Piraeus Bank Romania and EximBank have signed a SME Guarantees Facility
Bucharest, May 24, 2017 – Piraeus Bank Romania and EximBank have concluded a partnership that facilitates SMEs’ access to financing. Following the signing of the agreement, Piraeus Bank Romania will access a guarantees facility of 15 Million Lei.
The partnership between the two banks targets small and medium enterprises that are looking for financing solutions for the working capital or investment projects and do not possess enough assets to cover the necessary degree of material guarantees for credit.
By using the SME Guarantees Facility, the companies will be able to access financing instruments with a maximum length of 5 years (for investment projects), up to 12 months (for working capital) or up to 24 months (for letters of banking guarantee). The guarantee covers up to 80% for the long-term financing and up to 70% for the credits granted for current business and letters of banking guarantee.
«Piraeus Bank Romania is one of the banks that intends to contribute to the development of SMEs activity in Romania. Concluding the SME Guarantees Facility with EximBank comes to confirm that we are supporting together the SMEs that find themselves in a constant need for cash. We are thus offering to our corporate clients complete and flexible financing instruments along with adjacent material guarantees. Each business appears and grows at its own pace and this is why we are looking along with our clients for the best solutions for managing and financing their companies.» declared Catalin Parvu, CEO Piraeus Bank Romania.
«We are delighted that Piraeus Bank Romania has decided to join EximBank in a partnership that is directly linked to the Romanian business environment with benefits for all parties involved in the financing agreement. Our cooperation helps eliminating one of the obstacles that SMEs face in accessing financing sources – the value and levels of collateral thus facilitating the access to financing solutions that allow increasing the SMEs productivity and competitive levels in a more and more dynamic and complex environment. We are inviting other commercial banks as well to benefit from our offer especially considering the fact that the SME Guarantee Facility allows the diversification of the financing for local SMEs projects on medium and long term.», declared Traian Halalai, Executive President of EximBank.
Piraeus Bank Romania has a diverse financing portfolio for SMEs, aiming at covering the needs of the bank’s clients. The SMEs products portfolio includes regular short, medium and long term financing as well as banking instruments that contribute to optimal implementation of projects funded with European sources by financing eligible or non-eligible costs as well as the grant from the Management Authority.
EximBank is a specialized institution actively involved in supporting and promoting the Romanian business environment. Its specific financial instruments are exclusively targeted to the corporate segment and may be accessed in advantageous conditions by any type of company, either SME or big company, involved in international transactions or solely active on local market. The companies benefit from a competitive portfolio of treasury, cash management, trade finance and factoring products, that come to add up to the financing and guaranteeing offer. In addition, acting as a state agent on the Romanian market of guarantees and insurance, EximBank is the main channel for the public funds made available by the state to be infused in the real economy. Additional details at: www.eximbank.ro or email@example.com.