Horizon 2020 will help companies and other types of organisation engaged in R&I to gain easier access, via financial instruments, to loans, guarantees, counter-guarantees and hybrid, mezzanine and equity finance (6. Access to Risk Finance part of the Work Programme).
The priorities for 2016-2017 are to continue and expand on the financial instruments and accompanying measures launched in 2014-2015 (under the brand 'InnovFin – EU Finance for Innovators', including InnovFin Advisory) and maintain a strong focus on SMEs and small, medium and large midcaps. As before, Horizon 2020's financial instruments operate in conjunction with those of COSME. In addition, with the advent of the Investment Plan for Europe under European Commission President Juncker, strong synergies will be ensured with the European Fund for Strategic Investments (EFSI) to create the maximum possible impact.
Debt and equity facilities are run in a demand-driven manner, though the priorities of particular sectors or of other EU programmes are targeted when top-up funding is made available, including funds from managing authorities wishing to invest part of their European Structural and Investment Funds (ESIF) programme contribution.
Subject to the successful conclusion of negotiations, the European Investment Bank (EIB) and the European Investment Fund (EIF) will play an important role in implementing each financial instrument facility in partnership with the European Commission. For EIF, this role includes (as under FP7 and CIP) conducting calls for expressions of interest for selecting the financial intermediaries, such as banks and risk-capital funds, that will make the actual loans to or investments in SMEs and small midcaps. While EIB will make large loans directly, it will also be able to use financial intermediaries as well, particularly when supporting medium and large midcaps.
To locate banks or funds that provide risk finance supported by the EU, please go to Europa's Access to finance website.