25 Mar 2020
EUR 750 million
|Date of agreement:||15 Sep 2016|
|Amount in NOK:||NOK 250 million|
|Amount in EUR:||EUR 27 million|
|NACE sector / loan type:||Loan programme|
|Business area:||Financial institutions and SMEs|
Arctic Financing Facility (read more): 100%
The loan programme has been provided for onlending to small and medium-sized enterprises (SMEs) and environmental projects in the county of Helgeland in northern Norway.
Founded in 1860, Helgeland Sparebank is the country’s 11th largest savings bank with 13 branches in 12 municipalities in Helgeland county. The economy of Helgeland is based on trade, transport, industry, service, agriculture and aquaculture and has a large SME sector, of which Helgeland Sparebank holds a large market share. This makes the bank well placed to identify eligible projects.
The project is expected to facilitate productivity growth through alleviating credit constraints, which have been identified as a comparative disadvantage for small and medium-sized companies. Eligible projects to be financed from the lending facility should fulfil NIB’s mandate criteria for SMEs.
Since only part of the total loan sum will be allocated for environmental projects, the overall environmental impact is expected to be neutral.
Projects to be financed through a financial intermediary must fulfil the sustainability requirements defined in NIB’s Sustainability Policy and Guidelines.