EU requirements

The High Growth and Innovative SME Facility (GIF) is funded with the budget of the European Community which carries certain non-negotiable requirements and restrictions. These are summarised:

• Reporting
• Monitoring and Audit
• Promotion
• Visibility

Reporting

Intermediaries are required to report regularly on the SME beneficiaries of the financing, such as:
SMEs’ country, region, date of establishment, sector of principal activity.
SMEs’ current number of employees and expected increase.
Information about the underlying financing (investment cost, loan/other financing amount, purpose of financing).
Figures on the Facility’s utilisation (e.g. number and amount of financing issued in the period, total outstanding amount).

Monitoring and audit

The EU budget is tightly regulated to ensure its correct use. Therefore, all entities involved in an EU Guarantee acknowledge that the European Court of Auditors, the European Commission and its agents (including OLAF) have the right to access information and premises. Each agreement relating to the EU GIF Investment must contain a standard clause evidencing this right.
EIF will also carry out regular monitoring visits to each Intermediary, in which the European Commission may participate at its discretion.

Promotion and visibility

It is essential that SMEs are aware of the EU support. EU Investments are granted against an undertaking by the Intermediary to respect certain promotion-related obligations.
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Important information for small businesses (SMEs) Please note that SMEs themselves cannot obtain a guarantee directly from the EIF and should therefore not approach EIF. Information for SMEs about sources of loan finance backed by the European Union will be available on a dedicated website that is presently under construction. Links to this SME-dedicated website will be published on the EIF website in due course.