Investment & Fund Management
million guarantee from the European Investment
Full Credential Description
Thanks to a 6 million guarantee from the European Investment Fund (EIF) to Estonian lender Finora Capital, small and medium enterprises (SMEs) in the cultural and creative sectors will gain access to more affordable loans. This initiative is part of the Cultural and Creative Sectors Guarantee Facility (CCS), which is managed by the EIF on behalf of the European Commission and is linked to the European Fund for Strategic Investment (EFSI). This operation marks the first CCS-supported initiative in Lithuania, Latvia, Estonia, and Finland.
The tailored solution provided by the EIF allows Finora, a fully digital alternative finance provider, to develop a new product specifically designed to meet the needs of SMEs in the cultural and creative sectors. This support not only enables Finora to enhance its competencies in financing these sectors but also facilitates its expansion into new markets. As a result, Finora plans to start offering this new product in Estonia and Lithuania by the end of 2020, with plans to extend its offerings to Latvia and Finland in 2021.
The EIF's guarantee is expected to significantly impact the financial landscape for SMEs in these regions, providing them with the necessary resources to navigate challenges exacerbated by the coronavirus crisis. This initiative is part of a broader effort to support cultural and creative companies, which are vital to Europe's social and economic development. The CCS aims to strengthen the financial capacity and competitiveness of cultural and creative sector companies, ultimately contributing to the preservation and growth of Europes rich cultural scene.