Innovation Norway and EIF announce additional support for innovative businesses

The European Investment Fund (EIF) and Innovation Norway have signed an extension agreement to provide additional NOK 375 million (EUR 42 million) of guarantees for loans to small and medium-sized enterprises (SMEs) in Norway.

The counter-guarantee increase announced in Kjeller today, will enable Innovation Norway to support an additional NOK 500 million (EUR 56 million) of loans for 190 additional SMEs across Norway. The agreement was signed under InnovFin – EU Finance for Innovators, backed by the EU's research and innovation programme Horizon 2020.

The additional finance comes a year after EIF and Innovation Norway signed an agreement to support NOK 400 million (EUR 45 million) of loans for innovative Norwegian SMEs. The EIF support helped Innovation Norway to launch Vekstgaranti, a new guarantee scheme developed with Norwegian commercial banks, which has already supported finance for a number of SMEs lacking sufficient collateral.

Carlos Moedas, European Commissioner for Research, Science and Innovation, said: "Thanks to funding from Horizon 2020, our research and innovation programme, the EIF and Innovation Norway are coming together once again to support innovative Norwegian businesses. This deal will mean even more innovative ideas can be funded, which will benefit both the Norwegian and the EU economy.”

EIF Chief Investment Officer, Alessandro Tappi commented: “The additional financing opportunities announced today will help even more innovative Norwegian companies develop new products, processes and services. Innovation is a key factor for driving growth and jobs. Given the success of the agreements signed last year, these InnovFin signatures with Innovation Norway provide a clear example of how EIF, together with national promotional institutions, can help to support innovation.”

Innovation Norway, Director of Start-ups and Entrepreneurship Pål T. Næss, commented: “We are grateful for the continued strong support from the European Investment Fund to tackle crucial imperfections in the Norwegian capital market for fast-growing and innovative SMEs. The agreement helps give more entrepreneurs access to risk capital in a critical phase.”

More information:

About 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.

About Innovation Norway

Innovation Norway is the Norwegian Government's most important instrument for innovation and development of Norwegian enterprises and industry. We support companies in developing their competitive advantage and to enhance innovation. Norwegian enterprises have access to a broad business support system as well as financial means. Innovation Norway provides competence, advisory services, promotional services and network services. The marketing of Norway as a tourist destination is also considered one of the organizations important tasks.

About InnovFin

The InnovFin SME Guarantee Facility provides guarantees and counter-guarantees on debt financing of between EUR 25,000 and EUR 7.5 million in order to improve access to loan finance for innovative small and medium-sized enterprises and small mid-caps (up to 499 employees). The facility is managed by EIF, and is rolled out through financial intermediaries – banks and other financial institutions – in EU Member States and Associated Countries. Under this facility, financial intermediaries are guaranteed by EIF against a proportion of their losses incurred on the debt financing covered under the facility.

Press contacts:

EIF:
David Yormesor
Tel.: + 352 24 85 81 346
E-Mail: d.yormesor@eif.org

Innovation Norway:
Julie Ryland
Tel.: +47 48 11 19 75
E-mail:  julie.ryland@innovasjonnorge.no

European Commission:
Siobhán Millbright
Tel.:+ 32 (0)2 29 57 361
E-Mail: siobhan.millbright@ec.europa.eu