£100m for investment in new equipment by UK companies
Europe’s long-term lending institution, the European Investment Bank, has agreed to provide £100m to Societe Generale Equipment Finance to support investment by UK based small and medium sized companies over the next two years. The dedicated lending programme, that includes a matching contribution from Societe Generale Equipment Finance, is expected to help firms invest in transport, high-tech and industrial equipment by providing lower cost financing for up to eight years.
Jonathan Taylor, European Investment Bank vice president, said: “Investment in new equipment is often essential to remain competitive and create new jobs. The European Investment Bank is committed to supporting small and medium sized companies and is pleased to work with Societe Generale Equipment Finance to achieve these shared goals in the UK. Financing that addresses the specific needs of small firms is even more important at a time of improving business confidence.”
Giles Turner, managing director of Societe Generale Equipment Finance UK, added: “We are particularly pleased to partner with the EIB so we can bring additional equipment finance facilities to small and medium size businesses across the UK. These businesses are a vital part of the economy creating wealth and jobs.”
This new lending programme will provide medium and long-term financing and an alternative to regular bank lending. Companies will be able to use new equipment as collateral that reduces risk and has a positive impact on pricing.
Eligible investment includes commercial vehicles and agricultural machinery, IT, office and medical equipment, production and packaging machines and a broad range of construction equipment.
Societe Generale Equipment Finance is one of the leaders in leasing industry, covering a full range of sectors and asset types including IT systems, office equipment, medical equipment, machine tools, printing, construction equipment, handling, transport and agriculture. Societe Generale Equipment Finance UK has a unique proximity to its clients, especially SMEs, that represent almost 22 000 customers in the country.
Improving access to finance by SMEs is a key priority for the European Investment Bank. Last year the European Investment Bank provided more than £17bn for SMEs across Europe.
