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SME INITIATIVE ( spain )

Learn about the situation of SMEs in Spain, the challenges they face in accessing finance, and how the SME Initiative aims to support their growth and competitiveness. Discover the financial assignment, characteristics of the initiative, and regional contributions.

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SME INITIATIVE ( spain )

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  1. SME INITIATIVE (spain) Bucarest, July 2017

  2. SITUATION OF SMEsIN SPAIN

  3. Situation of SMEs in Spain • In Spain there are around 3.2 million enterprises, of which 99,8% are SMEs (up to 249 employees). They sustain about 66% of Spanish employments. • During the crisis the mortality rate of the companies has been very high (around 10% were destroyed in 6 years)

  4. Crisis consequencestoSMEs and employment in Spain • The mortality of SMEs caused a sharp increase of unemployment rates Unemployment rate in Spain

  5. SMEsFinancing in Spain • SMEs depends on bank financing in a higher degree than big companies (which can finance through debt emission or through capital increase). • The credit crunch affected significantly the SMEs, reducing 70% the volume of new loans to SMEs in six years • The main reason for this credit reduction to SMEs was much more restrictive conditions (in particular guarantees or securities) • 94% of Spanish SMEs declare that they need to finance working capital.

  6. OP SME Initiative

  7. PO IPYME MAIN GOAL • Contribute to the improvement of SME competitiveness, facilitating access to finance, in order to foster their growth, consolidation or the creation of new SMEs

  8. PO Iniciativa PYME FINANCIAL ASSIGNMENT 800 M€

  9. SME INITIATIVE: CHARACTERISTICS • Financial Instrument, uncapped guarantee for loans devoted to SMEs, whose resources come from the ESI Funds and from other European instruments as Horizon 2020. • Leverage effect • Centralized management by EIB (Simplified controls). Instrumented through financial intermediaries providing: • New loans guarantees and/or • Securitization of existing portfolios • Rapid action. Implementation period of 36 months • It does not require national cofinancing • It can finance investment and working capital • Unique ex ante evaluation, performed by EIB and Commission for the whole EU

  10. SME INITIATIVE IN SPAIN • Given the situation of credit contraction to SMEs, Spain decided to participate in SME Initiative through ERDF resources. • The majority of Spanish Regions also decided to participate. • Additionally, the State Administration contributes with 134,2 M€ (ERDF Aid) that have been distributed between the participant regions. • Total ERDF Spanish contribution is 800 M€ and the expected leverage is of 4 minimum. The volume of expected new loans to SMEs is hence higher than 3.200 M€.

  11. REGIONAL CONTRIBUTION • Expected Leverage between 4 and 5 per region. • EIB Fees shall depend on the leverage achieved • If in any region part of the Funds would not be employed to new loans to SMEs, such region would recover its contribution for its Regional OP. • There shall be a system of penalties to the financial intermediaries not fulfilling their commitments. These penalties will revert on the regions • Participant regions are represented in the Investors Board, jointly with the State administration, the EIF, the EIB and the Commission. • There will be Monitoring Committees as in any other OP.

  12. SME Initiative– Risk Assignment Scheme (opción 1: Guarantees for new loans): Financial Intermediaries Guarantee up to 50% (Loan by Loan) 1.975 M€ (EIB) guarantee EIF Upper (EIF) 129 M€ Middle UE H2020) 14 M€ Lower(España-FEDER) 86 M€ Final recipients PYME 1 PYME 2 PYME n 658 M€ (España-ERDF) Risk Losses

  13. P. O. Iniciativa PYME Result Indicators (*) According to ex ante evaluation EIB/Commission

  14. SME Initiative Output Indicators This OP does not have performance framework

  15. SMEi timeline 1/2 COMMISSION IMPLEMENTING DECISION on the model of funding agreement EC approval of the MS Operational Programme EIB Group and Spain promoted the SME Initiative along Regions Negotiation of the model of Funding Agreement between MSand EC EC publication of interpretation note on working capital eligiblity European Council final adoption Dec 2014 Nov-Dec 2013 Jan – Mar 2014 April2014 May - July 2014 July – October 2014 Ex-ante assessment (market gaps) 1. Spain officially announced its participation to the SMEI 2. Regional contributions are communicated Spain to draft its Operational Programme EIF to draft the Call for Expression of Interest EIB Group negotiates with EC the terms of the delegation agreements

  16. SMEi timeline 2/2 End of Commitment Period of MS Contribution to the EIF Dedicated Window FIs apply Call for Expression of Interest by the 30 September 2016 First meeting Investors Board. MS approves the Call for Expression of Interest 26/Jan. Spain and the EIB Group sign the Funding Agreement. And the Intercreditor Agreement 2019 Jan 2015 Feb 2015 Mar-Apr2015 May - July 2015 2016 …. Publication of the Call for Expression of Interest Screening and due diligence on selected banks. Negotiation of Operational Agreement Inclusion period deadline for the origination of new debt by the FIs

  17. LEGAL DOCUMENTS • OP SME Initiative, single dedicated programme, approved by the EC in December 2014 • Funding Agreement, between EIF/EIB and the Managing Authority, signed in January 2015. • Intercreditor Agreement, between EC, the EIF/EIB and the Managing Authority, signed in January 2015.

  18. EFFECTS ON SMEs • ERDF Aid must be trespassed entirely to SMEs • As the Instrument guarantees 50% of each loan, riskier SMEs will have access to finance • Interest rates will be reduced a number of basic points of the risk premium for each SME loan on a case by case basis

  19. IMPLEMENTATION OF SME Initiative

  20. IMPLEMENTATION OF SME Initiative

  21. IMPLEMENTATION OF SME Initiative

  22. IMPLEMENTATION OF SME Initiative

  23. IMPLEMENTATION OF SME Initiative

  24. IMPLEMENTATION OF SME Initiative

  25. IMPLEMENTATION OF SME Initiative

  26. IMPLEMENTATION OF SME Initiative CONCLUSIONS: • ERDF Allocation > 95% • Veryrapidabsorption. Slowerforlessdevelopedregions, though • Access to financeforsmallSMEs of differentsectors • Capilarity. Average loan < 80.000 EUR

  27. Many thanks for your attention www.dgfc.sepg.minhap.gob.es

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