25 Mar 2020
EUR 750 million
|Date of agreement:||12 Mar 2020|
|Customer:||SpareBank 1 SMN|
|Amount in NOK:||NOK 1,000 million|
|Amount in EUR:||EUR 96.6 million|
|NACE sector / loan type:||Loan programme|
|Business area:||Financial institutions and SMEs|
The loan has been provided to SpareBank 1 SMN for onlending to small and medium-sized enterprises (SMEs) and environmental projects in Norway.
SMN’s loan book includes SMEs in e.g. the real estate, agriculture, forestry, and transportation sectors in Trøndelag, Møre og Romsdal and Sogn og Fjordane. Typical projects financed under the loan facility may include investments in new machinery, equipment, vessels and trucks.
The most recent loan programme with SpareBank 1 SMN was signed in 2018, and has been fully allocated.
SpareBank 1 SMN is an independent regional savings bank, and the third-largest savings bank in Norway. The bank has approximately 224,000 retail customers and 15,000 corporate clients, mostly SMEs. SMN is a member of the SpareBank 1 Alliance, and is headquartered in Trondheim.
The loan facility is expected to alleviate credit constraints for small and medium-sized companies and to support small-scale environmental projects. Companies eligible for financing under the loan facility are required to comply with NIB’s criteria for SME lending.
Projects that are financed through a financial intermediary are required to fulfil the requirements defined in NIB’s Sustainability Policy and Guidelines.