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Business year 2011
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of high-growth companies, and also involve the bank-
ing sector, through co-lending or guarantee transactions
which stimulate greater volumes of lending to SMEs within
agreed target sectors, and on improved terms. By apply-
ing its financial engineering know-how to JEREMIE and
IPA resources, EIF facilitates SMEs access to smart money
whilst ensuring that the concept of revolving financing en
ables a long-term impact for the economies in question.
As the graph below shows, commitments and disburse-
ment ratios under JEREMIE have doubled since 2010.
to be generated under both operations, of which at least
EUR 35m will be dedicated to start-ups and newly estab-
lished businesses.
France
– Two regional JEREMIE Holding Funds (com-
bined total of EUR 50m).
In June a third instrument under the mandate in the Langue-
doc-Roussillon region, FLPG, was signed leading to over-
all support of more than 70 SMEs under the Holding Fund
by the end of the year.
Additionally, EIF signed a new mandate for EUR 20m in
December with the region of Provence-Alpes-Côte d’Azur
(PACA) which focuses on financing SMEs belonging to
technology clusters as well as companies implementing
energy efficiency projects.
Greece
– JEREMIE Holding Fund (EUR 250m)
Six contracts (FRSP
10
) were signed with three banks provid-
ing for an overall volume of EUR 360m available for SME
lending. The instruments aim at helping to stimulate the
economy in very difficult times and are offered to SMEs
on particularly beneficial terms. These actions will be fur-
ther enhanced and supported by VC and seed capital
transactions to be signed in H1 2012 to encourage the
creation of a VC ecosystem in Greece.
Italy
– Four JEREMIE Holding Funds (combined total of
EUR 210m).
In the Sicily region, EIF manages two Holding Funds with
ERDF
11
and ESF
12
resources. Under the first mandate, EIF
signed two transactions for a total of EUR 53m, for the provi-
sion of microloans, with the aim of supporting growth and
strengthening entrepreneurship in Sicily. An overall volume of
EUR 106m will be available for SME lending. These opera-
tions will be followed by microfinance products under the
ESF mandate for which significant progress has been made.
In October, EIF signed a EUR 70m agreement in the Cam-
pania region, one of the largest operations under JEREMIE,
undertaken to build a new SME loan portfolio of about
EUR 140m at reduced interest rates to local SMEs.
Additionally, in October 2011, EIF signed a new funding
agreement with the Region of Calabria to implement a
EUR 45m Holding Fund with a particular focus on start-
ups and innovative micro-businesses.
8
Information on specific JEREMIE transactions concluded in 2011 can be found under the equity and guarantee sections.
9
For the names of the intermediaries with whom FLPG transactions were concluded in 2011, please consult the guarantee signatures on page 24.
10
For the names of the intermediaries with whom FRSP transactions were concluded in 2011, please consult the guarantee signatures on page 24.
11
European Regional Development Fund.
12
European Social Fund.
Commitments
Disbursement ratio
JEREMIE commitments and disbursements flows – in EUR m
2009
2010
2011
800
700
600
500
400
300
200
100
0
10%
8%
6%
4%
2%
0%
0%
5%
10%
JEREMIE highlights 2011
8
EU-27
Bulgaria
– JEREMIE Holding Fund (EUR 199m)
In July, five FLPG
9
transactions and one equity deal were
signed. The combined amount of loans to SMEs available
via these agreements equals EUR 392m.
Cyprus
– JEREMIE Holding Fund (EUR 20m)
One FLPG transaction complemented the FRSP products
already provided last year which generated a strong 40%
uptake. Overall SME financing of EUR 70m is expected
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