EU to Back Tech Loans by Leumi

European Investment Fund and Leumi sign an agreement to increase lending to innovative small- and medium-sized enterprises.

Bank Leumi in Tel Aviv.
Bloomberg

The European Investment Fund and Israel’s Bank Leumi signed an agreement on Monday to increase lending to innovative small- and medium-sized enterprises under an initiative supported by the European Commission.

Under the agreement Leumi, Israel’s second-largest bank, could provide finance of $100 million to technology companies in Israel with the support of a $50 million guarantee provided by the EIF and backed under Horizon 2020, the European Union Framework Program for Research and Innovation.

This is the first such EIF undertaking in Israel, enabling LeumiTech, Leumi’s high-tech arm, to offer select tech companies financing on favorable terms.