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LHV borrows €12.5 million from EIF

LHV Bank. Image is illustrative.
LHV Bank. Image is illustrative. Source: Martin Dremljuga/ERR

Estonia's LHV Pank has concluded an agreement with the European Investment Fund (EIF) on a ten-year unsecured loan of €12.5 million to improve small- and medium-sized businesses' loan opportunities.

The loan program is intended mainly for supporting growth and loans provided within the program will range from €25,000 to €500,000 in size, LHV said.

The bank will not bring new loan products to the market; it will loan out money in the framework of existing ones, LHV Communications Manager Priit Rum told BNS.

According to the terms of the agreement with the EIF, LHV must lend the €12.5 million to companies within 24 months as well as add a contribution of its own.

"LHV's liquidity level is high and therefore it wasn't financially expedient to get a bigger credit line," LHV CFO Meelis Paakspuu said. "Nonetheless, the transaction is significant in that it will enable us to raise funds on international money markets in the future to finance Estonian companies on favorable conditions."

Editor: Aili Vahtla

Source: BNS

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