Jeremie & Jessica

1. Jeremie & Jessica ‘Joint European REsources for MIcro to medium Enterprises’ - Joint European Supportfor Sustainable Investmentin City Areas Thomas Fröbel Serus Ek För

2. Objectives of Jeremie • Improve Access to Finance to SMEsin Regional Development areas (regions) • Design of tailor-made, market driven, sustainable and revolving instruments • Mobilizing joint resources (leverage effect 2-10) ERDF + IFIs (ERDB,CEB)+ special. FIs (KFW, Caisse de dépôt)+ EIF/EIB

3. Phase 1: Evaluation and Programming (2006-2007) • market gap analysis of potential demand and supply of financial products for SMEs in the regions • Evaluations will be realised by the EIF in collaboration with stakeholders in the regions Evaluations are available freely to: • Regions-programme authorities • Interested holding funds and financial intermediaries • Associations of SMEs and Chambers of commerce • Diagnosis / definition of priorities and operations in the regions • Identification and recommendation of appropriate market driven instruments • Operational programmes use results of evaluations

4. 2006-04-10 Brev från REGERINGSKANSLIET Näringsdepartementet till Europeiska kommissionen GD Regionalpolitik • Genom detta brev viII jag tacka for det erbjudande om studier av kapitalförsörjningssituationen för sma och medelstora företag som ryms inom initiativet JEREMIE. Jag viII samtidigt meddela att vi önskar dra nytta av denna möjIighet. • För att göra det möjligt att dra slutsatser Fran analysen för samtliga delar av landet anger vi att NUTS 2-omradet Mellersta Norrland och NUTS 3- området Västra Götalands Iän är lämpliga att studera. • I sammanhanget viII vi betona vikten av att analysen tar hänsyn till och behandlar de skillnader i villkor och förutsättningar som Finns inom dessa områden. Var avsikt är att de resultat som redovisas i analyserna skall tjäna som underlag i det kommande arbetet med att ta fram operativa program för regionalfonden. • Vi betraktar dock inte analysens resultat som bindande for de prioriteringar av insatser som kommer att göras inom ramen för programmen.

5. Phase 2: Implementation (2007-2015) Tender (offentlig upphandling) MA + assist EC Selection of Holding Fund & OP transfers funds to Holding fund EIF + IFIs Call for interest (Intresseförfrågning) PA+ assistFund holder Selection & accreditation of Financial intermediaries (mellanhandsorganisationer) MA + Fundholder

6. Types of Financial intermediaries • Venture capital funds, including: • Start ups and Seed capital funds • Business angels • Technology and innovation funds • Guarantee funds • Loan and mezzanine funds • Micro credit providers • Fin. intermediaries (mellanhandsorganisationer) offering any combination of the above financial products and services

7. Type of support to SME Maximum publicity Micro Credit Operations for JEREMIE products for SMEs and micro credit beneficiaries (ensured by OP, Holding Fund and Financial Intermediaries) • Banks are reluctant to consider such "social economy" operations • Specialized Micro Credit Providers can fill the gap • Credit up to 25.000 EUR • First time entrepreneurs • Young or old entrepreneurs • Women • Minorities, unemployed, etc Financial intermediaries Evaluation of proposals by SMEs and provide them with: • Equity and Venture capital • Mezzanine financing • Guarantees • Loans • Advice and assistance

8. Types of Financial instruments Venture capital and equity: • equity investments in venture capital funds and business incubators that support SMEs • Provision of equity to financial institutions(microfinance providers) to enhance their lending capacity Technology transfer: • equity investments in venture capital funds and business incubators that support SMEs SME guarantees: • guarantees (or counter) to financial institutions that give loans (or guarantees) to SMEs. Applies to microfinance. Technical assistance: • Provision of expertise to regional, national organisations in the fields of VC, portfolio guarantees and, micro-finance (audit, structure, making them eligible for lending)

9. TECHNICAL ASSISTANCE FUNDING • Equity • Venture capital • Guarantees JEREMIE: the cycle 2006 2007 - 2013 • Microfinance • Providers • (MCPs) • Tech Transfer • Activities • Financial • Institutions • Guarantee • schemes • Venture Capital • Funds MANAGEMENT NAT. ACCOUNTS ERDF GRANTS SMEs Programming phase: preparation of operational programmes Attract EIB + IFIs lending EVALUATION GAP ANALYSIS

10. Jessica objectives • Jessica is an optional facility offering MS and MA the possibility to allocate funds from OPs to Urban Development Funds or Holding Funds • Urban Development Funds or Holding Funds will invest in PPPs or projects included in an integrated plan for sustainable urban development Some limited provisions need to appear within the general and the draft regulations before the implementation of the of Jessica program

11. Joint European Support for sustainableInvestment in City Areas (JESSICA) Jessica works through funds or holding funds Operational Programme Investments in PPPs or projects for sustainable urban development, including social housing Holding Funds invest in several Urban Development Funds Urban Development Fund or Holding Fund receive contributions from OP, Urban Authority, IFIs, Banks, Investors EIB and CEB, other IFIs

12. Kontakt: SERUS Ek.För Thomas Fröbel Tel. 073/0400833 E-mail: <thomas @serus.se> Web: http://www.serus.se