The European Investment Bank (EIB), the EU’s bank, and Société Générale, one of the leading financial services groups in the eurozone, have signed a €300m loan agreement to support projects developed by French small and medium-sized enterprises (SMEs).
This partnership will enable French SMEs with fewer than 250 employees to contract loans with terms of at least 24 months throughout the Société Générale network on the EIB’s preferential terms.
With this new agreement, EIB and Société Générale confirm their cooperation to provide financial backing for corporate projects. An initial €300m loan advanced in January 2009 has already helped to finance nearly 2,800 projects promoted by 1,950 French SMEs.
This deal comes under the €30bn financing support plan to assist European SMEs launched by the EIB in September 2008 to tackle the financial crisis.