage is the reduced collateral required level due to the guarantee available through the JEREMIE Initiative. The bank will start to offer loans in the spring of 2012 with a maximum 6 year maturity period.
“In the current economic climate, the support in development of SMEs is a priority both at a European and local level. For UniCredit Tiriac bank, the SMEs still remain an important client segment”, stated Rasvan Radu, CEO UniCredit Tiriac Bank.
Starting the spring of 2012, UniCredit Tiriac Bank will make investment loans available for SMEs, which are up to 80 percent guaranteed through the financial instrument provided by FEI, which uses European funds.