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InnovFin SME Guarantee Facility

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    Date: 30 June 2016 - 31 December 2020

Update in relation to InnovFin SMEG (as at 29 May 2020)

The EIF has received a tremendous response from financial intermediaries who applied under InnovFin SME Guarantee. The aggregate amount of requests substantially exceeds the budgetary envelope available under this programme. Any new applications can only be considered should additional budgetary means become available, in which case EIF will publish a notice on this website. Meanwhile, we are working on further initiatives to support SME financing.

The EIF’s response measures to the COVID-19 pandemic (as at 06 April 2020)

The EIF and EC are launching specific COVID-19 support under InnovFin SME Guarantee Facility (InnovFin SMEG), which is supported by the European Fund for Strategic Investments (EFSI).

Under this scheme the EIF will be able to provide enhanced terms and conditions for guarantees and counter-guarantees to incentivize financial intermediaries to provide working capital financing to European SMEs and mid-caps hit by the economic impact of the coronavirus pandemic. These guarantees are open to existing financial intermediaries (i.e. those already operating under InnovFin SMEG) and to new applicants.

Existing intermediaries shall be able to benefit from the improved guarantee terms without any application process by executing an amendment to their agreements in line with the specific Notice to Financial Intermediaries
Intermediaries are invited to contact their EIF transaction officer in case they have any further queries in this regard.

The COVID-19 support includes additional guarantee envelope dedicated to support working capital financing. This COVID-19 guarantee envelope is available to the financial intermediaries established in EU Member States, by submitting the application to EIF.

Interested parties who wish to make use of COVID-19 support are invited to consult the full details in the call documents lower below under NEW COVID-19 SUPPORT. Deadline for applications has been set to 30 June 2020.

For a quick overview about the COVID-19 support measures click here

Additional changes to InnovFin SMEG

In order to support the uptake of digital technologies and digital transformation of enterprises, InnovFin SMEG is expanded to cover the financing of digitalization. To this end, additional eligibility criteria for digitalization may be applied to new inclusions.

Furthermore, in order to cover the growth needs of innovative enterprises, InnovFin SMEG includes now within its scope Large Mid-caps.

For further information, please have consult the Guarantee Termsheet or Counter-Guarantee term sheet as well as Frequently Asked Questions.

Existing intermediaries shall be able to access these new features without any application process by executing an amendment to their agreements in line with the specific Notice to Financial Intermediaries be provided in the EIF website.

About InnovFin SMEG

EC logo

The InnovFin SME Guarantee Facility - managed by EIF - is, in addition to InnovFin Equity,  part of “InnovFin – EU Finance for Innovators, an initiative launched by the European Commission and the EIB Group in the framework of Horizon 2020.

How does the SME InnovFin Guarantee Facility work?

The InnovFin SME Guarantee Facility will be deployed by eligible local banks, leasing companies, guarantee institutions, etc. which are selected after a due diligence process following the launch of a Call for Expression of Interest. Once selected by EIF, these local partners act as financial intermediaries.

EIF, acting for both EIF and the EU as the implementing body, covers a portion of the losses incurred by the financial intermediaries on loans, leases and guarantees between EUR 25 000 and EUR 7.5 million which they provide under the InnovFin SME Guarantee Facility. In this way, the EU and EIF allow the provision of more debt financing to innovative SMEs and Small Mid-caps (up to 499 employees).

The InnovFin SME Guarantee Facility is a demand-driven, uncapped instrument that builds on the success of the Risk Sharing Instrument (RSI), developed under FP7, the 7th EU Framework Programme for Research and Technological Development (2007-2013) managed and implemented by EIF.

Who is eligible* to become financial intermediary under the InnovFin SME Guarantee Facility?

Eligible applicants are:

  • Financial, credit institutions or loan (debt) funds duly authorised to carry out lending or leasing activities to SMEs according to applicable legislation, be established and operating in one or more EU Member States and Horizon 2020 Associated Countries.
  • Guarantee schemes, guarantee institutions or other credit or financial institutions duly authorised to issue guarantees to SMEs according to applicable legislation, established and operating in one or more EU Member States and Horizon 2020 Associated Countries.

    (*) For detailed and complete eligibility criteria please see the application documents below.

What type of companies can benefit from the InnovFin SME Guarantee Facility?  

Research-based and innovative SMEs and Small Mid-caps established and operating in one or several EU Member States and Horizon 2020 Associated Countries.
SMEs and Small Mid-caps should not breach ethical principles referred to under Horizon 2020 or focus on any of EIF restricted sectors.

How to apply to the InnovFin SME Guarantee Facility

For financial institutions:
If you are eligible, you can apply by downloading all the application documents published here.. EIF will select intermediaries after a due diligence process.

Note: Following the update of 6 April 2020, the dedicated guarantee envelope to support working capital financing in EU 27 have been introduced as part of COVID-19 measures with new deadline for applications set to 30 June 2020. The InnovFin SMEG remains open for applications from financial intermediaries in EU and Horizon 2020 Associated Countries outside of the COVID-19 guarantee envelope within its original deadline of 31 December 2020.

For research-based and innovative SMEs and Small Mid-caps:
Are you looking for debt finance?  Download here the list of financial intermediaries and sub-intermediaries currently operating under the InnovFin Guarantee Facility. For more information about further financial instruments made available by the EIB under "InnovFin – EU Finance for Innovators", such as direct loans to enterprises and advisory services, please visit www.eib.org
For information about finance available under further EU initiatives, please visit http://europa.eu/youreurope/business/funding-grants/access-to-finance/


NEW- COVID-19 SUPPORT

Existing intermediaries shall be able to benefit from the improved guarantee terms without any application process by executing an amendment to their agreements in line with the specific Notice to Financial Intermediaries. Please click on the link below and help us identify the relevant amendment document pertaining to your existing agreement (available for download after the questions). The Form of Acceptance should be duly signed and returned to the EIF, in accordance with the execution instructions provided in the amendment offer.
Intermediaries are invited to contact their EIF transaction officer in case they have any further queries in this regard.

 

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