Views from a national holding fund on the JEREMIE implementation József Vingelman, CEO Venture Finance Hungary Plc. 29/30 November 2010
|
|
- Karen Hamilton
- 8 years ago
- Views:
Transcription
1 Views from a national holding fund on the JEREMIE implementation József Vingelman, CEO Venture Finance Hungary Plc. 29/30 November 2010 The case of Hungary: challenges, achievements and perspectives
2 Information about Hungary JEREMIE Programme in Hungary Venture Finance Hungary Plc. (Holding Fund Manager) Overview of Financing Programmes Summary of experiences and future plans
3 Hungary at a glance Area: 93,030 km 2 Population: 10 million Population density: 108/km 2 EU accession: 1 May 2004 GDP/cap. (2009): 63% of EU-27 average No of SMEs: cca. 700 th. (over 99% of total companies) SMEs produce 50% of GDP 70% of workers employed by SMEs
4 Regions of Hungary Development based on GDP/capita (% of EU average in 2006) 40.8% 41.4% 42.8% 43.7% 58.6% 64.9% 107% Least Most Northern Hungary Western Transdanubia Central Transdanubia Central Hungary Northern Great Plain Southern Great Plain Southern Transdanubia
5 JEREMIE Programme in Hungary
6 JEREMIE Programme in Hungary Aim: To eliminate uncovered market deficiencies (based upon GAP-analysis) Tool: New financial programmes 1. Refinanced loan programmes (Micro Loan, Small Loan, SME Loan, SME Working Capital Loan) 2. Credit Guarantee 3. Venture Capital Allocated Funds : cca. HUF 200 billion (EUR 699 million) Use of funds: a) As standalone financing, or b) own sources required for non-refundable subsidies Funds are granted via financial intermediaries with joint risk-taking Revolving funds, leverage effect
7 Programme overview (1) EDOP (GOP): ~ HUF bn (EUR 626 mn) CHOP (KMOP): ~ HUF 20.9 m (EUR 73.3 mn) JEREMIE Holding Fund Refinancing facilities Microloans; SME (investment) loans; SME working capital financing Guaranties Kezességvállalás Portfolio guarantee Capital financing Venture capital MV Zrt. ( Fund manager )
8 Programme overview (2) MANAGING AUTHORITY - National Development Agency (NDA) EU (85%) Domestic contribution (15%) HOLDING FUND = Venture Finance Hungary Plc (VFH Plc) + Hungarian State Treasury Account Funding Agreement Intermediary Agreements (Funding Agreements) INTERMEDIARY INTERMEDIARY INTERMEDIARY SME SME SME SME SME SME Loan; Guarantee; Investment SME SME SME
9 Milestones Key events: Oct 2006: Approved GAP Analysis Q1 2007: First product term-sheets Aug 2007: Foundation of Venture Finance Hungary Oct-Nov 2007: First call for tenders (Micro Loan, Portfolio Guarantee) Dec 2007: First contract with financial intermediaries Jan 2008: First Micro Loan granted Oct 2008: Modification of Micro Loan conditions Nov 2008: Launch of SME Loan Programme Dec 2008: Notification of Venture Capital Programme Jan 2009: Launch of SME Working Capital Loan Programme Feb 2009: Call for tenders Venture Capital Programme Oct 2009: Close of Venture Capital tender Apr 2010: Launch of Small Loan Programme Q2 2010: Venture Capital funds start their investment activities Sept 2010: Development of a new financial programme started (combination of Micro Loan and non-refundable subsidies)
10 Venture Finance Hungary Plc. (Holding Fund Manager)
11 Venture Finance Hungary Plc. Established in May 2007 with the aim of developing and running financial programmes which will expand the financing options of Hungary s micro-, smalland medium-sized enterprises (JEREMIE initiative) Sole activity: fund Management of financial resources committed by European Union and Hungary o Designated as the Holding Fund Manager by Article 21 (4) of Hungarian Government Decree 255/2006 (XII. 8.) Belongs to the Group of Hungarian Development Bank (MFB), 100% owned by MAG-Hungarian Economic Development Centre Plc (the Implementing Agency of EDOP). Share capital: HUF 2 billion (EUR 7 million) Scope of activities and obligations are determined by the National Development Agency (NDA) Equivalent financial service provider - compliant with BASEL II. criteria Controlled and regulated by Hungarian Financial Supervisory Authority
12 Role of Venture Finance Hungary The Funding Agreement also defines the main tasks of the Resource Management Organisation: National Development Agency Tasks and responsibilities of the Holding Fund Manager Level 2. Holding Fund Manager EDOP MA CHOP MA Venture Finance Hungary (VFH) (private limited company) Contract 1. Funding agreement 1) Prepare the Financial Programmes Description of the programme Relevant business terms Required funding Role of intermediaries Scope of beneficiaries M 1 SME 1 M n G 2 M2 G1 Gn SME 3 SME 6 SME 7 SME 2 SME 4 SME 8 C 1 SME9 C 2 C n SME n 2) Implement the Programmes Evaluation and accreditation of intermediaries Concluding contracts with intermediaries Monitoring the use of resources and recommending reallocations Preparing policy for terminating risk takings, withdrawing from investments SME 5 SME 10 3) Audit and control
13 VFH s Organisation Founder(Owner) Supervisory Board CEO Internal Auditor Front Office Back Office Business Development Risk Management Financing and riporting Legal Monitoring Accounting Assistant IT Operation HR Marketingand communication
14 Overview of Financing Programmes
15 JEREMIE Programme in Hungary Aim: To eliminate uncovered market deficiencies (based upon GAP-analysis) Tool: New financial programmes: 1. Micro Loan 2. Portfolio guarantee 3. Venture capital Further specific programmes can be launched later on (counter guarantee, etc.)
16 I. Micro Loan Type of fund: refinancing fund for financial intermediaries Financial intermediaries: financial enterprises, local microfinance institutions Contribution by financial intermediaries: 10% Main conditions of Micro Loan Beneficiaries: micro enterprises Loan size: Investment loan: max. HUF 10 mn (EUR 35 th.) Working capital loan: max. HUF 6 mn (EUR 21 th.) Purpose of loan: capital expenditures and/or current assets Interest rate: freely determined by financial intermediaries Loan period: Investment loan: max. 10 years Working capital loan: max. 3 years Loan guarantee is available for intermediaries as an option Prohibited use of funds: credit redemption, VAT financing
17 II. Small Loan Type of fund: refinancing fund for financial intermediaries Financial intermediaries: Credit institutions (banks, saving cooperatives), bankowned financial enterprises Contribution by financial intermediaries: 25% Main conditions of Small Loan Beneficiaries: micro- and small enterprises Loan size: max. HUF 50 mn (EUR 175 th.) Purpose of loan: capital expenditures and/or current assets Interest rate: Max. 0.3 * 3m BUBOR + 6% (=currently max. ~7.6% p.a.) Loan period: Investment loan: max. 10 years Working capital loan: max. 3 years Loan guarantee is available for intermediaries as an option Prohibited use of funds: credit redemption, VAT financing
18 III. SME Loan Joint programme of Venture Finance Hungary (MV) and Hungarian Development Bank (MFB) Main conditons of SME Loan: Beneficiaries: micro-, small- and medium enterprises Loan size: HUF million (EUR 35 th. 350 th.) Purpose: capex and directly related current assets (only outside the Central- Hungarian region) Loan period: max. 10 years Interest rate: 3m EURIBOR* % + max 5% (=currently max. ~6.4% p.a.) Prohibited use of funds: credit redemption, VAT financing
19 IV. Working Capital Loan Joint programme of Venture Finance Hungary (MV) and Hungarian Development Bank (MFB) Main conditons of SME Working Capital Loan: Beneficiaries: micro-, small- and medium enterprises Loan size: HUF million (EUR 3.5 th. 700 th.) Purpose: working capital financing serving for expansion of business activity Loan period: 1 year + 1 day or 2 years Interest rate: 1M BUBOR * % + max 4% (=currently max ~7.9% p.a.) Prohibited use of funds: credit redemption, VAT financing
20 V. Credit Guarantee Facility: automatic portfolio guarantee behind new SME loans Financial intermediaries: Credit institutions, financial enterprises Extent of guarantee: max. 80% of the loans Guaranteed SME loans: Loans refinanced by Venture Finance Hungary or loans provided from the credit institution s own funds Size: max. HUF 200 million (EUR 700 thousand) Maturity: max. 10 years Purpose: capital expenditures and current assets
21 VI. Venture Capital Aim: to improve the capital status of the Hungarian SMEs in the early ( seed, startup) and growth stage. Facility: financial resources for venture capital funds 1 Co-investment Fund in the Central-Hungarian Region 7 Joint Funds outside the Central-Hungarian Region Financial intermediaries: Independent fund managers licensed by PSZÁF Private contribution required: min. 30% Investment policy: Investment size: Max. EUR 1.5 million investment per 12 months per target company (max. in 3 consecutive years) Target companies: Max. 5-year-old SMEs with less than HUF 1.5 bn (EUR 5 mn) turnover Sectorial and other restrictions: shipbuilding, coal industry, steel industry, financial sector, enterprises in difficulty Invested amount cannot be used for: credit redemption, development of real estate for sale, acquisitions
22 EUR/HUF =285 Status of the programmes (30 September 2010) Allocated funds Contracts with financial intermediaries Volume of contracts signed with final beneficiaries Financial Programmes HUF bn; (EUR mn) No. Committed funds HUF bn; (EUR mn) % of allocate d funds No. of contracts From JEREMIE Fund HUF bn; (EUR mn) % of allocated funds Total value of the contracts HUF bn; (EUR mn) Micro Loan/Small Loan 55.6 (195) 76 51,67 (181) 93% (49) 25% 15.8 (55.4) SME Loan (only in EDOP) MV-MFB joint refinancing (HUF 50 bn) 25 (87) (88) 100% (11) 12.7% 6.3 (22) SME Working Capital Loan MV-MFB joint refinancing (HUF 100 bn) 50 (175) (175) 100% (8.8) 5% 5.1 (17.7) Credit Guarantee (99) (181) 183% (7.9) 7.9% 2.8 (9.8) Venture Capital (142) (110) 77.8% (0.98) 0.72% 0.41 (1.45) Total (699) (705) 105% (78) 11.2% (106)
23 Summary of experiences and future plans
