Cultural and Creative Sectors Guarantee Facility (CCS GF) – Information for financial intermediaries

On 18 November 2021, the European Commission decided to further prolong and extend the scope of the State Aid Temporary Framework adopted on 13 October 2020, to support the economy in the aftermath of the coronavirus pandemic, for additional six months i.e. until 30 June 2022 (included).

In this context, the EIF is providing the Financial Intermediaries - which had already elected to extend the COVID-19 Support Period until 31 December 2021 - with the possibility of extending it further until 30 June 2022 (included). The details of such extension is communicated by the EIF directly to the relevant Financial Intermediaries.

Update as at 1 November 2020:

The application period for CCS GF has closed. We are updating the list of selected financial intermediaries on an ongoing basis.

The EIF’s response measures to the COVID-19 pandemic (as at 29 July 2020)

The EIF and EC are launching specific COVID-19 support under the CCS Guarantee Facility (CCS GF).

Under the updated scheme, the EIF is providing enhanced terms and conditions for guarantees, and counter-guarantees, encouraging financial intermediaries to continue lending to SMEs and Small Public Enterprises from the cultural and creative sectors that have been severely hit by the economic consequences of the coronavirus pandemic. These guarantees are open to both existing financial intermediaries (i.e. those already operating under CCS GF) and to new applicants.

Existing intermediaries shall be able to benefit from improved guarantee terms without an application process by executing an amendment to their current agreements upon their request.

Interested parties should consult the full details in the call documents lower below and in particular under the NEW COVID-19 SUPPORT.

The deadline for applications is 31 October 2020.

For a quick overview about the COVID-19 Support Measures click here.

About the CCS Guarantee

The CCS GF is the first EU financial instrument dedicated to loans in the cultural and creative sectors, and covering a wide range of cultural and creative sub-sectors. It is an initiative launched by the European Commission and managed by the EIF, and benefitting from the support of the Creative Europe Programme and the European Fund for Strategic Investments (EFSI).

Who is eligible to become an EIF’s financial intermediary under the CCS GF?

Financial or credit institutions, leasing companies or loan funds duly authorised to carry out lending or leasing activities in accordance with applicable laws and regulations, established and operating in a participating country;
Guarantee institutions, guarantee schemes or other financial or credit institutions duly authorised, if applicable, to issue guarantees in accordance with the applicable laws and legislations, established and operating in a participating country;

For detailed and complete eligibility criteria please see the application documents below.

How does CCS GF work and what are its benefits?

The CCS GF will provide to selected financial intermediaries:

Capped first loss portfolio guarantees and counter-guarantees, free of charge to enable selected financial intermediaries to provide more loans and leases to entrepreneurs. The CCS GF will increase both the range and number of SMEs receiving debt financing in the cultural and creative sectors.
Capacity building programme, optional and free of charge, to help financial intermediaries improve their understanding of the specific needs and circumstances of businesses in the cultural and creative sectors. In this context, the EIF and the consortium of Deloitte Digital and KEA European Affairs have signed a co-operation agreement in May 2018 to help provide technical assistance, knowledge-building and networking opportunities.

How to apply?

EIF will select financial intermediaries following a call for expression of interest, which is published below. After applying, you will have to be pre-selected before the EIF starts a full due diligence process and brings the proposal further in the approval process. Please download the specific calls below and apply by submitting your expression of interest to the EIF by 31.10.2020.