With these transactions, the partnership between the EIF and Triodos Bank will have jointly made available over €600 million for European SMEs since 2018. The guarantees for the cultural and creative sector have been instrumental to be able to finance the independent film industry in Spain, Belgium and Germany, supporting important films about labour rights and democratic values such as freedom and equality. In the Netherlands, a Triodos Bank loan backed by a EIF guarantee made it possible to finish the redevelopment of Amare, a now thriving and buzzing cultural hub in The Hague. Among the many social entrepreneurs that were financed are E-Flight Academy, Cyclobility, Fundacion Oxigeno, Ecoalf and Nature snacks, covering a diverse array of sectors, including healthcare, nutrition, e-mobility, circular economy, and education.
“Our relationship with Triodos Bank is a very successful one, having made available hundreds of millions in attractive financing for SMEs in sectors that are underserved by traditional bank financing,” said EIF Chief Executive Marjut Falkstedt. “Triodos Bank has been instrumental in supporting the creative and cultural sectors, as well as social entrepreneurship, which are at the heart of European values. We are now building on that to also support sustainability in SMEs, which will be a key element in European independence and competitiveness going forward.”
A top up to an existing capped guarantee signed in 2023, will ensure that Triodos Bank can make available an additional €89 million in new lending for social entrepreneurship. A new uncapped guarantee will be split, to enhance lending to SMEs for activities concerning sustainability and the cultural and creative sectors. The part of the uncapped guarantee marked for sustainability is expected to make available up to €71 million for green investments by SMEs, and marks the first time the EIF supports Triodos Bank on this investment theme. The other part is earmarked for the cultural and creative sectors, where Triodos Bank and the EIF have a successful history, aiming to generate €43 million in new lending.
Jacco Minnaar, Chief Commercial Officer at Triodos Bank: “At Triodos Bank, we have a long track record of financing social entrepreneurship. The past agreements with the EIF have already shown that public and private partnerships can fuel the much needed transitions towards a better and more sustainable world. I am confident that this new agreement will have the same positive impact. I am particularly pleased with the introduction of the new guarantee for green investments by SMEs. It shows how our relationship with the EIF is continually developing and is focused on getting financing to where it is most needed. We look forward to continuing our work with the EIF to make money work for positive change by empowering social entrepreneurs to add value to society.”
SMEs who qualify for one of the guarantee schemes will be able to benefit from loans at a reduced interest rate, with lower collateral requirements, under the EU supported programme. Entrepreneurs interested in financing can get in touch with their local Triodos Bank contact for more information.