Investment of EUR 7 million to support ability of micro and small enterprises to confront economic effects of COVID-19 crisis
Garanti BBVA Leasing, part of Garanti BBVA Group Romania – one of the most dynamic financial groups on the local market, is expanding financing opportunities for micro and small enterprises (MSEs) in Romania, by signing a loan agreement of EUR 7 million with the European Fund for Southeast Europe (EFSE). The investment aims to boost the ability of this vital business segment to preserve their operations as well as sustain and generate employment and income in light of the COVID-19 crisis.
Garanti BBVA Leasing, an EFSE partner since 2014, is among the top leasing providers in Romania and has shown strong commitment to serving EFSE’s target group of MSEs. The new funding will be used to expand the institution’s leasing offer for local small businesses, a segment that has been severely negatively impacted by the economic effects of the coronavirus pandemic. Leasing provides an important source of long-term financing to smaller businesses which may not have the extensive collateral necessary for bank loans.
Okan Yurtsever, General Manager, Garanti BBVA Leasing said: “During these uncertain and challenging times, we continue standing by our clients’ side, as a strong and trustworthy business partner. We are here to support the MSEs with the appropriate leasing solutions for overcoming the current context generated by the pandemic and further develop their companies. This new agreement reinforces our long-term collaboration with EFSE for supporting Romanian businesses with appropriate financing tools.”
EFSE Board Chairman Christoph Tiskens said: “Access to finance remains a key priority during and after the COVID-19 crisis. As a top player in the non-banking financial sector, Garanti BBVA Leasing is well positioned to continue supporting MSEs so that they may maintain their operations, and thus continue to generate income and employment in these difficult times. We are glad to be building on our successful partnership to help stabilise the financial situation for hardworking Romanian entrepreneurs.”