The European Investment Bank (EIB) has financed EUR 200 million to DLL, a global asset finance company for equipment and technology, and wholly owned subsidiary of Rabobank to support small and medium-size enterprises (SMEs) and contribute to a greener economy. Part of this funding will be available also to AGCO Finance to support existing and future customers looking to replace their old tractor with a new Stage V technology which promotes less CO2 emissions and supports sustainable farming. Spain and Italy are first two markets where farmers will be able to benefit from such special offers. In fact, these are two countries that have seen their economies deeply impacted by the Covid-19 public health crisis and local agricultural businesses should benefit greatly from this program whilst investing into more sustainable future.
Within this framework, AGCO Finance ambition is to support the transition into low-carbon farming, but also promote leasing and usage based financing an alternative financing solution to standard bank loans. Equipment package may be financed with additional services including AGCO Connect telemetry, extended warranty as well as service package offered by the dealers. Customer accessing this special EIB funding program will be able to receive a financing with competitive maturity and interest rate terms.
EIB Vice-President Emma Navarro, responsible for the Climate Action of the Bank of the EU, stated: “Supporting SMEs is one of the EIB Group top priorities, specially in a difficult context such as the one we are in today, when these small businesses are among the hardest hit by the Covid-19 pandemic. Hence, the importance of signing this agreement to provide funding to SMEs in Spain and Italy. Thanks to this operation, companies will be able to access new credit lines to maintain or continue growing their business and thus create jobs, while contributing to a green economic recovery of the EU.”