24 Micro- and Small Loan Experiences and future plans Highest utilization (24%) of allocated funds among VFH s financial programmes, but still under expectations Best performing financial intermediaries: regional enterprise development foundations and some independent financial enterprises Credit institutions (banks, saving co-operatives) show limited activity Limited use of funds due to EU regulations (e.g. expansion of business activity) There are other state-run microfinance programmes overlapping loan products - competition between institutions non-transparent system for potential beneficiaries Strategic goals, planned reforms: Introduction of a simple, easy-to-remember brand name Further standardization of the loan s terms & conditions Simplified procedures Restructuring of the support system on state-level to eliminate parallel loan products and parallel intermediary networks Motivation of the best performing financial intermediaries, drawing in new intermediaries
25 SME Loan Experiences and future plans Low utilization (under 12%) of allocated funds More complex procedures as the programme is jointly run by VFH and MFB longer lead-times At a smaller loan size, competition with other JEREMIE products (Micro Loan, Small Loan) There are other state-run working capital loan programmes overlapping loan products - competition between institutions non-transparent system for potential beneficiaries Not available in the Central-Hungarian Region Strategic goals, planned reforms: Reduction of allocated funds from HUF 50 billion (EUR 175 mn) to HUF 20 billion (EUR 70 mn) Restructuring of the support system on state-level to eliminate parallel loan products and parallel intermediary networks Simplification of procedures, reduction of MFB s lead-times
26 Working Capital Loan Experiences and future plans Very low utilization (under 5%) of allocated funds Limited usability of funds due to EU regulations (e.g. expansion of business activity) More complex procedures as the programme is jointly run by VFH and MFB longer lead-times There are other SME loan programmes overlapping loan products - competition between institutions non-transparent system for potential beneficiaries Strategic goals, planned reforms: Reduction of allocated funds from HUF 100 billion (EUR 351 mn) to HUF 15 billion (EUR 53 mn) (Programme period ends in December 2010) Further decrease of the loan period might improve the product s competitiveness Simplification of procedures, reduction of MFB s lead-times Performance of currently inactive saving co-operatives may boost as a result of VFH s targeted communication
27 Credit Guarantee Experiences and future plans Competitiveness of the guarantee product is limited: To join the Programme, credit institutions have to implement expensive and time consuming IT and other developments No standard view on the risk weight to be applied to loans guaranteed by the Holding Fund Manager (Basel II rules) The guarantee fund is too small as compared to the banks SME portfolio Credit institutions prefer to use other, traditional guarantee products on the market Strategic goals, planned reforms: Reduction of allocated funds from HUF 28 billion (EUR 98 mn) to HUF 15 billion (EUR 53 mn) Expanding the circle of guaranteed SME loans (loan products of saving cooperatives etc.) Elaboration of counter-guarantee schemes Offering risk-free guarantee for traditional guarantee institutions (e.g. Garantiqa) with a large portfolio
28 Venture Capital Experiences and future plans All the 8 venture capital funds were set up in the first half of 2010 Funds started their activity some months ago first investment decisions and investments has been made HUF 9 billion (EUR 32 mn) has not been allocated to venture capital funds the reserved amount may be reallocated within or outside the programme based on future experiences
29 Problems on the level of financial intermediaries Micro Loan, Small Loan: Credit institutions (banks, saving co-operatives) show limited activity due to low loan size Limited usability of funds due to EU regulations (e.g. expansion of business activity) Credit Guarantee: Competitiveness of the guarantee product is limited: To join the Programme, credit institutions have to implement expensive and time consuming IT and other developments No standard view on the risk weight to be applied to loans guaranteed by the Holding Fund Manager (Basel II rules) The guarantee fund is too small as compared to the banks SME portfolio Credit institutions prefer to use other, traditional guarantee products on the market
30 Prospects BUSINESS TASKS Competition between programmes subsidied by State simplifying list of products Review of relationship of present intermediaries Implementation of new products and modification of present products (e.g. redemption limit) based on market requirements Renew communication campaign (tailor-made communication by intermediaries) OPERATIONAL ISSUES Simplifying data transfer Implementing unique IT system in favour of intermediaries Upgrade of service connection toward partners
31 New financial programmes Combination of Micro Loan and non-refundable subsidies in a one stop shop system for micro enterprises (under development) Refinancing loans to factoring companies New or revised guarantee schemes
