Norway, EIF Signs Guarantee Agreement with Cultura Sparebank to Support Micro-Businesses

The European Investment Fund (EIF) and Norwegian Cultura Sparebank signed a guarantee agreement aimed to provide enhanced access to finance for micro businesses in the country.

Cultura Sparebank, a Savings Bank with a specific mission to promote projects with a social, environmental and cultural qualities, grants loans in collaboration with Network Credit Norway – a micro finance initiative, providing targeted training for start-ups.

Within the framework of the agreement, micro enterprises in Norway could now benefit from micro-loans in excess of NOK12m (€1.4m) guaranteed under the CIP, the EU Competitiveness and Innovation Framework Programme, which spans from 2007 to 2013 to boost European productivity, innovation capacity and sustainable growth, whilst simultaneously addressing complementary environmental concerns.

In the contest of CIP, the EIF, on behalf of the European Commission, manages around €550m to encourage financial institutions to enhance access to finance for SMEs. The SME Guarantee Facility (SMEG) provides capped guarantees partially covering portfolios of financing to SMEs. 



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