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In support of Baltic micro-businesses, EU guarantees 123 million euros in loans

Photo: flickr.com/Aigars Eglitis.

To improve access to business loans for micro-businesses in the Baltic states, the European Investment Fund (EIF) has concluded a deal with Swedbank have signed a micro-finance agreement to ensure EUR 123 million in financial support in line with the EU Programme for Employment and Social Innovation.

Estonian public broadcaster ERR reports that with the financial support of EU’s European Commission, the EIF is issuing a guarantee that will allow Swedish-owned Swedbank Baltic to ensure a maximum total funding in the amount of EUR 123 million to micro-businesses in the three Baltic countries in the period of the next three years.

«This will benefit around 5,000 small businesses in Estonia, Latvia and Lithuania,» commented European Commissioner for Employment, Social Affairs, Skills and Labour Mobility Marianne Thyssen.

The goal of the funding is to boost the availability of loans to vulnerable groups, who wish to set up or develop their business and micro-enterprises, namely through loans of to the amount of EUR 25,000.


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