32 Thanks for your attention!
Expert evaluation network delivering policy analysis on the performance of Cohesion policy 2007-2013 Year 2 2012. Task 1: Financial engineering
ISMERI EUROPA Expert evaluation network delivering policy analysis on the performance of Cohesion policy 2007-2013 Year 2 2012 Task 1: Financial engineering Hungary Version: Final Gabor Balas and Gabriella
More informationAnnual Conference of Competitiveness Operational Programmes 2013 7 November 2013
Annual Conference of Competitiveness Operational Programmes 2013 7 November 2013 Hungarian experiences Economic Development Operational Programme Tamás Karsai, head of EDOP MA Content General progress
More informationAccess to finance for. SMEs. István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs
Access to finance for SMEs István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs Why EU intervention needed? EU financial instruments for SMEs Building on success
More informationCOSME Financial Instruments for SMEs
COSME Financial Instruments for SMEs Stockholm, 4 February 2015 Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW) Unit F3: SME Access to Finance Astrid Bartels (Policy
More informationMONITORING COMMITTEE Operational Programme I. JEREMIE Criteria
MONITORING COMMITTEE Operational Programme I Investing in Competitiveness for a Better Quality of Life JEREMIE Criteria 20 th May 2010 Background JEREMIE is a joint initiative between, the EC, EIB and
More informationSmarter Business Guide to the European Investment Bank
Smarter Business Guide to the European Investment Bank Ireland s membership of the European Union (EU) has been a key factor in its recent development. Our membership will play a vital role in helping
More informationINTERNATIONAL JOURNAL OF ECONOMICS AND FINANCE STUDIES Vol 3, No 1, 2011 ISSN: 1309-8055 (Online)
HOW DOES THE JEREMIE PROGRAM AFFECT THE HUNGARIAN VENTURE CAPITAL MARKET? Zsuzsanna Széles University of Szent István, Hungary E-mail: szeles.zsuzsanna@gtk.szie.hu Zoltán Széles IN21 Innovation Foundation
More informationSME LOANS UNDER THE JEREMIE FLPG FINANCIAL INSTRUMENT
SME LOANS UNDER THE JEREMIE FLPG FINANCIAL INSTRUMENT GENERAL INFORMATION This publication has been produced with the assistance of Operational Programme Development of the Economy 2007-2013, co-financed
More informationImproving access to finance for small and medium-sized enterprises
Report by the Comptroller and Auditor General Department for Business, Innovation & Skills and HM Treasury Improving access to finance for small and medium-sized enterprises HC 734 SesSIon 2013-14 1 November
More informationINCENTIVE SYSTEM FOR STRATEGIC INVESTORS LOGISTICS FACILITIES
INCENTIVE SYSTEM FOR STRATEGIC INVESTORS LOGISTICS FACILITIES ITD Hungary supports investment projects exceeding EUR 10 million with a one-stop-shop service. Within this service we offer VIP treatment
More informationLeveraging EU Funds with the Market Financing Instruments for Energy Efficiency at EU / National Level
Leveraging EU Funds with the Market Financing Instruments for Energy Efficiency at EU / National Level Johannes Feist, KfW European Parliament, Brussels, 4 October 2011 Leveraging EU Funds with the Market
More information- Enhancing a successful pilot initiative. InnovFin SME Guarantee Oslo, 11 December 2014
- Enhancing a successful pilot initiative InnovFin SME Guarantee Oslo, 11 December 2014 EIF at a Glance EU specialised institution for SMEs risk financing Debt - Structuring and Guaranteeing portfolios
More informationHow To Support A Business In Europe
Support for Research, Development and Innovation Introduction: «Financial instruments for SMEs and larger companies provided by the European Union and the European Investment Bank» Seminar on «Financial
More informationPolicies to Support Small and Medium Businesses
Policies to Support Small and Medium Businesses Ing. Petr Očko, Ph.D. Director of the EU Funds, Research and Development Section, MIT 6 March 2012 U.S.-Czech Innovation Conference, Prague Agenda 1. Operational
More informationInnovFin SME Guarantee & COSME Loan Guarantee. Workshop Warsaw, 6 November 2014
InnovFin SME Guarantee & COSME Loan Guarantee Workshop Warsaw, 6 November 2014 EIF at a Glance EU specialised institution for SMEs risk financing Debt - Structuring and Guaranteeing portfolios of SME loans/leases
More informationELENA. A new KfW-Facility in favour of sustainable investments of small and medium sized municipalities. Dr. Johannes Feist Berlin
A new KfW-Facility in favour of sustainable investments of small and medium sized municipalities Dr. Johannes Feist Berlin Objective of the Facility ELENA: a IEE (Intelligent Energy Europe II) technical
More informationFINANCIAL SUPPORT AVAILABLE TO BUSINESS (AT 8th February 2011)
FINANCIAL SUPPORT AVAILABLE TO BUSINESS (AT 8th February 2011) Enterprise Finance Guarantee BIS 14 January 2009 Guarantees to lenders to enable them to provide debt facilities which would otherwise be
More informationHow To Understand And Understand The Euro Zone Micro To Medium Enterprise
22 November 2012, Madrid 1. Introduction on EIF Introduction on EIF 2 / 21 Introduction on EIF EIF at a Glance 1. Introduction on EIF EU specialised institution for SMEs, risk financing Venture Capital
More informationHorizon 2020: Finanzierungsinstrumente für Investitionen in Forschung, Entwicklung und Innovation
EU Access to Finance Day Berlin, 18 June 2014 Horizon 2020: Finanzierungsinstrumente für Investitionen in Forschung, Entwicklung und Martin KOCH, Policy Officer DG Research and, Unit B3 "SMEs, Financial
More informationSocial Economy in Hungary
Social economy - laying the groundwork for innovative solutions to today's challenges (Paris, 10-11 December 2012) The Social Economy in Hungary 1 Zsolt Ruszkai Ministry of National Economy 2 Karoly Mike
More informationSupporting small and medium-sized enterprises in 2012. A joint report of the European Commission. and the European Investment Bank Group
Supporting small and medium-sized enterprises in 2012 A joint report of the European Commission and the European Investment Bank Group Date: 02/05/2013 Foreword The European Commission and the European
More informationEIB S Loans for SMEs and/or MidCaps
EIB S Loans for SMEs and/or MidCaps MULTIPLE BENEFICIARY INTERMEDIATED LOANS (MBIL) Warsaw, 6 November 2014 06/11/2014 1 Main EIB Financing Facilities Direct Loans Large-scale investments (min. EUR 25m,
More informationScreening report Turkey
18 September 2006 Screening report Turkey Chapter 20 Enterprise and industrial policy Date of screening meetings: Explanatory meeting: 27/28 March 2006 Bilateral meeting: 4/5 May 2006 Turkey: chapter 20
