Sparbanken Nord
| Date: | 03 Sep 2019 |
|---|---|
| Country: | Sweden |
| Customer: | Sparbanken Nord |
| Amount in SEK: | SEK 100 million |
| Amount in EUR: | EUR 9.28 million |
| Maturity: | 7 years |
| Business sector: | Financial Institutions |
Project
The loan facility has been provided to Sparbanken Nord for onlending to small-scale environmental projects as well as to small and medium-sized companies and small mid-caps in northern Sweden.
Projects that qualify for financing under the programme include investments in new equipment and vehicles by companies in the mining, forestry and pulp and paper industries.
This is the second loan programme signed between Sparbanken Nord and NIB; the first was agreed in 2013.
Established in 1852, Sparbanken Nord is a regional bank located in northern Sweden. The bank operates eleven branches and is the third largest independent savings bank in the country. Sparbanken Nord’s lending covers real estate, forestry, agriculture, manufacturing, construction and services.
Fulfilment of NIB's mandate
Credit constraints for SMEs have been identified as a competitive disadvantage in the region. Improving the access to financing is expected to contribute to productivity growth and increase competitive pressure. All allocations under the loan programme will be required to comply with NIB’s Sustainability & Guidelines.
Sustainability summary
The majority of allocations is expected to go to SMEs working as sub-contractors to larger companies in the logging, mining and pulp and paper sectors. No significant environmental issues have been identified. As part of its risk assessment, Sparbanken Nord has a procedure for checking permits and potential environmental liabilities in place.
