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COSME Financial Instruments 2014-2020

COSME Financial Instruments 2014-2020. Madrid, 6 June 2014. Vilmos Budavari European Commission DG Enterprise and Industry, Unit D.3 "SME Access to Finance". Programme for the Competitiveness of Enterprises and SMEs (COSME). The four objectives and their repsective budget allocation:

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COSME Financial Instruments 2014-2020

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  1. COSME Financial Instruments2014-2020 Madrid, 6 June 2014 Vilmos Budavari European Commission DG Enterprise and Industry, Unit D.3 "SME Access to Finance"

  2. Programme for the Competitiveness of Enterprises and SMEs (COSME) • The four objectives and theirrepsective budget allocation: • To enhanceaccess to finance; • To improveaccess to markets; • To improveframework conditions; • To promoteentrepreneurship. • COSME budget: €2,3 billion for the period 2014 – 2020 (currentprices) Min 60% ~11,5% ~21,5% ~2,5%

  3. Enhancing access to finance • Two financial instruments under COSME: • Loan Guarantee Facility to provide guarantees for loans to SMEs; • Equity Facility for Growth to invest in SMEs in their expansion phase. • About EUR 1.4 billion for the period 2014-2020. • Commission delegates implementation to so-called entrusted entities (e.g. EIF). • Demand-driven; applications to entrusted entity.

  4. Loan Guarantee Facility (LGF) • Strict focus on additionality => guarantees focus on transactions with a higher risk profile. • Wide range of interventions => Working capital, investment loans, subordinated loans, bank guarantees, leasing. • Duration: min. 12 months (transaction) – max. 10 years (guarantee). • SME financing up to EUR 150,000 for any type of SME. • > EUR 150 000 financing possible if the SME does not fulfil criteria to be eligible under the Risk Sharing Instrument of Horizon 2020 (RSI) – verification through checklist. • Securitisation of SME loan portfolios.

  5. LGF Securitisation Option • The COSME Securitisation Window will enable the securitisation of SME debt finance portfolios to mobilise additional debt financing for SMEs. • Support for the transactions will be conditional upon an undertaking by the financial intermediary to use a significant part of the resulting liquidity or mobilised capital for new SME lending in a reasonable period of time.

  6. Equity Facility for Growth • Supports investments in risk capital funds which in turn invest predominantly into SMEs at the growth and expansion stage. • Funds co-operating with business angels are eligible as long as certain criteria are met. • Long-term investments (5 to 15 year positions). • Funds must contribute to the creation of a pan-European VC market (e.g. make cross-border investments). • Possibility of joint investments with the early-stage equity facility of Horizon 2020 into multi-stage funds.

  7. Implementation of COSME Financial Instruments EU funding Entrusted Entity (e.g. European Investment Fund ) Venture capital investments Guarantee funds/Loans Other investors EIF selects its financial intermediaries based on competence. The selection criteria and the list of intermediaries will be public, and intermediaries should apply directly to the EIF. Venture capital fund Guarantor Bank Venture capital investment in SMEs Lending to SMEs

  8. Horizon 2020 & COSME Financial Instruments • Equity instruments • Equity Facility for R&I (H2020); • Equity Facility for Growth of SMEs (COSME). • Debt instruments • SMEs & Small Midcaps Guarantee Facility for R&I (H2020); • Loan Guarantee Facility for SMEs (COSME).

  9. Financial intermediaries for CIP SME Guarantee Instrument http://europa.eu/youreurope/business/funding-grants/access-to-finance/

  10. Thank you for your attention! COSME: http://ec.europa.eu/cip/cosme

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