More informationInnovation and PPP financing: The European Investment Fund
Innovation and PPP financing: The European Investment Fund Dr. Helmut Kraemer-Eis Head of Research & Market Analysis European Investment Fund UNECE - 12 February 2014 Geneva What is the EIF? As part of
More informationIMTC SPECIAL TRAINING CALENDAR FOR 2015/2016
SPECIAL TRAINING CALENDAR FOR 2015/2016 PUBLIC RELATIONS & PROTOCOL OFFICERS COURSE 1. Protocol and Event Management 2. Planning & Managing PR Campaigns 3. Protocol Etiquette and Civility Course 4. International
More informationFinancial Instruments for RDI and Growth 2014-2020 (specific focus on COSME and Horizon 2020)
Financial Instruments for RDI and Growth 2014-2020 (specific focus on COSME and Horizon 2020) Jean-David MALO European Commission - DG Research and Innovation Head of Unit RTD C-03 Financial Engineering
More informationERDF Grant Schemes for Enterprises. Schemes part-financed by European Regional Development Funds 2007-2013
ERDF Grant Schemes for Enterprises Schemes part-financed by European Regional Development Funds 2007-2013 Malta Enterprise Ministry of Finance, the Economy & Investment Operational Programme I Cohesion
More informationThe added value of guarantees for the agricultural sector
The added value of guarantees for the agricultural sector Katrin Sturm, Secretary General of the European Association of Guarantee Institutions (AECM) and Tamás Leskó, Director, AVHGA - Rural Credit Guarantee
More informationAgenda item 6 CfER 01/12/10-05 COUNCIL FOR ECONOMIC RENEWAL ACCESS TO FINANCE
1. Purpose COUNCIL FOR ECONOMIC RENEWAL ACCESS TO FINANCE 1.1 Ensuring that businesses have sufficient access to start up and growth investment, not only to meet current demands but to finance the ambitious
More informationCOSME Loan Guarantee Facility. -FREQUENTLY ASKED QUESTIONSpublished
COSME Loan Guarantee Facility DISCLAIMER This document provides some information on the terms of the COSME Loan Guarantee Facility and its related documentation. This document is not, and should not be
More information1. Purpose of the scheme:
Please note: this is an unofficial translation provided for your information only and does not have any legally binding effects, only the original French version is legally binding. Framework scheme exempt
More informationFinancial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility)
Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility) M. D hooge Financial instruments for Innovations, Research and Development 30 November 2009, Prague
More informationEU Cohesion Policy 2014 2020
EU Cohesion Policy 2014 2020 Proposals from the European Commission Johannes Hahn, Commissioner for Regional Policy László Andor, Commissioner for Employment, Social Affairs and Inclusion Cohesion Policy
More informationHungarian Microfinance
The Microlending sector in Hungary microlending to SMEs by Istvan Kovacs, with use of studies written by Tibor Szekfu 1 revised by Akos Almasi, Managing Director for Business Co-ordination Directorate,
More informationAlain Schmitt Directorate General for Enterprise October 14 th, 2014
Alain Schmitt Directorate General for Enterprise October 14 th, 2014 I. Facts and figures about innovation in France II. Startup financing III. Entrepreneurship culture and ecosystems Worldwide ranking
More informationEU Social Investment Financial instruments in support of social entrepreneurship and impact investment
EU Social Investment Financial instruments in support of social entrepreneurship and impact investment Serge PATOU, Policy Officer DG ECFIN, Financing for Innovation, Competitiveness and Employment European
More informationEU Finance for Innovators and Growth Companies in Poland. Warsaw, Thursday 6 November 2014
EU Finance for Innovators and Growth Companies in Poland Warsaw, Thursday 6 November 2014 Welcome addresses László Baranyay, Vice-President, EIB Krzysztof Pietraszkiewicz, President, Polish Bank Association,
More informationEuropean Investment Fund
EPMF: European actions to promote social entrepreneurship European Investment Fund Palma de Mallorca 22 April 2013 This presentation was prepared by EIF. The information included in this presentation is
More informationThe EU budget and SMEs
Briefing The EU budget and SMEs Background information for the BUDG Committee Public Hearing on "The EU budget and SMEs" on 15 July 2015 in the European Parliament in Brussels Introduction Small and medium-sized
More informationNote of the Commission services on Financial Engineering in the 2007-2013 programming period DOC COCOF/07/0018/01-EN FINAL
1 Note of the Commission services on Financial Engineering in the 2007-2013 programming period DOC COCOF/07/0018/01-EN FINAL 16 July 2007 Final version Note of the Commission services on Financial Engineering
More informationOverview of the EIB Group Financial Instruments for SMEs
Overview of the EIB Group Financial Instruments for SMEs Lublin, 22 June 2015 Tomasz Kozlowski Head of Innovation & Alternative Financing Programmes European Investment Fund European Investment Bank Group
More informationToolkit for stimulating corporate lending
MPRA Munich Personal RePEc Archive Toolkit for stimulating corporate lending Gergely Fábián and Péter Fáykiss and Gábor Szigel 212 Online at http://mpra.ub.uni-muenchen.de/4336/ MPRA Paper No. 4336, posted
More informationImplementation of the Small Business Act Developing new assessment instruments
WITH THE FINANCIAL SUPPORT OF THE EUROPEAN UNION Implementation of the Small Business Act Developing new assessment instruments Antonio Fanelli Private Sector Development Division - OECD 1 Objectives Overall
More informationAnalysis One Code Desc. Transaction Amount. Fiscal Period
Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00
More information30 November 2010. Latest developments of EIF JEREMIE Activities. Hubert Cottogni. Head of Regional Business Development
Hubert Cottogni Head of Regional Business Development 30 November 2010 Latest developments of EIF JEREMIE Activities This presentation was prepared by EIF. The information included in this presentation
More informationFUNDING FOR RECOVERY Invest Northern Ireland February 2014
FUNDING FOR RECOVERY Invest Northern Ireland February 2014 Access to Finance Totality of Funds Purpose Rationale Access to Finance solutions Key criteria The Funds Finance vouchers Priorities Concluding
More information-> Difficulties with access to finance -> the inherent complexity the innovation process -> and administrative / regulatory burdens.
