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EIF s Contribution to the Policy Responses to the Crisis

EIF at a Glance. EIB: Main Shareholder (63.6%)EIB's shareholders: 27 EU Member States 30bn SME related lending from 2008 to 2011European Community represented by the EC (27.4%)31 public and private financial institutions from 17 countries (9%). Dual Objective of Meeting EU Policy Goals

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EIF s Contribution to the Policy Responses to the Crisis

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    2. EIF at a Glance

    3. Les PME ont donc des besoins de financement diffrents en fonction de leur phase de dveloppement. Les instruments CIP visent promouvoir les possibilits de financement sur les diffrents besoins des PME, au cours de leur cycle de vie, de la cration jusqu' la transmission d'entreprise, Ici vous voyez les phases diffrentes du financement pendant le Cycle de vie de lentreprise: Pendant la premire phase, aussi appele la Valle de la mort, peu dinvestisseurs sont enclin venir pauler lentrepreneur en phase de dmarrage. Les appuis viennent essentiellement de la famille et des amis. Cest ce que lon appelle le capital de proximit. Apres cette phase difficile, les Business Angels interviennent parfois pour les entreprises reprsentant un potentiel de croissance particulirement prometteur. A noter que lUE est en retard par rapport aux Etats-Unis pour ces sources de capital-risque informelles. En effet en 2004 aux Etats-Unis, le nombre de business Angels par rapport au nombre dhabitants tait significativement plus lev quen Europe (4 x selon une tude du FEI de 2004). De plus, les business Angels aux USA investissent des montants en moyenne 6 fois plus levs quen Europe. En ce qui concerne le capital risque dans les phases de dmarrage et dexpansion, on note que le rendement aux Etats-Unis, sur une priode de 3, 5, 10 et 20 ans est 0, voire ngatif. Aux Etats-Unis, par contre, le rendement sur les mmes priodes est largement positif. En Europe, les investissements pour les mmes priodes dans les buy out est positif et comparable au rendement aux Etats-Unis. Cest sans doute une des explications pour laffectation du capital risque en Europe au secteur des buy out, au dtriment des phases de dmarrage et dexpansion. Source: Thomson Financial, 2006 Les PME ont donc des besoins de financement diffrents en fonction de leur phase de dveloppement. Les instruments CIP visent promouvoir les possibilits de financement sur les diffrents besoins des PME, au cours de leur cycle de vie, de la cration jusqu' la transmission d'entreprise, Ici vous voyez les phases diffrentes du financement pendant le Cycle de vie de lentreprise: Pendant la premire phase, aussi appele la Valle de la mort, peu dinvestisseurs sont enclin venir pauler lentrepreneur en phase de dmarrage. Les appuis viennent essentiellement de la famille et des amis. Cest ce que lon appelle le capital de proximit. Apres cette phase difficile, les Business Angels interviennent parfois pour les entreprises reprsentant un potentiel de croissance particulirement prometteur. A noter que lUE est en retard par rapport aux Etats-Unis pour ces sources de capital-risque informelles. En effet en 2004 aux Etats-Unis, le nombre de business Angels par rapport au nombre dhabitants tait significativement plus lev quen Europe (4 x selon une tude du FEI de 2004). De plus, les business Angels aux USA investissent des montants en moyenne 6 fois plus levs quen Europe. En ce qui concerne le capital risque dans les phases de dmarrage et dexpansion, on note que le rendement aux Etats-Unis, sur une priode de 3, 5, 10 et 20 ans est 0, voire ngatif. Aux Etats-Unis, par contre, le rendement sur les mmes priodes est largement positif. En Europe, les investissements pour les mmes priodes dans les buy out est positif et comparable au rendement aux Etats-Unis. Cest sans doute une des explications pour laffectation du capital risque en Europe au secteur des buy out, au dtriment des phases de dmarrage et dexpansion. Source: Thomson Financial, 2006

    4. Integrated Product Offering as response to the crisis

    7. Competitiveness & Innovation Framework Programme (CIP) The EU entrepreneurial spirit remains weak: only 47% of Europeans say that they will prefer self-employment to being employed.Europe lags behind the US in 10 out of 11 innovation indicators and within the EU significant national differences are also observed. Insufficient innovation is a major cause of Europes disappointing growth performance. Innovation is about bringing ideas to market and turning them into Euros. It is about firms innovating in their technology, design, management, marketing, logistical and organisation. The new Competitiveness and Innovation framework Programme known as CIP actions supports all of these. It is proposed to become one of the main Community measures contributing to generating economic growth and creating more jobs. It is critical to boosting European productivity, innovation capacity and sustainable growth, whilst also addressing complementary environmental concerns. CIP complements rather than duplicate the other relevant actions, and those conducted by Member States. Small businesses and start-ups are the major beneficiaries from CIP which runs between 2007 and 2013. More than EUR 1.1 billion of EU funding is directed to loan and risk capital investment to help SMEs start up, grow and innovate. CIP intervenes where a market gap has been identified in the provision of debt or equity finance to SMEs. The EU entrepreneurial spirit remains weak: only 47% of Europeans say that they will prefer self-employment to being employed.Europe lags behind the US in 10 out of 11 innovation indicators and within the EU significant national differences are also observed. Insufficient innovation is a major cause of Europes disappointing growth performance. Innovation is about bringing ideas to market and turning them into Euros. It is about firms innovating in their technology, design, management, marketing, logistical and organisation. The new Competitiveness and Innovation framework Programme known as CIP actions supports all of these. It is proposed to become one of the main Community measures contributing to generating economic growth and creating more jobs. It is critical to boosting European productivity, innovation capacity and sustainable growth, whilst also addressing complementary environmental concerns. CIP complements rather than duplicate the other relevant actions, and those conducted by Member States. Small businesses and start-ups are the major beneficiaries from CIP which runs between 2007 and 2013. More than EUR 1.1 billion of EU funding is directed to loan and risk capital investment to help SMEs start up, grow and innovate. CIP intervenes where a market gap has been identified in the provision of debt or equity finance to SMEs.

    8. Mezzanine Facility for Growth

    10. Pilot Project, Partners: EIB: Funding 20m European Commission: Technical Assistance ( 4-6m) European Parliament: Funding 4m EIF: Management Support of EUROFI and the European Microfinance Network Key Objectives: Enhance commercial banks' funding of European MFIs through co-financing. Invest in European Micro Finance Vehicles/Institutions to help microcredit providers meeting increasing demand. Response to the crisis: How?: Equity and Debt products (and customization) Impact?: support/develop sustainable microfinance sector in Europe JASMINE - Joint Action to Support Microfinance Institutions in Europe

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