EU, EIF selects 3 Banks for Lithuania JEREMIE Holding Fund

The European Investment Fund (EIF) will finance AB SEB Bankas, AB DnB NORD Bankas and AB Siauliu Bankas to manage the new Funded Risk Sharing Instrument dedicated to provide loans for Lithuanian SMEs in the contest of the European Initiative JEREMIE.
JEREMIE (Joint European Resources for Micro to Medium Enterprises) is a joint initiative launched by the European Commission and the European Investment Bank group to improve access to finance for SMEs in the EU within the Structural Funds framework for the period 2007 – 2013. JEREMIE enables the EU Member States and Regions to put money from the structural funds and also national resources into holding funds that can finance SMEs. Since the products (guarantees, venture capital, securitisation and loans) will be provided on a repayment basis, funding will be reinvested and other SMEs will benefit from the EU resources.
The 3 Lithuanian banks will receive the following fundings from the national JEREMIE Holding Fund:
– AB SEB Bankas: up to EUR 75 million;
– AB DnB NORD Bankas: up to EUR 25 million;
– AB Siauliu Bankas: up to EUR 20 million:
In order to implement the Instrument, the banks will provide up to 50% of the total resources to deliver investment and working capital loans for the development and expansion of micro, small and medium size companies in the country
The EIF is also concluding a similar process for the selection of a fourth Lithuanian bank.

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