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SME Financing: EU Programmes and EFSI

SME Financing: EU Programmes and EFSI. Roger Havenith Head of Unit Financing of competitiveness, innovation and employment policies European Commission DG Economic and Financial Affairs Ljubljana, 15 May 2015. SMEs in the EU. 28 million SMEs in the EU :

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SME Financing: EU Programmes and EFSI

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  1. SME Financing: EU Programmes and EFSI Roger Havenith Head of Unit Financing of competitiveness, innovation and employment policies European Commission DG Economic and Financial Affairs Ljubljana, 15 May 2015

  2. SMEs in the EU • 28 million SMEs in the EU: • account for more than 99% of all companies • employ 66.5% of all private-sector workforce • Slovenia • 115,000 SMEs • 72% of all private-sector workforce • Very flexible • Stable employer, source of organic growth and innovation Share of total number of EU companies Source:Eurostat, Commission Communication on Modern SME policy for Growth and Employment

  3. SMEs: Access to finance in Slovenia • Short term interest rates for loans • Slovenia: higher rates than in peer countries (SK – in the euro area; PL, CZ – outside euro area) • Higher rates than EU average (EA – in red)

  4. Eco-system for SME Financing • Healthy fiscal situation, sound financial markets: Assistance to countries in difficulty, creation of new legislation and institutional infrastructure • Legislation supporting financial market efficiency (work on pan-European banking market or truly European venture capital industry) • Entrepreneurship support • catering for the needs of SMEs, • information and partnership network, • start-up programmes, incubators, awards 4

  5. Information and Networking • One-stop-shop for SMEs: Enterprise Europe Network • 600 business support organisations in 53 countries • Information and advice on EU funding programmes, EU legislation and other matters related to doing business in other European countries • Facilitating cross-border business cooperation, R&D and technology transfer • Feedback to theCommission on EU legislation

  6. Financial Support to SMEs • Grants (for research, innovation, climate change, etc.) • Financial instruments • Guarantees to financial intermediaries that provide lending to e.g. infrastructure projects, SMEs, persons at risk of social exclusion • Equity/risk capital,e.g. venture capital to SMEs with high growth potential or risk capital to infrastructure projects • Other risk-sharing arrangementswith financial intermediaries in order to increase the leverage capacity of the EU funds • or a combination of the above with other forms of EU financial assistance in single instruments (e.g. grants, or as joint instruments with Structural Funds) 6 Source: Financial regulation (EC) No 966/2012, Commission delegated regulation of 29.10.2012 on the rules of application

  7. 1998-2013: EU Financial Instruments for SMEs Debt Financing • SME Guarantee Facility 2007-2013: So far approx. EUR 595m of EU budget generated EUR 19.3bn of lending to 368,000 SMEs, volumes are increasing fast. • Risk-Sharing Finance Facility (RSFF) 2007-2013: Dedicated guarantee for SMEs, supporting lending of 2.8bn to research and innovation intensive SMEs and small mid-caps. Equity • Investments in venture capital funds 2007-2013: So far, EUR 553m of EU resources generated EUR 3bn of total investment volume available, amounts growing fast. 458 highly innovative SMEs covered so far. In addition • Structural Funds 2007-2013: EUR 11.5 billion dedicated to financial instruments for SMEs 7

  8. Financial Instruments for 2014-2020 Investment Plan - EFSI EU-level Instruments Regional / National Instruments Research, Development Innovation Horizon 2020 Equity and Risk Sharing Instruments (EUR 2.7 bn, including at least EUR 1.5bn for SMEs) SME Window (SMEs and small mid-caps) Infrastructure and Ionnovation Window Instruments under European Structural and Investment Funds Joint with EU level Off-the shelf instruments Tailor made instruments Growth, Jobs and Social Cohesion Competitiveness & SME (COSME) Equity & guarantees (EUR 1.4 bn) Creative Europe Guarantee Facility (EUR 121m) Erasmus+ Guarantee Facility • (EUR 517m) Social Change & Innovation (EASI) • (EUR 192m) Infrastructure Connecting Europe Facility (CEF) Risk sharing (e.g. project bonds) and equity instruments

  9. SMEs: Where to look? • http://access2eufinance.ec.europa.eu 9

  10. New Investment Plan (EFSI) SME Window • Support to SMEs and mid-caps is foreseen. A specific SME Window will be created. • Financial support must be additionalto what will have been delivered under the existing and already foreseen programmes in the period 2015-2018. • The SME Window should have a budget of up to EUR 5 billion • The SME Window should mobilise more than EUR 75 billion of investment. Around 185,000 SMEs and small mid-caps are expected to benefit from the support.

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