1 Entrepreneurship is about two things. It means, of course, fostering the creation of new start-ups. But entrepreneurship refers also to a mindset, that should be stimulated at each stage of a company
More information"Recent facts on finance for innovation and how EU-financial instruments help innovative SMEs".
"Recent facts on finance for innovation and how EU-financial instruments help innovative SMEs". Jean-Noël Durvy, Director for Innovation Policy Geneva, 29 September 2009, Promoting Innovation-based Entrepreneurial
More informationInnovative Technology Solutions for Sustainability ABENGOA. Market Update
Innovative Technology Solutions for Sustainability ABENGOA Market Update November, 2014 Forward-looking Statement This presentation contains forward-looking statements (within the meaning of the U.S. Private
More informationThe Right Hon Jack Straw MP Secretary of State for Foreign and Commonwealth Affairs Downing Street UK London SW1A 2AL
EUROPEAN COMMISSION Brussels, 23.I.2006 C(2006)168 Subject: State Aid N 73/2005 United Kingdom East Midlands Media Investment Sir, 1. PROCEDURE 1. By letter dated 14 February 2005, registered at the Commission
More informationEU Finance for Innovators in the Nordics. Oslo, Thursday 11 December 2014
EU Finance for Innovators in the Nordics Oslo, Thursday 11 December 2014 Welcome addresses Dilek Ayhan State Secretary, Norwegian Ministry of Trade, Industry and Fisheries Helen Campbell EU Ambassador
More informationTANZANIA MORTGAGE MARKET UPDATE 31 DECEMBER 2014
TANZANIA MORTGAGE MARKET UPDATE 31 DECEMBER 2014 1. Highlights: The mortgage market has continued to grow steadily, recording an annual growth rate of 59% (with a growth rate of 23% recorded only in the
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 29.6.2006 COM(2006) 349 final COMMUNICATION FROM THE COMMISSION TO THE COUNCIL, THE EUROPEAN PARLIAMENT, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND
More informationTrends in lending. August 2015
Trends in lending August 15 Trends in lending August 15 Trends in lending (August 15) Analysis prepared by Máté Bálint, Zita Fellner, Zsolt Oláh (Directorate Financial System Analysis) This publication
More informationGeneral guidelines for the completion of the bank lending survey questionnaire
General guidelines for the completion of the bank lending survey questionnaire This document includes the general guidelines for the completion of the questionnaire and the terminology used in the survey.
More informationA new European regime for Venture Capital
Public Consultation Staff working paper A new European regime for Venture Capital Consultation document Important notice: this document is a staff working paper of D. G. Internal Market and Services for
More informationSECTOR ASSESSMENT (SUMMARY): MICRO, SMALL AND MEDIUM-SIZED ENTERPRISE DEVELOPMENT 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities
Small Business and Entrepreneurship Development Project (RRP UZB 42007-014) SECTOR ASSESSMENT (SUMMARY): MICRO, SMALL AND MEDIUM-SIZED ENTERPRISE DEVELOPMENT 1 Sector Road Map 1. Sector Performance, Problems,
More informationBonds Market Development Plan. Ministry of Investment November 2009
Bonds Market Development Plan Ministry of Investment November 2009 1 Financial Sector Reform Program Phase I: 2005 2008 Phase II: 2009-2012 2 Financial Sector Reform Program Reform Objective Phase I: 2005-2008
More informationSupporting Innovation in Spain. Bilbao, 6 November 2015
Supporting Innovation in Spain Bilbao, 6 November 2015 Welcome address: Iñigo Urkullu Renteria Lehendakari, Basque Government Overview of the EIB Group and RDI financing options Birthe Bruhn-Léon Director
More informationINDEX OF CIRCULARS NO DATE TOPIC. 1 03-May-82 Loan Approvals. 2 19-Jul-82 Loan Payments. 3 05-Aug-82 Loan Agreement. 4 31-Mar-83 1 Provision for 1983
INDEX OF CIRCULARS 1 03-May-82 Loan Approvals 2 19-Jul-82 Loan Payments 3 05-Aug-82 Loan Agreement 4 31-Mar-83 1 Provision for 1983 2 Changes in Conditions 3 Payments 4 Notification of Approval & Loan
More informationThe Amsterdam Investment Fund Amsterdam, the Netherlands
The Amsterdam Investment Fund Amsterdam, the Netherlands - private housing owners, - SMEs & businesses, - community organisations / associations / NGOs - loans - seed funding 780,000 inhabitants 1. The
More informationPosition Paper. April 2012
Position Paper April 2012 On draft Regulation of the European Parliament and of the Council establishing a Programme for the Competitiveness of Enterprises and small and medium-sized enterprises (2014-2020)
More informationBritish Business Bank
British Business Bank Peter Wilson CEO British Business Bank Investments ABFA Annual Conference 3 June 2015 Contents Overview of the British Business Bank Rationale Business Model Aims Programmes Impact
More informationMeasures to support access to finance for SMEs. Funding for Lending... 2. The National Loan Guarantee Scheme (NLGS)... 2
Measures to support access to finance for SMEs Contents Funding for Lending... 2 The National Loan Guarantee Scheme (NLGS)... 2 Enterprise Finance Guarantee (EFG)... 3 Business Finance Partnership (BFP)...
