The European Investment Fund (EIF) and Swedbank have signed a multi-country guarantee agreement to increase lending to small businesses in the Baltics. The agreement will provide €165 million of loans and leases to around 3,000 small businesses in Estonia, Latvia and Lithuania over the next three years. This transaction benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “In the Baltic States, about 80% of all jobs are provided by the SMEs. It is therefore crucial to create conditions where these enterprises can develop and grow. Today's agreement will provide one key piece of that puzzle, making access to finance much easier for many Baltic SMEs. It is also a great example of regional cooperation facilitated by the EFSI, allowing the participating countries to benefit from greater efficiency and scale."
