(BRIEF) The European Investment Fund (EIF) has reached an agreement with Laboral Kutxa to provide a portfolio guarantee aimed at mobilising €145 million to help micro-enterprises, social enterprises and social marketers in SpainArray This collaboration, made possible by the InvestEU programme, which aims to stimulate more than €372 billion in new investments in the EU from 2021 to 2027, will allow Laboral Kutxa to offer advantageous financing situations to more than five 000 micro and social enterprises in the country. The initiative, as a component of the Investment and Social Skills strand of the InvestEU programme, also aims to promote task creation in this dynamic sector. Thanks to the EIF’s insurance, Laboral Kutxa can grant financing of up to €2 million to social enterprises and microcredits of up to €50,000. This agreement builds on a decade-long collaboration between the FEI and Laboral Kutxa in the field of social economy, having already helped more than 15,000 micro and social enterprises and created more than 24,000 projects through monetary products and advisory services.
(PRESS RELEASE) LUXEMBOURG, November 15, 2023 — /EuropaWire/ — The European Investment Fund (EIF) will provide Laboral Kutxa with a portfolio that will ensure the mobilisation of €145 million to help micro-enterprises, social enterprises and social entrepreneurs. This is thanks to the support of the InvestEU programme, which aims to generate more than €372 billion of additional investments across the EU over the period 2021-2027.
With funds from the EIF, Laboral Kutxa will provide new financing on favourable terms to more than 5,000 micro-enterprises and social enterprises in the country. The agreement, within the framework of the Social Investment and Skills window of the InvestEU programme, also aims to encourage the creation of tasks in this dynamic. The EIF will guarantee that Laboral Kutxa will allow Laboral Kutxa to offer financing of up to €2 million to social enterprises and microcredits of up to €50,000.
This new agreement builds on and consolidates a decade of cooperation between the EIF and Laboral Kutxa in the field of the social economy. During those years, more than 15,000 micro and social enterprises have been supported through cash and advisory services, creating more than 24,000 jobs.
“We are very pleased to renew our support to the micro-enterprise and social sectors in Spain,” said Marjut Falkstedt, Executive Director of the EIF. “This is a very dynamic sector with wonderful prospects to reshape people’s lives. Despite this profound and very direct as they may have, micro and social enterprises have difficulty accessing financing. That’s why we’re excited to expand our collaboration with Laboral Kutxa to take advantage of excluded entrepreneurs, ultimately making cash care more. “
Óscar Muguerza, Director of Business Development at LABORAL Kutxa, highlighted the intervention of the EIF for the effort that the bank is making to boost the social economy and entrepreneurship: “With these new guarantee lines, we reaffirm our vocation for another way of banking, helping other people and corporations that most want it, contributing to a more inclusive and cohesive society.
Background information
About the European Investment Fund (EIF)
The European Investment Fund (EIF) is a component of the European Investment Bank Group. Its main project is to help European micro, small and medium-sized enterprises (SMEs) access financing. The EIF designs and develops venture and growth capital, pledging and microfinance tools in specific components aimed at this market segment. In this role, he contributes to the achievement of key EU policy objectives such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability.
About InvestEU
The InvestEU programme provides the European Union with a very significant long-term investment by mobilising a significant personal and public budget for a sustainable recovery. It is also helping to mobilise personal investment in the European Union’s policy priorities, such as the European Green Deal and the Virtual Transition. The InvestEU programme brings together under one roof the multitude of EU monetary tools recently available for investing in the European Union, making the financing of investment projects in Europe simpler, more efficient and more flexible. The programme contains 3 components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through monetary partners who will invest in projects using the EU’s €26. 2 billion budget. The full budget will guarantee the investment projects of the implementing partners, building their capacity to take risks and thus mobilise at least €372 billion of new investments.
About Laboral Kutxa
Laboral Kutxa is a credit cooperative with more than 60 years of history that develops its monetary activity by offering products to more than 1,150,000 families and companies. Its network of offices includes more than 280 sales issues, located in the main conurbations of the northern part of Spain. Laboral Kutxa’s business style is based on the solidarity of the workers and the participation of the workers in control, since they are, in turn, the owners of the entity. The figures at the end of 2022 show a balanced balance, with 28,955 million euros in resources under control and 15,476 million in loans and receivables, where the highest degrees of solvency stand out, with a Core Capital (Tier1) of 22. 24%, and consolidated capital. Net profit after taxes of 151 million euros.
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SOURCE: European Investment Fund
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