More informationEnterprise Innovation Fund (ENIF) South Central Ventures. EU Access to Finance Day Skopje, 11. November 2015
Enterprise Innovation Fund (ENIF) EU Access to Finance Day Skopje, 11. November 2015 South Central Ventures 2 WB EDIF: The overview Comprehensive Private Sector Development Project The first private sector/sme
More informationAT&T Global Network Client for Windows Product Support Matrix January 29, 2015
AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network
More informationThe reform of the Hungarian pension system (A reformed reform)
The reform of the Hungarian pension system (A reformed reform) Focus The objective of the comprehensive pension reform currently under way in Hungary is to return to the two-pillar pension system, based
More informationSupporting Innovation in Slovenia. Ljubljana, 12 June 2015
Supporting Innovation in Slovenia Ljubljana, 12 June 2015 Welcome addresses: Sabina Koleša Director General, Ministry of Economic Development and Technology Sibil Svilan President and Member of the Management
More informationINVESTING IN EUROPEAN SME TRADE RECEIVABLES. Secure, Profitable and Socially Responsible
INVESTING IN EUROPEAN SME TRADE RECEIVABLES Secure, Profitable and Socially Responsible 1 INFORMATION TO SUPPORT YOUR DECISION TO INVEST The investing in KoalaFund is only available to professional and
More informationOperating Performance 2011. - For Annual Results Briefing
Operating Performance 2011 - For Annual Results Briefing March 2012 Contents Operation and Management in 2011 Business Strategy for 2012 2 Part 1 Operation and Management in 2011 Note: Figures without
More informationDisclaimer: Forward Looking Statements
Disclaimer: Forward Looking Statements This presentation/announcement may contain forward looking statements with projections regarding, among other things, the Company s strategy, revenues, earnings,
More informationFactsheet: Rules under Horizon 2020
23 October 2013 Factsheet: Rules under Horizon 2020 The Horizon 2020 Framework Programme represents a radically new and comprehensive approach to the EU's research and innovation funding policies. The
More informationGOVERNMENT INTERVENTIONS IN THE VENTURE CAPITAL MARKET HOW JEREMIE AFFECTS THE HUNGARIAN VENTURE CAPITAL MARKET?
GOVERNMENT INTERVENTIONS IN THE VENTURE CAPITAL MARKET HOW JEREMIE AFFECTS THE HUNGARIAN VENTURE CAPITAL MARKET? Fazekas Balázs University of Debrecen, Department of Applied Economics and Rural Development,
More informationRecent policy approaches to SME finance
Recent policy approaches to SME finance Dr. Helmut Kraemer-Eis Head of Research & Market Analysis European Investment Fund 07 July 2014 Rome The European Investment Fund (EIF) at a glance 1994 founded
More informationExpert evaluation network delivering policy analysis on the performance of Cohesion policy 2007-2013 Year 2 2012
ISMERI EUROPA Expert evaluation network delivering policy analysis on the performance of Cohesion policy 2007-2013 Year 2 2012 Task 2: Country Report on Achievements of Cohesion policy Hungary Version:
More information1. 2015 Gross Borrowing Requirements and Funding Plan
1 1. 2015 Gross Borrowing Requirements and Funding Plan 1.1 Gross Borrowing requirements The Treasury expects its 2015 gross borrowing requirements to amount to EUR 39.90 billion. This represents an increase
More informationOTP Bank. 2004 Preliminary Performance Based on HAR
2 Preliminary Performance Based on HAR Presented by: Dr. Zoltán Spéder CFO March 25 Forward looking statements This presentation contains certain forward-looking statements with respect to the financial
More informationEnterprise Finance Guarantee. Frequently Asked Questions NOVEMBER 2014
Frequently Asked Questions NOVEMBER 2014 Section One EFG Eligibility Conditions My business meets the basic EFG eligibility criteria. Does that mean I will definitely get an EFG loan? No. Lenders retain
More informationThe big Small and Medium story - A commentary on SME Financing
The big Small and Medium story - A commentary on SME Financing Mr. Rakesh Singh CEO Limited Key Fundamentals update Developments since Mar 14 Apr Dec 13 Nov 14 New Government Equity Fed tapering / US Recovery
More informationEXTERNAL COMMERCIAL BORROWINGS & TRADE CREDITS. FEMA guidelines provide Indian companies to access funds from abroad by following methods:-
EXTERNAL COMMERCIAL BORROWINGS & TRADE CREDITS FEMA guidelines provide Indian companies to access funds from abroad by following methods:- a) External Commercial Borrowings (ECB):- It refers to commercial
More informationGwynedd Loan Fund Information Guidelines For Prospective Applicants
Gwynedd Loan Fund Information Guidelines For Prospective Applicants Application forms can be obtained by contacting the Gwynedd Council Business Support Team on 01286 679778 or by e-mail: business@gwynedd.gov.uk
More informationThe Turkish Experience in SME Finance and Non-Financial Services Streamlining. Dr. Şahap KAVCIOĞLU HALKBANK Deputy General Manager, SME Banking
The Turkish Experience in SME Finance and Non-Financial Services Streamlining Dr. Şahap KAVCIOĞLU HALKBANK Deputy General Manager, SME Banking SMEs IN TURKEY THE DEFINITION of SME There isn t a specific
