NIB and Nooa Savings Bank to support more SMEs in Finland
The Nordic Investment Bank (NIB) and the Finnish Nooa Savings Bank Ltd have signed a EUR 10 million loan agreement to finance small and medium-sized enterprises (SME) in Finland.
The seven-year maturity loan will be on-lent to entrepreneurs, micro companies and small businesses, supporting Nooa Saving Bank’s strategic objectives. Currently, the majority of the bank’s loan book consists of retail loans, but the company is planning to grow its SME banking business.
“NIB’s partnership with Nooa Savings Bank will allow us to extend our lending to smaller Finnish companies that we would otherwise be unable to finance directly,” says André Küüsvek, NIB President & CEO. “It also alleviates credit constrains for entrepreneurs, fostering productivity growth in the country.”
"Nooa Savings Bank aims to increase its business with SMEs in the coming years. The share of lending to corporate customers is currently at 13 % and it is growing,” says Pekka Haajanen, CEO of Nooa Savings Bank. “Our trademark in the competition is personal, hands-on expertise combined with digital capacity, and this we believe to be of value for SMEs. NIB’s loan agreement is targeted directly to support this business.”
This is NIB’s second loan agreement with Nooa Savings Bank.
Nooa Savings Bank Ltd, founded in 2003, is part of the Finnish Savings Bank Group. The Group forms the fifth largest bank in Finland, with total assets of approximately EUR 13.8 billion at the end of 2022.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s. Read more at www.nib.int
For further information, please contact
NIB:
Jim Dahlström, Senior Banker, Financial Institutions, at +358 10 618 0334, jim.dahlstrom@nib.int
Vytautas Brazaitis, Communications Unit, at +358 10 618 0235, vytautas.brazaitis@nib.int
Nooa Savings Bank:
Pekka Haajanen, CEO, at +358 40 844 3620, pekka.haajanen@saastopankki.fi
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