NIB and Oma Säästöpankki promote SME growth in Finland

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The FINANCIAL — NIB and the savings bank Oma Säästöpankki Oyj (Oma Savings Bank Plc) are launching a 7-year loan programme of EUR 20 million for onlending to SMEs and environmental projects in Finland.

The lending facility addresses credit constraints for smaller businesses. Projects eligible for financing under NIB’s loan facility will align with the Banks’s mission to improve competitiveness and the environment in the member countries. The main target of the new loan programme is SME investments in R&D, tangible capital (for instance, machinery and equipment) or ICT, which will allow borrowers to increase production capacity. The majority of Oma Säästöpankki’s corporate clients belong to the SME sector, or are agriculture and forestry entrepreneurs. The bank finances projects e.g. within light industry, transportation and logistics, agriculture, forestry and construction, according to NIB.

“SMEs account for the largest share of economic activities in NIB’s member area, and improved access to financing is expected to further increase competitive pressure and productivity growth”, says Henrik Normann, NIB President & CEO.

The funds of the programme can further be used for projects that generate positive environmental effects, for instance by contributing to a decrease in the discharge of nutrients into waters and lower greenhouse gas emissions.

Oma Säästöpankki is a Finnish independent savings bank with approximately 125,000 customers. The bank has 44 offices in eight counties. Its registered office is in Seinäjoki, western Finland, and its head office is located in Lappeenranta, eastern Finland.

 

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