"This financing, the first of its type, has its origin in the broad relationship that Santander has in Spain with the EIB for financing" small- and mid-sized businesses, Banco Santander Mexico said in a statement.
The EIB is looking to support other Santander units in
The funds will be used to back nearly 1,000 Mexican small- and mid-sized businesses with different types of credit products, Banco Santander Mexico said.
Small- and mid-sized businesses account for 99 percent of the enterprises, 52 percent of the gross domestic product and 72 percent of the jobs in
Lending to small- and mid-sized businesses grew 29 percent in the first quarter of this year, accounting for 11 percent of all loans, the bank said.
Banco Santander Mexico counts about 60,000 small- and mid-sized business enterprises employing nearly 380,000 people as its customers across the country.
The EIB provides financing within the
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