Fibank In the second half of July First Investment Bank entered into agreement with the German investment bank KfW for a five-year credit line worth 10 million euros to support small and middle-size businesses. The credit line was granted after a thorough examination of the FIBank’s financial results and after the approval of the European Commission. The credit line is also financed by the Council of Europe Development Bank.
Under this credit line FIBank encourages granting of long-term investment loans to small and medium-sized enterprises with the support of the European Union. The upper limit of the amounts FIBank will be lending under this credit line is set at 250 thousand euros. “In this way we provide a larger number of companies with the opportunity to receive financing under this program” commented Nadya Koshinska, Director of “Lending to Small and Medium-Sized Enterprises” division at FIBank. A great number of companies from the whole county have taken advantage of the loans under this program so far – mainly from the following cities – Sofia, Pazardzhik, Silsitra, Smolyan, Blagoevgrad, Gabrovo, Targovishte, Veliko Tarnovo, Varna and Burgas.
Under this credit line FIBank provides long-term financing for different investment projects, including purchase and repair of trade and office areas, of machinery and equipment, vehicles as well as for the construction or renovation of production and warehouse bases. Funds are also allocated for the purchase of cultivable agricultural land, farming machinery and equipment. The companies which have received financing under the credit line granted by KfW work in different branches of economy and they have used the loans for different purposes.
The financial aid under this credit line is very suitable for financing of investment projects of companies which are applying for the funds under the European programs. The companies receive long term investment loans – the minimum loan term is five years, the conditions are very advantageous which represents a very important factor for the greater part of them.
“It is a great convenience for the FIBank’s customers that they can apply for the loans under this program at any office of the Bank by filling in a standard loan application form “ added Mrs. Koshinska .