Raiffeisen Bank Lent Over EUR350M To SMEs Under JEREMIE Program

The funds were granted based on two agreements closed with the European Investment Fund (EIF). Raiffeisen Bank holds the largest market share on this type of SME financing, of more than 50% of the total volumes granted by Romanian lenders. The more than 4,700 loans were used to finance SMEs’ current operations and investments.

JEREMIE initiative was developed between 2007-2013 in cooperation with the European Commission, allowing member states to use part of their EU structural funds to finance SMEs. The program targeted to ease SMEs’ access to financing. JEREMIE is a predecessor to the current ESIF-backed programs managed by EIF under the new 2014-2020 programming period.

In Romania, the JEREMIE initiative was managed by the EIF and endorsed through the Sectoral Operational Program “Increasing Economic Competitiveness 2007-2013, co-financed by the European Regional Development Fund. It had a final budget of EUR225 million which were used to grant total financings of over EUR600 million by 2016.

 

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