Bankinter promotes new measures to tackle inflation and rises in the Euribor rate
The partnership between the two organisations will help towards promoting development in a range of key sectors.
Bankinter has signed a partnership agreement with SAECA (Sociedad Anónima Estatal de Caución Agraria - State Limited Company for Agricultural Guarantees) in order to facilitate the financing processes for agricultural, forestry, agri-food and fishing companies.
As a result, the bank is establishing a special financial-services line in order to support financing operations, in which SAECA, a company overseen by the MAPA (Ministerio de Agricultura, Pesca y Alimentación - Ministry of Agriculture, Fishing and Food) and owned by the SEPI (Sociedad Estatal de Participaciones Industriales - State-Owned Industrial Holding Corporation), will act as a joint and several guarantor.
The agreement was signed by Jacobo Cañellas, Deputy General Manager of Bankinter and Regional Manager for Castilla-La Mancha and Extremadura, and Pablo Pombo, Chair of SAECA.
"Here at Bankinter, we want to support the primary sector, the agri-food industry and rural development during a time when the effects of inflation can affect financial management at comapnies, and that's one of the reasons why we are introducing this specific funding support for sectors that need a boost", said Jacobo Cañellas.
Pablo Pombo, Chair of SAECA, stated that "this public-private partnership will help applicants to access financing for their farms under preferential conditions, with long loan repayment periods, which will have no early repayment or cancellation fees".
Under this agreement, Bankinter and SAECA will provide both financing and guarantees to companies for projects which set out to create, conserve or enhance forest, agricultural, livestock or fishing stocks. This financing and these guarantees will also extend to projects in the agri-food industry which involve improving or introducing irrigation systems; purchasing land or machinery, farm buildings and livestock farms; purchasing or improving rural housing; working capital for day-to-day financial business or anything else connected to the agricultural sector.
Bankinter is the fourth-largest bank by market value and the sixth-largest in size, with assets that, at the end of September, stood at 110.400 billion euros. The company has provided a total of 30.800 billion euros in financing to companies in Spain. Bankinter is a leading bank within the Spanish financial system, with a long track record of supporting the business sector.
SAECA is a public company, overseen by the Ministry of Agriculture, Fisheries and Food and owned by the State-Owned Industrial Holding Corporation (SEPI) and the Spanish Agricultural Guarantee Fund (FEGA - Fondo Español de Garantía Agraria). It provides guarantees and bonds in order to facilitate access to financing, under the best conditions, for the entire primary sector.