EIF signs first agreement in Spain for a EUR 10m JEREMIE Holding Fund to support businesses in Extremadura

Spanish version

The European Investment Fund (EIF) and the Government of the Spanish region of Extremadura region have signed today the first JEREMIE Holding Fund agreement in Spain with EIF in support of Small and Medium sized-enterprises in Extremadura.

The Joint European Resources for Micro to Medium Enterprises initiative, known as JEREMIE, is a joint initiative of the European Commission with the European Investment Fund, which aims to facilitate access to finance for Small and Medium-sized Enterprises (SMEs) through the use of Structural Funds.

EIF’s Head of Region for Southern Countries operations, Bruno Robino said: “Signing our first JEREMIE agreement in Spain demonstrates EIF’s commitment to provide support for the competitiveness and growth of the economy in Extremadura. We hope that this EUR 10m commitment will help to attract additional resources to the JEREMIE Holding Fund which will make EUR 17m of finance available for SMEs in Extremadura over the next 3 years.”

EIF is launching a so called “Call for Expression of Interest” in order to select the financial intermediaries to deploy the funds in the region. Interested credit institutions are requested to submit a proposal to EIF, which through a selection process will identify the most suitable financial intermediaries who will in turn provide finance to SMEs. Additional information on the Call can be found on EIF’s website.

Sergio Velázquez Vioque, General Secretary or employment, entrepreneurship and Technological Innovation in Extremadura commended the initiative, saying: “We are delighted to be working with the European Investment Fund and to benefit from their expertise and market experience in SME finance. This know-how combined with our local knowledge will help to bring lasting benefits to the financial sector and to SMEs in Extremadura”.

The signature of the EUR 10m Holding Fund agreement in Extremadura adds to the over EUR 1.3 billion euros managed by the EIF through 15 JEREMIE Holding Funds across the European Union using Structural Funds to bring a new sustainable approach to SME financing.

Note to the editors

About JEREMIE (Joint European Resources for Micro to Medium Enterprises)

JEREMIE is a joint initiative launched by the European Commission (DG Regional Policy) and the European Investment Bank Group to improve access to finance for SMEs in the EU within the Structural Funds framework for the period 2007-2013. JEREMIE enables the EU Member States and Regions to deploy money from the Structural Funds and also national resources into holding funds that can finance SMEs in a flexible and innovative way. The new initiative aims at developing and fostering the role of entrepreneurship within the EU in order to meet the objectives of the Lisbon agenda and help structural funds to deliver greater benefits to the market. In Europe, to date, the EIF has signed 8 national and 7 regional Holding Fund agreements.

Through the JEREMIE Holding Fund in the Extremadura Region, the EIF manages funds made available from the European Regional Development Fund and related public expenditure awarded for utilisation under the JEREMIE initiative. As part of the Regional Operational Programme in Extremadura, the Gobierno de Extremadura has agreed to dedicate resources to the implementation of the JEREMIE initiative with EIF.

About the European Investment fund (EIF)

EIF's central mission is to support Europe's small and medium-sized businesses (SMEs) by helping them to access finance.  EIF designs and develops venture capital and guarantees 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. The EIF total net commitments to private equity funds amounted to over EUR 6.5bn at end 2012. With investments in over 400 funds, the EIF is a leading player in European venture due to the scale and the scope of its investments, especially in high-tech and early-stage segments. The EIF guarantees loan portfolio totalled over EUR 8bn in close to 250 operations at end 2012, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.

Press contact: 

• David Yormesor, EIF Communications Unit, tel. +352 426 688 346, e-mail d.yormesor@eif.org