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Access to Risk Finance

Horizon 2020 Launch Event Ljubljana, 29 November 2013. Financial Instruments of Horizon 2020. Access to Risk Finance. Clara de la Torre, Director DG RTD-C. DG Research and Innovation. Research and Innovation. "Access to Risk Finance" in HORIZON 2020.

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Access to Risk Finance

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  1. Horizon 2020 Launch Event Ljubljana, 29 November 2013 Financial Instruments of Horizon 2020 Access to Risk Finance Clara de la Torre, Director DG RTD-C DG Research and Innovation Research and Innovation

  2. "Access to Risk Finance" in HORIZON 2020 • Part of the Horizon 2020 budget (3.69%) will not be provided through grant funding but in the form of risk-sharing (for loans and guarantees) and by providing risk finance (equity) • Goal:Stimulate more investment in research and innovation, notably by the private sector • Addressing financing gaps: Intervention only if there are clear financing gaps in the Research and Innovation delivery chain (notably due to high risk) • Building a bridge from R&D to Innovation: Effective and cost-efficient way to complement grant funding under Horizon 2020 and translate R&D results to the market • Dedicated Access to Risk Finance instruments are built on the success of the current FP7 financial instruments (RSFF loans and RSI loan guarantees for Research and Innovation investments) 2

  3. HORIZON 2020: Dedicated "Access to Risk Finance" (sub)programme • Objectives: Facilitate access to risk finance for (1) RDI-driven/ innovative SMEs & small midcaps and (2) ambitious RDI projects carried out by a variety of recipients (companies, stand-alone projects etc.) • Around EUR 2.725 billion in total for market-driven "Financial Instruments" • One Debt instrument; one Equity instrument; accompanying measures • At least 1/3 of the budget shall support RDI-driven SMEs and small midcaps • Implementation through banks, funds and other intermediaries at European level (European Investment Bank, European Investment Fund) and national/ regional level 3

  4. Debt financial instrument: • Loan and guarantee facility for RDI investments: Loans and guarantees for investments in Research & Innovation; targeted at a wide range of beneficiaries such as midcaps (up to 3,000 employees), larger companies, research institutes, stand-alone projects, PPPs, other entities; particular approach for innovative midcaps; loan amounts above EUR 7.5 m • Loan guarantee facility for SMEs & small midcaps: Loan guarantee facility for loans to research-intensive and innovative SMEs & small midcaps; loan amounts between EUR 25,000 to 7.5 m • SME Initiative: Joint Guarantee Instrument/ Securitization (risk-sharing with first-loss-taking by the EU) for loans to (innovative) SMEs and small midcaps; currently under development, involving Horizon 2020, COSME and ESIF 4

  5. Equity financial instrument: • Early stage finance for innovative enterprises (notably seed and start-up companies); limited growth-stage finance also possible • Pilot facility for technology transfer to bring R&D results from public research organisations and universities to the market (licensing; creation of spin-off companies); currently under development • Accompanying measures: • Technical and financial assistance (of EIB); improving investor-readiness of start-ups, SMEs and small midcaps; piloting co-investment by Business Angels; prizes for best practices in R&I finance etc. 5

  6. How to benefit from Horizon 2020 Access to Risk Finance DEBT (Loans and guarantees) EQUITY Loans of EUR 7.5 m and above Guarantees for loans up to EUR 7.5 million Early-stage equity Innovative enterprises SMEs and small midcaps Wide range of beneficiaries Banks and guarantee institutions* Fund** EIB EIF EIF *Bank or a financial institution selected on the basis of the call for expression of interest that signed an agreement with the EIF **Fund selected on the basis of a call of expression of interest that signed an agreement with the EIF

  7. Links to other EU programmes: COSME Horizon 2020 and COSME are complementary programmes to generate growth and jobs Different focus: Horizon 2020 = innovation-driven growth COSME = support to create favourable business environment and competitiveness Closely coordinated with for instance: Complementary financial instruments (debt and equity), with facilities in both programmes serving complementary objectives Enterprise Europe Network set up under COSME, but support to SMEs for EU funding

  8. More information • Horizon 2020 Financial Instruments • RSFFhttp://www.eib.org/products/rsff/ • RSI • www.eif.org/what_we_do/guarantees/RSI/index.htm • EU Access to Finance • Specific portal • www.europa.eu/youreurope/business/index_en.htm • Horizon 2020 • General portal • http://ec.europa.eu/research/horizon2020/index_en.cfm?pg=home&video=none 8 Not legally binding

  9. Thank you very much for your attention!

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