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JEREMIE Sicily: Clarification on the Call for Expression of Interest JER050/1

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    Date: 11 November 2011 - 12 December 2011

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Clarification on the Call for Expression of Interest JER-050/1 to select Financial Intermediaries that will receive resources from the EIF acting through the JEREMIE Holding Fund for the Region Siciliana to implement the Funded Risk Sharing Financial Instrument for Social Finance.

Deadline: 12.12.2011

Reference number: Call for EoI No. JER-050/1

Question 1 (Q1):

Applicant means a Financial Intermediary applying to this Call for EOI; also be a consortium or joint venture between a bank a governmental or non-governmental organization active in social finance. It is indicated that joint ventures and/or consortia (consorzi or ATI for the Italian law) can express their interest as long as at least one member is a credit institution authorized; at least one member is an organization such as business support providers…. And they nominate one coordinate entity; To present the EOI should we formalize the consortium or could we formalize it if selected? The formalization of a consortium requires formal procedures and costs to be sustained by the partners.

EIF Answer:

The consortium could be legally formalised after the selection process (provided that it is duly formalised prior to the signature of the Operational Agreement with the selected applicant).

The Consortium can take the form of a short-term arrangement in which the different eligible Institutions (as defined in the Call, Point 1) pool their financial and human resources in order to apply for this Call for EoI.

The Consortium will last for at least the overall period of the Operational Agreement.

All members of the Consortium assume joint and several liability for all obligations arising from the Operational Agreement.

Question 2 (Q2):

In annex 1 to the Call for Expression of Interest No. JER 050/1 (footnote 1) is indicated that in case of consortium, the coordinating entity is asked to fill in the Annex 1; so the other members of the Consortium are not asked to fill in and sign the annex 1.

In case of an application made by a Joint Venture or Consortium, should the documents listed in Appendix 2 be provided by each component of the Joint Venture or Consortium?

EIF Answer:

The leader has to fill and sign Annex 1 and all the members of the consortium have to complete Appendix 1.

The required documents (listed in Appendix 2) must be provided by each member of the Joint venture or the Consortium.

Question 3 (Q3):

Supporting activities must be covered with the 3% of the Management fees as well as all the visibility actions?

EIF Answer:

Yes, with regard to Publicity, the “marketing and publicity campaigns aimed at making the JEREMIE initiative known to the SMEs in the Sicily Region” are covered by the 3% of the Management Fees as well.

Question 4 (Q4):

We are an intermediary and we would like to participate with our Foundation, is it possible?

EIF Answer:

Yes, a credit institution authorised to carry out business in the Sicily Region under the applicable regulatory framework[1] is allowed to submit an Application jointly with a Non-Profit Organisations or a local association supporting social sector. The members of the joint venture and/or consortia should indicate/nominate one coordinating entity as a contractual counterpart for EIF for the entire term of the Operational Agreement (in case of selection), and all members of the joint venture and/or consortia assume joint and several liability for all applicable obligations. Such Applicants are required to submit one, joint Expression of Interest.

Question 5 (Q5):

What do you mean for coaching, mentoring or guidance provided to SMEs? Our SMEs are taking care about the financial system since the initial process including business plan, bank assistance and risk- management (monitoring of own tax income)?

EIF Answer:

Coaching is intended to be the guidance and motivation in developing goals and implementing action plans that address both life issues and business development.

Mentoring is intended to be the counsel and advice provided by experienced entrepreneurs to emerging ones in a structured relationship of some duration.



[1] According to Art. 111 – “Microcredit”, of the Italian banking regulatory framework (Testo Unico Bancario), MFIs and no-profit organisation, included in a specific list, are allowed to lend micro and social financing.

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