The FINANCIAL -- NIB is launching a lending facility totalling SEK 300 million (EUR 32 million) with Westra Wermlands Sparbank for onlending to SMEs and environmental projects in western Sweden.
The seven-year-maturity loan programme is for onlending to small and medium-sized companies in the Värmland region, and to increase market efficiency and environmental investments, according to NIB.
The majority of local SMEs are active in the forestry industry, manufacturing, telecommunication and IT. Investments under the loan facility are expected to increase regional employment and create new opportunities for cross-border trade with Norway.
“Offering small and medium-sized enterprises access to financing will allow them to advance their commercial activities, for instance through the acquisition of new equipment. This will increase the economic growth potential of the entire region”, says Henrik Normann, NIB President & CEO.
The lending facility also appropriates funds for individual environmental ventures. It is expected that eligible projects will result in lower greenhouse gas emissions and a decrease in discharges of nutrients to waters. Potential projects can for instance include renovation measures to improve the energy efficiency of buildings.
Westra Wermlands Sparbank is an independent savings bank founded in 1856. The bank operates seven branches in Värmland.