New Record for Lenders on October Platform: 5,672 Private Investors from France, Spain, Italy, the Netherlands lent to Sandaya Initiative

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Camille David from European online lender October reveals that 5,672 private investors from all across Europe have reportedly financed the Sandaya project via the October platform – which is notably a new record.

Claire Juliard, who leads October Connect, confirmed that this is in fact a new record with  5,672 private lenders from France, Spain, Italy and the Netherlands who have lent to Sandaya (a company that’s active in the tourism sector).

Juliard thanked the contributors for their mobilization of funds for SMEs.

October is one of the leading European marketplace lenders.

On February 12, 2021, Europe committed to support the tourism and leisure sector in France. The European Investment Fund (EIF) had entered a guarantee contract that covers a €38 million portfolio “dedicated to the tourism and leisure sector, managed by the SME loan platform October.”

As confirmed by October:

“The guarantee is the first transaction in France for the pan-European Guarantee Fund (EGF), created to support European Union (EU) companies impacted by Covid-19.”

The October team further noted that EU Member States have reportedly invested in the pan-European guarantee fund “up to €25 billion” to help firms with dealing with the COVID crisis and to help them continue to grow their operations.

As mentioned in a blog post by October:

“As part of this program, the EIF – the European Investment Bank (EIB) subsidiary dedicated to SMEs – is joining forces with the tech platform October, to propose an extraordinary support layout for French tourism and leisure companies.”

Following the launch of this initiative, the EIF entered the first EGF contract in France, “guaranteeing the loans granted by October to support French SMEs in the tourism and leisure industry.” The creation of this fund is “part of the investment program led by the French insurance federation ‘Assureurs – Caisse des Dépôts Relance Durable France’ (FFA),” the announcement noted.

The October team explained that “this guarantee strengthens the commitment of French insurers and the Caisse des Dépôts et Consignation (CDC) to support the rebound of the French economy and particularly of the tourism and leisure sector, greatly impacted by the crisis.”

They added:

“With this dedicated fund, October supports those companies with loans from 30,000 to 1.5 million euros. Acknowledging the difficult period that this sector is going through, these loans offer an 18-month grace period that gives companies the breathing space they need to resume their activity.”

Alain Godard, EIF Chief Executive Officer, noted that European firms have been hit quite hard by the socioeconomic challenges resulting from the COVID-19 outbreak.

Godard added:

“To help alleviate some of the pressure, the EIB Group created the Pan-European Guarantee Fund. I am very pleased that the EIF’s first transaction under this fund is with October, a trusted partner with whom we have worked closely in the past.”

Godard says he’s convinced that “thanks to their innovative approach to financing, we will be able to make a significant contribution to supporting French companies in the tourism and leisure sector”

Olivier Goy, Chairman of October, stated:

“This new project is an opportunity to thank both the European Investment Fund and the European Investment Bank for their historical support. This support is essential to help us put technology at the service of European SMEs.” 

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