European Investment Fund (EIF) and Banque Internationale à Luxembourg (BIL) extend InnovFin SME Guarantee Facility agreement; EUR 20 million available for innovative SMEs and small mid-caps. The latest breakdown of results by country and sector from the European Fund for Strategic Investments (EFSI) has been released. The plan has mobilised almost €393 billion of investment across Europe. The survey says, 945,000 small and medium enterprises are set to benefit from better access to finance.
An extension of an existing InnovFin agreement between the EIF and BIL will see an increase in access to finance for innovative Luxembourgish small and medium-sized businesses and small mid-caps. The operation is backed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.
The original guarantee agreement, first signed in 2015, was increased by €10 million to allow BIL to expand its lending to the innovative business sector in Luxembourg by twice that amount. The increase means that the EIF’s guarantee will cover a portfolio of SME and small mid-cap lending by BIL of up to €80 million in total, awarding loans to well over 100 businesses.