Patria Credit IFN is the first financial institution in Romania to receive a subordinated loan from the European Investment Fund. Punderthe Capacity Building Investment Programme of the EU's Microfinance Institutions for Employment and Social Innovation (EaSI CBI) programme, the European Investment Fund (EIF) is granting Patria Credit IFN a subordinated îmloan for a period of 10 years.
Patria Credit IFN is the first financial institution in Romania to receive a subordinated loan from the European Investment Fund. Pwithinthe Capacity Building Investment Programme of the EU's Microfinance Institutions for Employment and Social Innovation (EaSI CBI) programme, the European Investment Fund (EIF) is granting Patria Credit IFN a subordinated loan for a period of 10 years. The 10 million lei are intended to support the ambitious development plans of the NFI în the next period în particular în the field of financing micro-farms, which generally have limited access to traditional credit. The loan also aims to improve Patria Credit's ability to contract other financing lines from reputable lenders.
“The granting of a îmloan for 10 years is a proof of înconfidence for us and we would like to thank the EIF in this way, as it supports the sustained pace of growth in recent years of Patria Credit IFN. Approximately 90% of our customers are from rural areas. We have been working for years with small farms in this environment, both in less-banked areas such as Matca, Moțăței, Izbiceni and in more developed areas. From our experience of working in rural communities for over 16 years, we have learned that there is a need for support for the development of microfinance, and the strategic partnership with the EIF is a continuation of this need and of our mission to increase financial inclusion in Romania," says Raluca Andreica, General Manager of Patria Credit.
Patria Credit IFN has înregistered în 2018 financial results above expectations, with an increase in results for the fifth consecutive year. Patria Credit IFN SA îs net profit îin 2018 was almost 900,000 Euro, îwhile assets reached 15 million Euro and the loan portfolio grew îby more than 25% compared to 2017. The institution's focus on supporting small farmers' businesses is also given by the profile of the portfolio: clients mainly from the large vegetable basins, most of them taking out loans to support investments în agriculture. Patria Credit's 2019 development plans include continued sustained growth, with maintenance of the traditional target group of customers, including expansion into other geographically underbanked areas of the country.