The European Investment Fund
Specific support from COVID-19 under the InnovFin SME Guarantee Mechanism (InnovFin SMEG) Deadline until June 30
The European Investment Fund (EIF) is part of the Group of the European Investment Bank. Its main mission is to provide support to European micro, small and medium-sized enterprises, helping them to access financing. The EIF designs and develops both venture capital and growth funds as well as guarantees and microfinance instruments that specifically target this market segment. In this role, the EIF promotes the EU's objectives in support of innovation, research and development, entrepreneurship, growth and employment.
The EIF and the EC are launching specific support for COVID-19 under the InnovFin SME Guarantee Mechanism (InnovFin SMEG), which is supported by the European Fund for Strategic Investments (FEIE).
The InnovFin SME Guarantee Mechanism will be implemented by eligible local banks, financial 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 the EIF, these local partners act as financial intermediaries.
The EIF, which acts for both the EIF and the EU as the executing agency, covers part of the losses suffered by financial intermediaries in loans, leases and guarantees of between € 25,000 and € 7.5 million that they provide under the InnovFin's SME guarantee mechanism. In this way, the EU and the EIF enable more debt financing to be provided to innovative SMEs and small and medium-sized enterprises (up to 499 employees).
Eligible applicants are:
- Financial, credit or credit (debt) institutions duly authorized to carry out loan or lease activities to SMEs in accordance with applicable legislation, shall be established and operated in one or more Member States of the EU and associated countries of Horizonte 2020.
- Guarantee plans, guarantee institutions or other credit or financial institutions duly authorized to issue guarantees to SMEs in accordance with applicable legislation, established and operating in one or more Member States of the EU and associated countries of Horizon 2020.
AIMED AT: Innovative, research-funded mid-cap SMEs established and operating in one or more EU Member States and Horizon 2020 partner countries.
DEADLINE: The deadline for applications was established on June 30, 2020.
More information HERE
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