More informationGeorgia Department of Community Affairs. Atlanta Regional Commission June 12, 2012
Georgia Department of Community Affairs Atlanta Regional Commission June 12, 2012 History & Background of State Small Business Credit Initiative (SSBCI) Component of Small Business Jobs Act, bi-partisan
More informationGUIDELINES ON DEFINITIONS USED IN RELIEF FOR INVESTMENT IN CORPORATE TRADES - EMPLOYMENT AND INVESTMENT INCENTIVE AND SEED CAPITAL SCHEMES
IT 15 A GUIDELINES ON DEFINITIONS USED IN RELIEF FOR INVESTMENT IN CORPORATE TRADES - EMPLOYMENT AND INVESTMENT INCENTIVE AND SEED CAPITAL SCHEMES The legislation governing both of these schemes is contained
More informationPreliminary Presentation
Preliminary Results Presentation Year ended 31 December 2012 February 2013 1 Executive Summary Very good progress during 2012 despite no improvement in market transaction levels - Underlying Group Operating
More informationFunding Circle The FS Forum
Funding Circle The FS Forum 2015 1 Contents Funding Circle The Investor Journey Our Partnerships with Existing Lenders 2 Funding Circle Index Ventures DST Global Rabbit Capital Baillie Gifford BlackRock
More informationState budget borrowing requirements financing plan and its background May 2013
Public Debt Department State budget borrowing requirements financing plan and its background May 2013 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 Record high level of foreign investors'
More informationInvestment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank
Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank 24 March 2014 Outline EU and Croatia key challenges The Investment
More informationRules and Procedures in the new Programme 14-20
Rules and Procedures in the new Programme 14-20 OBJECTIVES Overview of main rules and procedures to be followed Main novelties compared to the 2007-2013 period Risky points Information to be completed
More informationHow To Grow London S Microsme
GROWING LONDON S SMES London Regeneration Fund London Co-Investment Fund London Growth Hub LONDON REGENERATION FUND WE DRIVE AND SHAPE GROWTH IN LONDON S TOWN CENTRES AND HIGH STREETS WE MOSTLY DO THIS
More informationLoan funds Europe s alternative source of business funding
Loan funds Europe s alternative source of business funding Niamh Geraghty Director Audit Deloitte Matthew Foley Director Audit Deloitte Aisling Costello Senior Manager Audit Deloitte The financial crisis
More informationRestructuring of Sistema s Portfolio in the Current Market Conditions
Restructuring of Sistema s Portfolio in the Current Market Conditions Leonid Melamed President, Chief Executive Officer Alexey Buyanov Senior Vice President, Head of Finance and Investment Anton Abugov
More information4. Financial assistance for investors: Grants and incentives
4. Financial assistance for investors: Grants and incentives An introduction from the UK Department for Business, Enterprise and Regulatory Reform There is growing interest from international companies
More informationEuropean Union SME policies. Ulla Hudina
European Union SME policies Ulla Hudina EU Finance Day for SMEs, Athens, 20th January 2009 Supporting SMEs SMEs backbone of EU economy: important players in all value chains; 23 million SMEs (99 % of all
More informationFinancial instruments - opportunities offered by the 2014-2020 framework. Key novelties and Commission guidance Bratislava, 2 October 2015
Financial instruments - opportunities offered by the 2014-2020 framework Key novelties and Commission guidance Bratislava, 2 October 2015 2014-2020 framework Ø Performance oriented legal framework to promote
More informationPROGRAMME FOR COMPETITIVENESS OF ENTERPRISES AND SMALL AND MEDIUM SIZED ENTERPRISES Loan Guarantee Facility
PROGRAMME FOR COMPETITIVENESS OF ENTERPRISES AND SMALL AND MEDIUM SIZED ENTERPRISES Loan Guarantee Facility Single EU Debt Financial instrument for Union enterprises growth and research and innovation
More informationNATIONAL CREDIT UNION SHARE INSURANCE FUND
NATIONAL CREDIT UNION SHARE INSURANCE FUND PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS RENDELL L. JONES CHIEF FINANCIAL OFFICER MANAGEMENT OVERVIEW Balance Sheet Other - Insurance and Guarantee Program
More informationEuropean and National Financing for Innovative and Growth Companies in the Netherlands. The Hague, 8 th October 2014
European and National Financing for Innovative and Growth Companies in the Netherlands The Hague, 8 th October 2014 Welcome address and introductory remarks Pim van Ballekom Vice-President, European Investment
More informationSupporting SMEs through Long-term Market-based Financing. Ms. SONG Liping, President & CEO Shenzhen Stock Exchange
Supporting SMEs through Long-term Market-based Financing Ms. SONG Liping, President & CEO Shenzhen Stock Exchange Introduction: Market-based Long-term Financing is Critical for Sustainable Development
More informationTitle. Enterprise Europe Network & Innovate UK
Enterprise Europe Network & Innovate UK Title Practical help for small and medium businesses engaged with research & innovation. Sub-title Roger Hetherington 9 th December 2014 PLACE PARTNER S LOGO HERE
More information