Business News


SID Bank Funds 500 Companies in First Six Months

Ljubljana, 18 September (STA) - The state-owned development bank SID provided a total of EUR 433m to around 500 Slovenian companies in the first half of this year. The largest share of the loans funded efforts on foreign markets, while the biggest increase in funding was recorded in technological and development projects. As many as 84% of the loans went to SMEs.

Proving extremely successful was the new programme providing direct funding for technological and development projects, as part of which SID has so far approved 18 development loans worth a total of EUR 95m, the bank said in a press release on Tuesday.

According to SID, priority in funding is given to deals which have a high added value and which create new jobs and contribute to the sustainable development of the Slovenian economy.

A total of 412 SMEs were furnished with SID loans in the first six months, half of which for the boosting of business and the rest for development, export, environment, energy and other purposes.

While EUR 235m or 54% of the total funds were used to further efforts of Slovenian companies abroad, a 4.5-fold increase to EUR 71m was seen in the funding of development, research and innovation.

Companies from the manufacturing sector were the main benefactor of SID loans, receiving just over 50%. 10% went to companies involved in retail, maintenance and motor vehicle repair, followed by electricity, gas and steam supply and companies from the financial and insurance sector.

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