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Romanian businesses benefit from more lease financing
€10 million EBRD loan for Volksbank Leasing Romania
The EBRD is lending Volksbank Leasing Romania (VB LEASING), a subsidiary of
banking group OEVAG (Oesterreichische Volksbanken AG - Austria) and of
VR-LEASING AG - Germany , €10 million under the EU/EBRD SME Finance Facility
to give entrepreneurs more access to lease finance. The loan will be
complemented with Technical Assistance for training and management
improvements and with performance fees funded by the European Commission.
Jonathan Woollett, EBRD Director Non-bank Financial Institutions, said this
loan will help VB LEASING address some of the problems of helping SMEs and
entrepreneurs to gain access to lease finance. The project will also have a
demonstration effect for other leasing companies that are envisaging entering
the SME leasing market or deepening their presence in this market, he added.
The EU/EBRD SME Finance Facility, a joint programme of the European Commission
and the EBRD, supports the development and growth of entrepreneurs by
facilitating their access to finance. Under this regional project covering 11
countries, the Bank will make available funding of €1.1 billion, of which
€1,009.5 million has been committed to signed projects to date.
The EC has contributed €156.75 million in grant financing and technical
assistance since the launch of the facility in 1999. For further information
about the Phare programme, the main channel for the EU’s financial and
technical cooperation with accession countries, see: http://europa.eu.int/comm/enlargement.
VB LEASING, already a strong supporter of small and medium-sized enterprises
(SMEs) in Romania, is growing strongly in the lease finance sector. The EBRD
loan help will the company build on that by exclusively financing more leases
to micro and small enterprises up to €30,000 and €125,000 respectively.
Volksbank Romania Leasing was established in September 2000, currently employs
80 people and has 12 branches across 12 key regional cities in the country.
The leasing company is a major provider of leasing financing for SMEs,
especially in vehicle, equipment and machinery equipments.
VB LEASING is strategically oriented towards the SME sector and therefore the
co-operation with the EBRD is very important to us, said Michael
Unterguggenberger, Administrator of VB LEASING. The loan together with the EU
grant will enable Volksbank Leasing to diversify its client base by providing
finance to smaller companies which in turn will ensure a more efficient
development of the Romanian economy.
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