SEK signs agreement with the EIF
SEK has signed a partnership agreement with the European Investment Fund (EIF). This means that the EIF can provide guarantees for SEK’s lending to companies with innovation-based operations.
“The EIF guarantee is one of many tools at our disposal for assisting companies and it increases possibilities for aiding companies at an earlier stage, thereby helping bridge the gap between SEK and Almi”, says SEK’s CEO Catrin Fransson.
SEK’s agreement with EIF applies for a two-year period and comprises total funds of EUR 100 million. Guarantees can be provided to companies with innovation-based operations and less than 500 employees. The guarantee can be used to cover financing with tenors of 1-10 years and accounts for 50 percent of the loan. Historically, SEK has helped the 100 largest Swedish companies with various forms of long-term financing solutions. Since 2015, however, SEK has focused more actively on the next segment down, that is companies with sales in excess of SEK 500 million.
“A year ago, we introduced a business area dedicated to medium-sized companies. This has enabled us to build closer relationships with these companies and become better able to understand their needs; it also allows us to develop our own offering. The EIF guarantee is one example of how we can develop our offering,” says SEK’s CEO Catrin Fransson.
SEK offers medium-sized companies various forms of financial solutions, both traditional export credits and direct client loans recognized in the client’s balance sheet, in other words the same offering as to the major companies. As part of efforts to provide companies with the optimal help, we collaborate with a number of different organizations including the EKN, commercial banks and even foreign banks. Today Almi also presented an agreement with EIF.
“We are pleased to be signing an agreement with our new financial intermediary SEK and to be further developing our relationship with our trusted partners Almi. Almi’s combination of tailored micro-lending products and business advisory services, plus SEK’s export expertise will help future entrepreneurs in Sweden to benefit from this EU support”, said EIF Deputy Chief Executive, Pier Luigi Gilibert.
Contact: Edvard Unsgaard, Head of Communications, SEK, +46-8-613 84 88
About SEK
SEK is a credit market company that is wholly owned by the Swedish government. We have a complementary role in the market, which means we act as a complement to bank and capital market financing for exporters wanting a range of financing sources. SEK’s strong international network, extensive experience and expertise in export finance help the company create value for clients on commercial terms. SEK offers both end-customer finance, which involves lending to overseas buyers of Swedish exporters’ services and products, and working capital finance direct to Swedish exporters and their subsidiaries and international exporters with operations in Sweden. Total new lending in 2015 amounted to Skr 104.6 billion. Our vision is to strengthen the competitiveness of Swedish exporters, which helps create employment and sustainable growth in Sweden.