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JEREMIE: Joint European Resources for Micro to medium Enterprises

What is JEREMIE?

JEREMIE - Joint European Resources for Micro to Medium Enterprises, is an initiative of the European Commission developed together with the European Investment Fund.  It promotes the use of financial engineering instruments to improve access to finance for SMEs via Structural Funds interventions.

What assistance does JEREMIE provide?

EU countries can use part of their European structural fund allocationsto invest in revolving instruments such as venture capital, loan or guarantee funds.

These funds can support:

  • creation of new business or expansion of existing ones;
  • access to investment capital by enterprises (particularly SMEs) to modernise and diversify their activities, develop new products, secure and expand market access;
  • business oriented research and development, technology transfer, innovation and entrepreneurship;
  • technological modernisation of productive structures to help reach low carbon economy targets;
  • productive investments which create and safeguard sustainable jobs

How does JEREMIE work?

Contributions from the European Regional Development Fund (ERDF) are allocated to loan, guarantee or venture capital funds to invest in enterprises. These investments can take the form of equity, loans and/or guarantees.

Returns from investments are reinvested in enterprises. In this way, a pool of funds can be re-used several times, recycling public funds, leveraging capital and increasing the sustainability and the impact of public resources allocated to SMEs.

Alternatively, managing authorities can decide to channel resources from the programme using Holding Funds (HFs) which are set up to invest in several investment funds. This is not compulsory, but does offer the advantage of enabling managing authorities to delegate some of the tasks required to implement JEREMIE to expert professionals.

What are advantages of using JEREMIE?

  • Sustainability - Financial engineering instruments are based on the provision of repayable assistance from the structural funds to investments, which should generate returns, and in this way pay back investors. This offers a more sustainable alternative to the assistance traditionally provided through grants.
  • Leverage – combining structural funds with complementary sources of investment will boost resources and provide support to a larger number of enterprises.
  • Flexibility – JEREMIE offers flexibility, both in terms of structure, and in the use of funds by way of either equity, debt or guarantee investment, which can be tailored to the specific needs of particular countries and regions.
  • Expertise – JEREMIE enables structural fund managing authorities to benefit from the expertise from the banking and private sectors and so enhance the effectiveness of their investments in businesses.
  • Partnerships – the partnership established between the Commission, EIF and EIB under JEREMIE can also act as a powerful catalyst for co-operation between countries, regions, EIF, EIB, other banks and investors to address access to finance for enterprises, primarily SMEs..  

JEREMIE Networking Platform

The JEREMIE Networking Platform was launched in 2009 by the Commission (DG Regional Policy) in co-operation with the EIF to support the implementation of JEREMIE.

Events

Background documents

Links

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