COSME Vilmos Budavari European Commission DG Enterprise and Industry, Unit D.3 Financing SMEs

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1 COSME SEMINARIO FINANCIACIÓN INTELIGENTE PARA PYMES: INSTRUMENTOS NACIONALES Y FONDOS EUROPEOS EN EL NUEVO MARCO Gran Canaria, 24 de Marzo 2014 Vilmos Budavari European Commission DG Enterprise and Industry, Unit D.3 Financing SMEs

2 Programme for the Competitiveness of Enterprises and SMEs (COSME) Strengthening the competitiveness and sustainability of the Union s enterprises, particularly SMEs Encouraging an entrepreneurial culture and promoting the creation and growth of SMEs Budget: 2,3 billion for (current prices)

3 Objective 1: Improving access to finance Two financial instruments: Loan Guarantee Facility to provide guarantees for loans to SMEs Equity Facility for Growth to invest in SMEs in their expansion phase About 1.4 billion for the period

4 Details of the Loan Guarantee Facility 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 150,000 for any type of SME > 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 4

5 Details of the Securitisation window 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 5

6 Details of the 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 (pro-rata funding) 6

7 Implementation Commission delegates implementation to so-called entrusted entities (EIF) Equity and debt facilities may pool resources with Member States willing to contribute part of their Structural Funds Debt and equity funding may be combined Demand-driven; applications to entrusted entity 7

8 Implementation of COSME Financial Instruments EU funding European Investment Fund Other investors EIF selects its financial intermediaries based on competence. The selection criteria and the list of intermediaries are public, and intermediaries apply directly to the EIF. Venture capital investments Venture capital fund Guarantee funds/loans Guarantor Bank Venture capital investment in SMEs Lending to SMEs 8

9 Current status and next steps COSME legal basis was adopted in December 2013 Preparations by the Commission are underway to launch the COSME Financial Instruments: Negotiation of terms & conditions / contracts with EIF Communication: Series of EU Finance Days to inform intermediaries of available EU financing instruments for SMEs 9

10 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) 10

11 Financial intermediaries for CIP SME Guarantee Instrument 11

12 Objective 2: Improving access to markets Creating one-stop-shop for SMEs, disseminating widely information on SMEs, providing SMEs information on how to expand outside EU, mapping and filling gaps in support services, training programmes for SME managers Enterprise Europe Network On-line portals (e.g. Your Europe Business portal, new portal on access to markets outside EU, China IPR helpdesk) Awareness raising campaigns, trainings Exchange of best practices, workshops 12

13 Enterprise Europe Network 13

14 Objective 3: Improving framework conditions Reducing administrative burden, supporting smart regulation (SBA/SME test, competitiveness proofing, fitness checks), strengthening coordination of MS industrial policies, reinforcing the use of the 'Think Small First' principle. Statistical analysis, benchmarking, policy monitoring (e.g. Annual EU Competitiveness Report, SBA country factsheets) Workshops and exchanges of best practices between policy makers (e.g. On reduction of administrative burden, SME Envoys) Support to Clusters: Accelerating the emergence of competitive industries. Stimulate development of new markets, competitive business models. 14

15 Objective 4: Promoting entrepreneurship Developing entrepreneurial skills and attitudes, especially among new entrepreneurs, young people and women, creating mentoring schemes, promoting social entrepreneurship Workshops and exchanges of best practices (European Network of Mentors for Women Entrepreneurs) Trainings (Erasmus for Entrepreneurs exchange programme, trainings for teachers) Promotion activities (projects promoting education for entrepreneurship and self-employment at school and university) Awareness raising activities (European SME Week) 15

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