The European Investment Bank (EIB) has supplied Grenke with a long-term, low-interest credit facility for up to €100m.

It is the first time that the EU bank and Grenke have joined forces. Headquartered in Baden-Baden, Grenke offers leasing, factoring and bank products.

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In February its consolidated profits grew to €125m (£110.15m) in 2017, up 21% year-on-year.

The result, which exceeded forecasts from six months ago, was driven by higher margins and abated expenses. Interest income from financing rose to €289m, while cost of refinancing and loss rates declined to €42.8m and 1%, respectively.

This pushed net interest income from financing to €217.8m, up 13.2%. Operating income from all activities increased 17.4% to €322.5m.

At the end of February, founder and chairman Wolfgang Grenke retired after 40 years with the business.

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EIB vice-president Ambroise Fayolle, responsible for operations in Germany, said: “With its product mix, Grenke is providing made-to-measure support to innovative small and medium-sized enterprises for the growth and development of their businesses. The promotion and strengthening of the SME sector, particularly first-time entrepreneurs and start-ups, is one of the EU bank’s top priorities, as these will secure growth in Europe and jobs in the future. I therefore particularly welcome the fact that we have gained a new, strong financial services partner in Grenke which, with its business model, is making a sustainable contribution to this goal, both in Germany and beyond.”

Grenke board member Sebastian Hirsch said: “We are very pleased that, through this cooperation with the EIB, small and medium-sized enterprises throughout Europe can now benefit from attractive leasing conditions. Operating in 26 European countries, GRENKE has been a close partner for SMEs for forty years. Our strength is the rapid and uncomplicated processing of leasing requests. In Germany, we have already concluded around 39 000 supported leasing contracts through partnerships with promotional banks.”