82 million EUR invested by undertakings with the help of KredEx guarantees
In the first nine months of the current year, KredEx provided guarantees for financial obligations of 270 enterprises in the total sum of EUR 47 million. Support from KredEx enabled companies to secure additional financing from banks totalling EUR 82 million. A total of 277 new jobs will be created as a result of the projects that were financed.
“The borrowing activity of companies has increased somewhat compared to last year, and accordingly the volumes of guarantees issued by KredEx have grown apace as well. Whereas the first quarter was modest compared to last year, the volumes of guarantees in the second and third quarters grew rapidly, exceeding last year’s record levels. The KredEx loan guarantee portfolio has grown 6% year on year,” said Jarmo Liiver, Head of the Enterprise Division at KredEx.
In the first three quarters, KredEx guarantees were used most for overdrafts and turnover loans (44% of the issued volume), followed by investment loans and leases (35%), and bank guarantees (18%).
By field, KredEx guarantees were used most by enterprises in construction (20%); wholesale and retail (12%); production and processing of timber and cork products (9%); professional, scientific and technical activities (8%); administration and support (7%); manufacture of fabricated metal products (7%); transportation and storage (6%); and information and communications (5%). The share of other fields of activity remained below 5%. The percentage of enterprises in the processing industry amounted to 35%.
Since 2001, KredEx has provided guarantees for financial obligations of 3186 enterprises in the total amount of EUR 524 million, making it possible for companies to receive co-financing from banks totalling EUR 1 billion. As a result of the projects that have received financing, around 12,050 new jobs have been created.