UNICREDIT TAPS EIF FUNDING TO SUPPORT COMPANIES IN NINE CEE COUNTRIES
Wednesday 24 June 2020
Simplified eligibility criteria allows UniCredit to access €600 million of EIF funding to provide Covid-19 support and finance digital transformation
UniCredit has entered into a Covid-19 support package offered by the European Investment Fund (EIF) allowing the bank to provide working capital loans to CEE SMEs and mid-caps guaranteed by the EIF at a rate of 80% (previously 50%) under simplified eligibility criteria. The new measures extend the application of the InnovFin guarantee also to large mid-caps, widening the range of eligible companies in addition to already covered small and medium-sized enterprises (SMEs) and small mid-caps.
Furthermore, in order to further support the uptake of digital technologies and the digital transformation of enterprises, the InnovFin guarantee has also been extended to cover the financing of digital transformation. This transaction benefits from the support of Horizon 2020, the EU’s Framework Programme for Research and Innovation, and the European Fund for Strategic Investments (EFSI) – the heart of the Investment Plan for Europe.
These new measures allow UniCredit to provide extensive support for companies in Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Romania, Serbia, Slovakia and Slovenia.
“This important initiative will help companies across CEE manage liquidity issues resulting from the Covid-19 emergency,” said Gianfranco Bisagni and Niccolò Ubertalli, Co-CEOs Commercial Banking CEE at UniCredit. “It also provides vital funding to help companies, both large and small, make investments focused on digital transformation. At UniCredit, we’re ready to play our part and support entrepreneurs and the real economy”.