NIB Partners with Nooa Savings Bank to Provide EUR 10 Million Loan for Finnish SMEs

NIB Partners with Nooa Savings Bank to Provide EUR 10 Million Loan for Finnish SMEs

(IN BRIEF) NIB and Nooa Savings Bank Ltd have entered into a EUR 10 million loan agreement aimed at financing small and medium-sized enterprises (SMEs) in Finland. The seven-year maturity loan will support Nooa Savings Bank’s strategic objectives of growing its SME banking business, as it plans to increase its lending to corporate customers. This partnership enables NIB to extend lending to smaller Finnish companies while addressing credit constraints for entrepreneurs, ultimately fostering productivity growth in the country. This marks the second loan agreement between NIB and Nooa Savings Bank, demonstrating a commitment to supporting Finnish businesses’ development and expansion efforts.

(PRESS RELEASE) HELSINKI, 7-Mar-2024 — /EuropaWire/ — NIB and the Finnish Nooa Savings Bank Ltd have signed a EUR 10 million loan agreement to finance small and medium-sized enterprises (SME) in Finland.

The seven-year maturity loan will be on-lent to entrepreneurs, micro companies and small businesses, supporting Nooa Saving Bank’s strategic objectives. Currently, the majority of the bank’s loan book consists of retail loans, but the company is planning to grow its SME banking business.

“NIB’s partnership with Nooa Savings Bank will allow us to extend our lending to smaller Finnish companies that we would otherwise be unable to finance directly,” says André Küüsvek, NIB President & CEO. “It also alleviates credit constrains for entrepreneurs, fostering productivity growth in the country.”

“Nooa Savings Bank aims to increase its business with SMEs in the coming years. The share of lending to corporate customers is currently at 13 % and it is growing,” says Pekka Haajanen, CEO of Nooa Savings Bank. “Our trademark in the competition is personal, hands-on expertise combined with digital capacity, and this we believe to be of value for SMEs. NIB’s loan agreement is targeted directly to support this business.”

This is NIB’s second loan agreement with Nooa Savings Bank.

Nooa Savings Bank Ltd, founded in 2003, is part of the Finnish Savings Bank Group. The Group forms the fifth largest bank in Finland, with total assets of approximately EUR 13.8 billion at the end of 2022.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

Media Contacts:

NIB:
Jim Dahlström
Senior Banker, Financial Institutions
+358 10 618 0334
jim.dahlstrom@nib.int

Vytautas Brazaitis
Communications Unit
+358 10 618 0235
vytautas.brazaitis@nib.int

Nooa Savings Bank:
Pekka Haajanen
CEO
+358 40 844 3620, pekka.haajanen@saastopankki.fi

SOURCE: Nordic Investment Bank