At the onset of COVID-19 across Europe, the EIB Group reacted rapidly to address the most urgent liquidity needs of European SMEs. Throughout the year 2020 and to date, we have sustained this support through several initiatives, with the same goal: to ensure that Europe’s small businesses survive and can grow further after the pandemic.
In co-operation with the EIB and the EU Member States that finance it, the EGF has been a new and dedicated initiative quickly designed and launched in mid-2020. Using the EIB’s and the EIF’s proven business models, the initial €25 billion resources aim to mobilise additional financing for small business and mid-caps in Europe, and thus continue fighting the negative economic effects of the crisis. EGF is also testament of collaboration at European level. Further links:
Based on the €1 billion unlocked from the Investment Plan for Europe/EFSI, the EIF provided guarantees worth €2.2 billion to financial intermediaries across our main guarantee instruments, unlocking €8 billion in available financing for businesses, including micro- and social enterprises as well as SMEs in the cultural and creative sectors.
The EIF published the updated calls for expression of interest and amended terms for financial intermediaries in early April 2020 on the respective pages:
Following the EU’s decision to prolong the timeframe and extend the scope of the State Aid Temporary Framework adopted on 19 March 2020 in order to support the economy in the context of the coronavirus for additional six months, the EIF has subsequently extended the covid-19 support measures for its existing intermediaries until 30 June 2021.
Across the EIF’s equity business lines, our main objective was to remain open for business and continue supporting business angels, and venture capital / private equity fund managers with the funding they need to sustain their investment strategies.
Under InnovFin Equity, we launched support measures incl. modified terms and conditions; and a new €100 million window – the RE-FIT facility, sustaining innovative business. Check this overview presentation for details.
Unlike in previous crises (e.g. the dot-com crisis), during the covid-19 pandemic the European VC market has shown resilience and continued good performance, signs of a mature ecosystem that we worked to build over the past 20+ years.
In addition, we have deployed nearly €900 million in 2020 in the form of national initiatives targeting the COVID-19 crisis.
Further information for financial intermediaries
A dedicated EIF Covid Infobox has been created for financial intermediaries to centralise any questions related to the EIF’s covid-19 response measures: covid-fi(at)eif.org
Accessing finance for SMEs and mid-caps
Check here the EIF’s current network of financial intermediaries in your country. Our existing partners have been at the forefront of benefitting from the COVID-19 related financing support whilst new intermediaries are added on a continuous basis.
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