JEREMIE - Regional funding
Activity overview
The Joint European Resources for Micro to Medium Enterprises initiative, known by the acronym JEREMIE, is an initiative of the European Commission’s Directorate General for Regional Policy (DG Regio) and the EIB Group (European Investment Fund and European Investment Bank) to enhance SME finance.
JEREMIE’s resources are mainly derived from EU Structural Funds for the funding period 2007-2013, the monies issued by the European Commission to EU Member States and their Regions for SMEs. National and regional Managing authorities of the EU Member States may opt to participate in JEREMIE. Managing authorities may also decide on JEREMIE terms such as the investment strategyamd related financial instruments, amount of funds available or the selection of the financial institution managing JEREMIE actions.
JEREMIE is not an institution but a process made available for EU Member States through the EU Cohesion Policy, and managed by selected financial institutions such as EIF.
A sustainable tool to support SME finance
Traditionally, monies from EU Structural Funds have essentially been spent as grants, which are issued as one-off payments on a project basis. The JEREMIE initiative offers new opportunities for Member States and Regions to invest and re-invest Structural Funds using a range of financial instruments, instead of grants. Investment and re-investment opportunities through JEREMIE mean that funds are used to maximum advantage, gaining additional value, or leverage, and also that funds can be used over a longer period for the benefit of SMEs.
JEREMIE's financial instruments draw on the EIB Group’s expertise in SME finance, notably guarantees, venture capital, securitisation and loans. JEREMIE financial products will operate on market terms to encourage the participation of private as well as public financial institutions, which is of key importance.
A flexible set of financial tools
JEREMIE provides for a range of financial tools to obtain the most appropriate allocation of funds in order to match supply and demand for SME finance at national or regional level.The intiative allows for prudent initial funding contributions by national and regional authorities with opportunity to increase funding allocation at a later date. Adapting financial tools during the cycle of implementation is also foreseen, allowing responsiveness to market conditions. JEREMIE therefore provides Member States and Regions with a tailor-made set of financial tools, formulated to be optimally applied in each setting. More about the range of JEREMIE's financial instruments - click here
JEREMIE funds are not issued directly to small businesses (SMEs). In due course, SMEs interested in obtaining finance will be able to identify and contact financial intermediaries in their countries based on information provided in this website, which will be provided as and when the JEREMIE initiative becomes active in Member States and Regions. SMEs are invited to visit the Access to Finance website for information about sources of finance backed by the European Union. |