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New H2020 debt instruments WHAT?. InnovFin Large Projects (ex-RSFF classique ) l oans from €7.5 mn to €300 mn ; delivered directly by EIB InnovFin MidCap G rowth Finance (new focus on mid-sized firms) loans from €7.5 mn to €25 mn ; delivered directly by EIB
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New H2020 debt instrumentsWHAT? • InnovFinLarge Projects(ex-RSFF classique) • loans from €7.5 mn to €300 mn; delivered directly by EIB • InnovFinMidCapGrowth Finance(new focus on mid-sized firms) • loans from €7.5 mn to €25 mn; delivered directly by EIB • InnovFinMidCap Guarantee(ditto) • guarantees to financial intermediaries (banks, etc) • loans from €7.5 mnto €50 mn; implemented by EIB • InnovFinSME Guarantee(ex-RSI pilot) • guarantees / counter-guarantees to financial intermediaries • loans from €25 000 to €7.5 mn; implemented by EIF • InnovFinAdvisory(follow-on from pilot under RSFF: SC focus) • improve 'bankability' of large projects
New H2020 debt instrumentsWHEN? • InnovFinLarge Projects(ex-RSFF classique) • open for business (approach EIB directly) • InnovFinMidCapGrowth Finance(new focus on mid-sized firms) • open for business (approach EIB directly) • InnovFinMidCap Guarantee(ditto) • call for expressions of interest by financial intermediaries • to be issued by EIB • InnovFinSME Guarantee(ex-RSI pilot) • call for expressions of interest by financial intermediaries • to be issued by EIF
New H2020 financial instrumentsNEXT? IN THE CURRENT WORK-PROGRAMME: 2014/2015 roll-out • SME Initiative (joint guarantee instruments) (debt facility) • Early-stage equity: successor to GIF-1 under CIP • Business Angels ICT Co-Investment Pilot (equity facility) • Technology Transfer Financing Facility Pilot (ditto) UNDER DEVELOPMENT • Crowdfunding co-investment / guarantee pilot