EPMF is funded by the budget of the European Union and is therefore subject to certain non-negotiable requirements and restrictions. The main ones are summarised hereafter :
The operational agreements between EIF and the intermediary shall be established following EIF policies, rules and guidelines, the product’s specific operational guidelines,and the following criteria :
A Commitment Fee will be charged to the intermediary in case the portfolio does not reach at least 90% of the agreed volume within the availability period (up to 24 months).
Micro-credit guarantees are granted against an undertaking by the intermediary to respect certain promotion and visibility related obligations. It is essential that micro-enterprises, including self-employed persons, are made aware that the supported micro-credit loans benefit from a guarantee issued under the EPMF established by the European Union. Therefore, intermediaries are encouraged to actively promote EPMF giving high visibility to the EU support with specific use of EU logos and relevant language thereon.
Intermediaries, sub-intermediaries, and the relevant micro-enterprises, including self-employed persons, shall agree to allow, and to provide access for, EIF, agents of EIF, the European Court of Auditors, the Commission and/or the agents of the Commission, including the European Anti-Fraud Office (OLAF), adequate information to enable them to discharge their duties with respect to monitoring, control and auditing of the correct use of the funds of the European Union.
Micro-credit loans and guarantees benefiting from a micro-credit guarantee shall be subject to EU and applicable national State aid rules. Intermediaries shall comply with applicable State aid rules.
Selected Intermediaries are required to report regularly on the guaranteed portfolio and the Final Beneficiaries of the supported financing. Such information shall include, among others: