Norway. Sparebank 1 Østlandet
| Date of agreement: | 13 Oct 2017 |
|---|---|
| Country: | Norway |
| Customer: | Sparebank 1 Østlandet |
| Amount in NOK: | NOK 750 million |
| Amount in EUR: | EUR 80.12 million |
| Maturity: | 6 years |
| NACE sector / loan type: | Loan programme |
Project
The loan programme has been provided for onlending to small and medium-sized enterprises (SMEs) and environmental projects in line with NIB’s eligibility criteria. Under this loan programme, financing can be provided in a number of industry sectors, for example for the acquisition of industrial machinery, construction machinery and IT equipment.
SpareBank 1 Østlandet (SPOL) was formerly known as Sparebanken Hedmark, which merged with Bank 1 Oslo Akershus in April 2017. SPOL is the fourth largest savings bank in Norway. It has 290,000 customers and operates branches in Hedmark, Oppland, Oslo and Akershus, serving an area with a population of 1.7 million. Corporate customers, of whom the majority are SMEs, account for 36% of the bank’s loan book. The customer segments include real estate, commercial services, agriculture and forestry.
Fulfilment of NIB's mandate
The loan programme is expected to alleviate credit constraints, which are a comparative disadvantage for SMEs, and thereby facilitate productivity growth. Improved access to financing can raise productivity and increase the competitive pressure and efficiency on the market. Eligible projects to be financed from the lending facility should fulfil NIB’s mandate criteria for SMEs.
Sustainability summary
Projects to be financed through a financial intermediary must fulfil the sustainability requirements defined in NIB’s Sustainability Policy and Guidelines.
