The European Investment Bank (EIB) signed an agreement with Rabobank and DLL to further support Dutch SMEs and mid-caps, with a credit facility aggregating €400 million ($446 million) to be made available for Dutch companies.

The credit facility would enable Dutch companies to get loans at discounted rates and follows a previous agreement signed in June. The facility is meant to encourage Dutch businesses that need investment in order to develop. At least 300 entrepreneurs are expected to benefit from the facility, which comes with a lower interest rate. The total sum of the loan is evenly split between Rabobank and DLL, with each receiving €200 million ($223 million).

“As a result of the economic downturn, many SME companies have gone through challenging times,” said Jan van Nieuwenhuizen, board member of Rabobank. “It is great to note that in many sectors companies have resumed their growth path. As such, this joint arrangement with the EIB comes at the right time and will facilitate Rabobank’s clients to seek new opportunities.”

The first credit facility between Rabobank and the EIB was agreed in 2009. Since then, through the EIB facilities, the Rabobank has been able to provide loans to more than 1,400 SMEs, who collectively provide 14,000 jobs in the Netherlands. Most loans have gone to the agricultural and food sectors.