The European Investment Fund (EIF) and Swedbank agreed to support financially about 5 thousand SMEs in Estonia, Latvia and Lithuania. The EU Programme for Employment and Social Innovation, EaSI participates too. The financial support is aimed at boosting employment in the Baltics and getting more people into jobs, especially the most vulnerable people on the labour market.
The European Investment Fund provides a guarantee which will enable Swedbank Baltic department to provide up to € 123 million financing to micro-businesses in the three Baltic States over the next three years. The deal also benefits from the support of the European Fund for Strategic Investments (EFSI), the core element of the Investment Plan for Europe.
With the help of EU funding, Swedbank is increasing the access to finance in the Baltic States for SMEs and micro-enterprises, including young entrepreneurs and unemployed. This will benefit around 5000 small businesses in Estonia, Latvia and Lithuania.
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support European micro, small and medium-sized businesses (SMEs) by helping them access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment.
The European Commission’s Programme for Employment and Social Innovation (EaSI) aims at supporting EU’s objective of high level employment, adequate social protection, fighting against social exclusion and poverty and improving working conditions. The EaSI guarantee scheme was launched in June 2015 by the European Commission and managed by EIF.
