The European Commission said on Wednesday the European Investment Fund (EIF) and Alba Leasing, an Italian provider of lease financing, have signed an InnovFin agreement to provide 80 million euros (90.27 million U.S. dollars) in loans over the next two years to small and medium-sized businesses (SMEs) in Italy.
The agreement will allow Alba to provide leases to innovative companies in Italy with the support of a guarantee provided by the EIF and backed under Horizon 2020, the EU Framework Program for Research and Innovation. This transaction benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.
The European Investment Bank (EIB) estimates that by April 2016, the EFSI triggered more than 80 billion euros of investment in Europe. "The Investment Plan and the InnovFin program continue to make a real difference to small businesses across the EU and nowhere more so than in Italy," said Carlos Moedas, European Commissioner for Research, Science and Innovation.
The EIF is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses by helping them to access finance.
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