DNB Enhances SME Support with EIF Partnership, Unlocks NOK 2.5 Billion in Funding
(IN BRIEF) Norway’s largest lender, DNB Bank ASA, has partnered with the European Investment Fund (EIF) to bolster support for small and medium-sized enterprises (SMEs) through a groundbreaking collaboration. Backed by an EIF guarantee under the InvestEU program, DNB will offer SMEs access to up to NOK 2.5 billion in new lending, facilitating growth and innovation across industries. Additionally, DNB will continue its commitment to SMEs by participating in Innovation Norway’s Guarantee for growth program, further amplifying financing opportunities. This partnership signifies a significant step towards empowering Norwegian SMEs, driving sustainable economic development and digital transformation in the region.
(PRESS RELEASE) LUXEMBOURG, 7-Jun-2024 — /EuropaWire/ — In a strategic move aimed at empowering small and medium-sized enterprises (SMEs) in Norway, DNB Bank ASA, the country’s largest lender, has entered into a groundbreaking partnership with the European Investment Fund (EIF). Under this collaboration, DNB will offer a suite of new loans to SMEs, supported by an EIF guarantee that will mobilize up to NOK 2.5 billion in funding, enabling businesses to access financing on more favorable terms.
The EIF guarantee is part of the European Union’s InvestEU program, designed to spur investment, innovation, and job creation across Europe with a focus on sustainability and digitalization. Leveraging the InvestEU guarantee, DNB will enhance its loan offerings to Norwegian businesses, aligning with the program’s objectives of driving growth and innovation in critical areas.
DNB’s commitment to supporting SMEs extends beyond the partnership with EIF. The bank will also continue its longstanding collaboration with Innovation Norway by participating in their Guarantee for growth program, which is estimated to channel up to NOK 2.9 billion in credits and lending from participating banks.
Kjerstin Braathen, CEO of DNB, expressed enthusiasm about the partnership with EIF under the InvestEU program, emphasizing its alignment with DNB’s commitment to supporting sustainable and digital transitions for its customers.
The signing ceremony, held on June 6 in Oslo, marked a significant milestone in DNB’s mission to empower Norwegian SMEs. Marjut Falkstedt, Chief Executive of EIF, highlighted the importance of the guarantee in fostering sustainable growth and digital transformation across Europe, noting its role in facilitating access to finance for Norwegian businesses.
EU Ambassador to Norway, Nicolas de La Grandville, commended the InvestEU program as a testament to EU-Norway cooperation, emphasizing its role in facilitating green and digital transitions through joint efforts. He underscored the vital role played by the European Economic Area (EEA) Agreement in promoting economic prosperity and reiterated a shared commitment to building a resilient economy and securing a sustainable future.
EIF
TheEIFis part of the European Investment Bank (EIB) Group. It supports Europe’s SMEs by improving their access to finance through a wide range of selected financial intermediaries. The EIF designs, promotes and implements equity and debt financing instruments targeting SMEs. In this role, the EIF fosters EU objectives in support of entrepreneurship, growth, innovation, research and development, the green and digital transitions and employment.
TheInvestEU programmeprovides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372billion in additional investment.
DNBis Norway’s largest financial services group and one of the largest in the Nordic region in terms of market capitalisation. The group offers a full range of financial services, including loans, savings, advisory services, insurance and pension products for retail and corporate customers.
DNB’s mobile solutions, internet banking services, customer service centres, real estate brokerage and branch offices in Norway and around the world ensure that we are present where our customers are. We are a major operator in a number of industries, for which we also have a Nordic or international strategy.
Media Contacts:
EIB Group:
Thomas Eriksson
t.eriksson@ext.eib.org
Website:www.eib.org/press
Press Office:press@eib.org
DNB:
Stål Garberg
+47 911 90 970
stal.ulvin.garberg@dnb.no
European Union Delegation to Norway:
Johanne Stavdal Engh
+ 47 93 85 42 65
johanne-stavdal.engh@eeas.europa.eu
European Commission:
Ignazio Cocchiere
+32 460 76 19 63
ignazio.cocchiere@ec.europa.eu
SOURCE: European Investment Fund
MORE ON EUROPEAN INVESTMENT FUND, EIF, ETC.:
InvestEU Program Bolsters SME Support: EIF and Innovation Norway Ink Landmark Deals
EIF Leads €100 Million Pledge to RIVE Infrastructure Impact Fund in Green Transition Push
EIF Commits EUR 30m to 123 Transition Energétique 2 Fund for Renewable Energy SMEs
European Investment Fund Boosts Cultural and Creative Sectors with InvestEU Agreements
EIF and Greek Government Launch €200 Million Equity Fund to Boost Innovation in Life Sciences and Sustainability Sectors
EIF's €200 Million Equity Mandate Boosts Greek Innovation and Sustainability
EIF Backs €100 Million Investment for Underprivileged Students' Education in Germany and Spain
European Investment Fund Commits €4.5 Billion to Bolster Greek SMEs and Green Economy
European Investment Fund Boosts Berlin SME Financing with €24.5 Million Guarantee
EIF Commits €40 Million to Boost Sustainable Agriculture in Europe
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