GBP 100m for investment in new equipment by UK companies
Europe’s long-term lending institution, the European Investment Bank, has agreed to provide GBP 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 8 years.
“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.” said Jonathan Taylor, European Investment Bank Vice President.
“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.” said Giles Turner, Managing Director of Societe Generale Equipment Finance UK.
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 GBP 17 billion for SMEs across Europe.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
Societe Generale is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams.
Societe Generale has been playing a vital role in the economy for 150 years. With more than 154,000 employees, based in 76 countries, we accompany 32 million clients throughout the world on a daily basis. Societe Generale’s teams offer advice and services to individual, corporate and institutional customers in three core businesses:
Retail banking in France with the Societe Generale branch network, Credit du Nord and Boursorama, offering a comprehensive range of multichannel financial services on the leading edge of digital innovation;
International retail banking, financial services and insurance with a presence in emerging economies and leading specialised businesses;
Corporate and investment banking, private banking, asset management and securities services, with recognised expertise, top international rankings and integrated solutions.
Societe Generale is included in the main socially responsible investment indices: Dow Jones Sustainability Index (Europe), FSTE4Good (Global and Europe) and all the STOXX ESG Leaders indices.
Societe Generale Equipment Finance is the international equipment and vendor finance specialist of Societe Generale group.
Societe Generale Equipment Finance is a worldwide leading player; it employs 2,700 people in 35 countries in the world.
Societe Generale Equipment Finance manages more than EUR 22.3 billion end managed assets.
Societe Generale Equipment Finance United Kingdom belongs to Societe Generale group.
It has a long experience and a proven track record in successfully financing leasing operations, either through commercial channels with local banks and professional associations or, through agreements with local and international vendors.
SGEF UK financed over €430m of equipment for businesses in 2013 over 60% of which was in the SME Sector.