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and/or achieve capital relief which then allows them to expand their lending capacity to SMEs.

We focus on deals with granular SME portfolio exposures. Transac-tions we help to securitise include SME loans, SME loan guarantees,

Process prior to our guarantees and credit enhancement commitment

Evaluation of transaction

Board approval

Legal negotiations

Signature

Appraisal authorisation

Contact by intermediary

small ticket lease receivables, SME trade receivables, venture financing (lease/loans) and micro-loans.

EIF’s guarantees are offered at competitive prices, after a detailed analysis of each transaction and of each originator.

For our own risk activity, we not only operate in the EU 27 but also in EU candidate and EFTA countries. In light of the challenging period that the SME securitisation market is still going through, EIF is striving to contribute to its re-opening and sustainable development.

Microfinance

Besides engaging in equity and guarantee operations, EIF has been involved in the microfinance sector since 2000 to help address the financing gap faced by micro- enterprises, providing funding (equity and loans), guarantees and techni-cal assistance to a broad range of

microfinance providers, from small non-bank financial institutions to well-established microfinance banks. We have developed our expertise by managing specific initiatives on be-half of the EC and the EIB as well as by deploying our own financial resources.

Since May 2010, EIF manages the European Progress Microfinance Facility (Progress Microfinance), a EUR 203m flagship initiative funded by the EC and the EIB. Loans, eq-uity and guarantees are provided under this Facility to a wide range of microfinance institutions (MFIs) to