EUR 340 million more for innovative enterprises - EIF and UniCredit Group to increase credit line for SMEs in 8 countries

The European Investment Fund and UniCredit Group have signed an agreement to increase the InnovFin credit line aimed at improving access to finance for innovative small and medium-sized enterprises and small mid-caps in eight countries.

This new agreement will allow UniCredit to offer, both via its banks and leasing entities, additional financing worth EUR 340 million to innovative companies in Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Slovakia, Hungary, Romania and Serbia, UniCredit Group announced.

Together with the initially signed portfolio of EUR 160 million, SMEs and mid-caps across the above countries will have access to a total of half a billion euro.

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 banks in Bosnia and Herzegovina and in Serbia will benefit from the support of a guarantee provided by EIF and backed under Horizon 2020, the report added.

- With the increase to this umbrella agreements announced today, more than 500 innovative SMEs will benefit from new financing options delivered by UniCredit in eight different countries through its 13 subsidiaries, EIF Chief Executive Pier Luigi Gilibert said.

Carlo Vivaldi, Head of CEE Division of UniCredit, said the credit line increase allowed for easier access to finance for these SMEs, boosting the local economies.

- This confirms our commitment in serving our clients in the Central and Eastern region, Vivaldi said