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SME Initiative Finland: Information note to the Call for Expression of Interest published on 15 September 2016 (the “Call”)

    Additional funds to be allocated and changes in transaction terms

    The EIF intends to allocate to the above-mentioned Call an additional amount of approximately EUR 35 million, thus bringing the contribution composed of ESIF and Finnish national budgetary resources  for SME Initiative Finland to up to EUR 75 million. Through a risk-sharing mechanism, the additional contribution allocated to SME Initiative Finland will be leveraged with commercial lending and is expected to generate approximately EUR 350 million of new SME loans at favourable terms. In total, the SME Initiative Finland is expected to reach EUR 750 million of loans to Finnish SMEs at favorable terms. 

    The additional resources shall be allocated conditional upon the signature of the relevant agreements between EIF, the Government of Finland, the EIB and the European Commission and in line with the Call, as amended by this Information Note, together with the amendments set out in Annex 1  to Information Note.

    At the time of publication of this Information Note it is expected that the above conditions will be fulfilled in Q3 2019.

    Financial institutions interested in applying under this Call, as amended by this Information Note, have to submit an application ("Expression of Interest") to EIF by no later than 31/12/2019. The template of such Expression of Interest can be downloaded here  including the Excel tables for the provision of additional information (as reference on page 8 of the Expression of Interest document)

    Financial Intermediaries that have already applied under the initial Call may express additional interest under this Call, as amended by this Information Note, by submitting an updated Expression of Interest, in the form of the above-mentioned template.

    Financial institutions that have not applied under the initial Call are requested to submit a complete Expression of Interest in line with the provisions and requirements of this Call, as amended by this Information Note.

    The additional resources will be allocated as follows:

    - first, to the Financial Intermediaries which have already entered into Guarantee Agreement(s) under SME Initiative Finland but which did not receive the full Maximum Portfolio Volume (as set in the respective Guarantee Agreement(s)) due to unavailability of resources at the time and which have requested an increase up to the Maximum Portfolio Volume under the relevant Guarantee Agreement(s) as well as to, subject to a positive conclusion of the selection process, the financial institutions which have already applied under the initial Call but have not entered into Guarantee Agreement(s) due to unavailability of resources; and

    - second, on a “first come, first assessed” basis, to Financial Intermediaries having expressed an interest for an increase of the Maximum Portfolio Volume proposed under an initial Expression of Interest as well as to financial institutions that submitted a complete Expression of Interest following this Information Note.

    Notwithstanding the above, allocation of funds to a Financial Intermediary under the Call, as amended by this Information Note, shall be subject to any relevant EIB Group approvals that may be required.

 

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