EIF signs an eco-innovation guarantee agreement with Crédit Coopératif
Date: 02/12/2009
EIF and Crédit Coopératif, have signed a guarantee agreement under the Competitiveness and Innovation Framework Programme 2007 - 2013 (CIP) helping to provide enhanced access to finance for small and medium sized enterprises (SMEs) in France. This agreement was signed at the Pollutec exhibition centre in Villepinte, Paris on 2 December.
This guarantee agreement allows SMEs in France to access up to 3 million euros per project under favourable conditions without being subject to stringent collateral requirements.
This guarantee agreement could help to attract up to 186 million euros of additional finance for entrepreneurs whilst helping to create jobs in France. It is expected, that this guarantee agreement will help Crédit Coopératif to more than double its annual loan portfolio for environment focused SME investments by 2012.
Crédit Coopératif has already financed 69 eco-innovation projects worth 38 million euros and this agreement will contribute to supporting SMEs in the environmental protection, renewable energy, recycling and water management sectors, as well as financing SME projects which minimise their environmental impact.
The CIP programme is financed by the European Union with an objective of supporting and enhancing access to finance for SMEs. The programme is split by product type: venture capital and guarantees. The CIP programme is managed by the European Investment Fund.
Commenting on this transaction, EIF Chief Executive Mr Richard Pelly said: “We are pleased to be working with Crédit Coopératif and to be contributing to the creation, growth and development of French SMEs in the eco-innovation sector as a result of this guarantee agreement”.
Jean-Louis Bancel, President of Crédit Coopératif added: “Partnering with the EIF to put in place an EU instrument benefiting entrepreneurs and Europe as a whole, fits in well with Crédit Coopératif’s philosophy. This allows us to boost our support for eco-innovative SMEs and environmental projects”.
Press contact:
David Yormesor, tel.: +352 42 66 88 346, email: d.yormesor@eif.org