Page 37 - Annual Report 2010

35

Guarantees & Credit Enhancement

Le Grand Pré

“Opening my own restaurant

was my dream

and this funding

has given me the opportunity to make it come true

.“

Raoul Reicherath Chef, Le Grand Pré

Introduction

With many financial institutions tightening their credit policies post crisis, the CIP SME Guarantee Facility has played a major role in addressing the SME needs for debt finance and aiming at enhancing their access to credit.

Raoul Reicherath always wanted to have and run his “own” business and had explored the market far and wide.

Together with his wife, he set his sights on opening a res-taurant in a charming farmhouse in the Vaucluse region of France, and when he heard about the opportunity to be granted a guaranteed loan from the financial intermediary SIAGI, backed by the EIF under the CIP programme, he jumped at the opportunity.

Added value

Thanks to the EUR 149,049 loan, Raoul could expand his business and now employs five people for his busy dining and kitchen area. He is hoping to add another two to his team in the near future.

With the necessary financial support, the foundations of his business are set and he can now concentrate on creat-ing new dishes and culinary delights for the pleasure of his customers, just as he has always wanted. Now that he has received a loan he hopes to start cooking up a new special service. Maybe this will become a new Michelin-starred restaurant – who knows?

Finance on a plate