Bankinter and Avalmadrid renew agreement to enhance financing for SMEs.
Both institutions to make 25 million euros available to Madrid SMEs under preferential conditions.
Today, Bankinter and the mutual guarantee company, Avalmadrid, have renewed a partnership agreement making 25 million euros available to Madrid SMEs under preferential conditions.
The agreement was signed in the morning at the headquarters of Bankinter by Bankinter’s managing director of corporate banking, Eduardo Ozaita, and by Avalmadrid executive chairwoman, Rosario Rey.
This agreement renews the previous one and increases the line of credit from 10 million to 25 million euros. Thus, it will help strengthen the business community in the Autonomous Community of Madrid and create new opportunities for growth.
Avalmadrid and Bankinter will offer customers several financial products with very favourable terms, emphasising their commitment to support business projects linked to technological innovation.
This agreement also provides for the shared-risk method, whereby both institutions share part of the risks. Accordingly, the companies will be able to increase their risk-taking capacity as well as their leverage options.
‘With this agreement, we will continue to support business development and growth, as we have been doing in recent years, including the most difficult years of the crisis. This is a priority for Bankinter,’ said Eduardo Ozaita, Bankinter’s managing director of corporate banking.
Avalmadrid executive chairwoman, Rosario Rey, pointed out that ‘the increase included in the agreement clearly demonstrates that both institutions are interested in giving support to SMEs and the self-employed, who will have better access to financing because of guarantees from Avalmadrid.’
For Bankinter, ranked seventh in Spain in terms of assets, financing businesses to help them grow is a key activity. In 2015, Bankinter increased business lending by 1.1 billion euros to a total 19.9 billion euros, 5.6% more than the year before. In addition, over the first half of 2016, Bankinter improved its market share with new transactions, reaching 6% in Spain.
Avalmadrid, S.G.R is a public-private financial institution supervised by the Bank of Spain. It grants guarantees with the purpose of providing the SMEs and self-employed workers of Madrid with access to financing, and improving financing terms and conditions. These are key aspects of our business competitiveness.
