The European Investment Fund (EIF) and Credito Emiliano S.p.A. (Credem) and CredemLeasing (thereafter “CREDEM”), assisted by Finanziaria Internazionale, have signed an agreement to increase lending to innovative small and medium-sized enterprises (SMEs) as well as small Mid-caps under InnovFin – EU finance for innovators, an initiative supported by the European Commission.
The new agreement allows CREDEM to provide finance to innovative companies in Italy for a total amount of EUR 220m over the next 2 years with the support of a guarantee provided by the EIF and backed under Horizon 2020, the EU Framework Programme for Research and Innovation.
In reaction to the signing, Carlos Moedas, European Commissioner for Research, Science and Innovation, said: "The crisis has hit SMEs in Italy hard. This InnovFin SME Guarantee deal signed today will be a welcome boost as it will open up new ways to funding for them."
The aim of the InnovFin SME Guarantee is to encourage banks or other financial institutions to lend to SMEs and small mid-caps (firms with less than 500 employees) in need of investments and/or operating capital to finance research, development and innovation activities, with EU financial support. Financial institutions are being selected by EIF following a call for expression of interest for financial intermediaries across Europe.
About InnovFin SME Guarantee
InnovFin SME Guarantee provides guarantees and counter-guarantees on debt financing between €25,000 and €7.5 million, in order to improve access to debt finance for innovative small and medium-sized enterprises and small midcaps (up to 499 employees). The InnovFin SME Guarantee is implemented by the European Investment Fund, and will be rolled out through financial intermediaries (banks and other financial institutions) in EU Member States and Associated Countries. Under the InnovFin SME Guarantee, financial intermediaries will be guaranteed by EIF against a proportion of their losses incurred on the debt financing. InnovFin SME Guarantee is part of InnovFin - EU Finance for Innovators, a new range of EIB Group (including EIF and EIB) products to facilitate access to finance for innovative businesses. This transaction is supported with the financial backing of the European Union under Horizon 2020 Financial Instruments.
About the EIF
The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. EIF’s total net commitments to private equity funds amounted to over EUR 8.8bn at the end of 2014. With investments in over 500 funds, EIF is a leading player in European venture due to the scale and the scope of its investments, especially in high-tech and early-stage segments. EIF’s guarantees loan portfolio totalled over EUR 5.6bn in over 350 operations at the end of 2014, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.
About CREDEM GROUP
Credem Group is active in all areas of commercial banking in Italy and operates, through its subsidiaries, in asset and wealth management, insurance products distribution, leasing and factoring. It is listed on the Italian stock Exchange with a market capitalization of approximately EUR 2.5 billion. Credem Group is headquartered in Reggio Emilia and operates through 636 branches, corporate centres and financial stores. Employees are 5.792, while independent financial advisers are 785. Credem Group headcount is completed by 275 financial agents specialised in mortgages, loans to households and insurance products and 119 financial agents specialised in salary backed loans.
Credemleasing
Credemleasing (100% Credem) was founded in 1980, it is active in all areas of financial leasing: vehicles, plant and machinery, real estate and shipping. The company operates in Italy with 17 branches and through the distribution network of Credem Group.
About Horizon 2020
On 1 January 2014, the European Union launched a new research and innovation funding programme called Horizon 2020. Over the next seven years almost €80 billion will be invested in research and innovation projects to support Europe’s economic competitiveness and extend the frontiers of human knowledge. The EU research budget is focused mainly on improving everyday life in areas like health, the environment, transport, food and energy. Research partnerships with the pharmaceutical, aerospace, car and electronics industries also encourage private-sector investment in support of future growth and high-skilled job creation. "InnovFin – EU Finance for Innovators", the new generation of EU financial instruments and advisory services was developed under Horizon 2020 to help innovative firms access finance more easily. "InnovFin – EU Finance for Innovators" will help to inject up to EUR 48 billion in investments in Research and Innovation across Europe.
Press contacts:
EIF: David Yormesor
Tel.: +352 42 66 88 346, e-mail: d.yormesor@eif.org
Media Relations CREDEM
Tel.: +39 0522 58 20 75 - +39 02 77 42 62 02; e-mail: rel@credem.it
Website: www.credem.it – www.credemleasing.it
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