Coronavirus: Commission and European Investment Fund make available funding of €8 billion for 100 000 small and medium-sized enterprises
The European Commission has attracted €1 billion from the European Strategic Investment Fund (EFSI), which will serve as a guarantee for the European Investment Fund (EIF), which is part of the European Investment Bank Group. This will allow THE EIF to issue specific guarantees to incentivise banks and other lenders to provide liquidity at least 100 000 European SMEs and small business with moderate capitalisation affected by the economic impact of the coronavir pandemic and the estimated available funding is eur 8 billion.
Valdis Dombrovskis, President-in-Office of the Commission on Economics for people, said: “Europe is facing difficulties throughout Europe. THE EU responds quickly to help mitigate economic impact and help small and medium-sized enterprises who are particularly vulnerable. Today, the Commission and the European Investment Fund make available funding of eur 8 billion, providing immediate cash support to SMEs in Europe affected by the coronavir pandemic. Money will be injected this month through local banks and lenders to help those affected by the crisis."