COSME Financial instruments Bratislava, 16 September 2014

Ciprian Cristea, Head of Unit “SME Access to Finance” and Georg Raab, European Commission, DG Enterprise & Industry 1

CIP financial instruments so far (2007-2013)

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CI P

CIP Guarantee leverage (by Dec 2013)

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EU financial instruments (2014-2020) Central EU instruments

European Structural and Investment Funds

COSME (€1.4bn) guarantees with a particular focus on financing of SMEs up to €150.000 (Call published)

Jobs, Growth and Social Cohesion

risk capital predominantly into SMEs at the growth and expansion stage (Call published)

Social Change & Innovation (€190m) Microfinance to micro-enterprises Investments of up to €500.000 to social enterprises (call expected end 2014/ 2015)

Research, Development, Innovation

Loans, guarantees, venture capital/equity or grants for SMEs Creative Europe (€120m) Guarantees for cultural and creative sector (call expected end 2015/ 2016)

- EU level instrument (contribution of Member State funds from Operational Programmes to centrally managed EU programs)

InnovFin (€2.7bn)

- Off-the shelf instruments

guarantees to RDI-driven/ innovative SMEs & small midcaps between €25k and €7.5m and ambitious RDI projects (Call published) risk capital at the early and start-up phase (call expected end 2014)

- Tailor-made instruments 4

ow do EU financial instruments work in practice – overview

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EU debt financial instruments (2014-2020) Programme

Focus

Amount

Social Change & Innovation

micro-enterprises

Article 37 (8, 9) CPR •A financial instrument cannot be used to pre-finance EU grants •Grant cannot be used to reimburse support by financial instruments, for example a loan.

• For combination with nat./ regional sources • For combination with grants

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Details of Equity Facility for Growth Eligible final recipient

≥50% ≥50% into into SMEs SMEs with with headcount: headcount: