Ref.: Call for Expressions of Interest no. JER-007/3 launched on 20/07/2011 (with deadline on 30/09/2011) through which resources were made available from the EIF acting through the JEREMIE Holding Fund for the Campania Region to Financial Intermediaries to implement a Funded Risk Sharing Financial Instrument to strengthen credit access in the social sector.

In order to further facilitate improvements in the access to finance for Eligible beneficiaries [1], the EIF is to implement the following changes to the indicative terms and conditions of the Financial Instrument set out in Annex 2 “Funded Risk Sharing Financial Instrument for Social Finance: Description and Selection Criteria”, Part I “Description of the Financial Instrument”, section 3 “Indicative Summary of Transaction Terms”, of the Call JER-007/3.

Transaction Term

Indicative Summary of Transaction Terms set out in the Call JER-007/3

Change

Loan and amount

A Loan shall be a loan to an SME with a maximum principal amount not exceeding EUR 100,000.

Eligible SMEs could potentially apply more than once for loans allocated in the context of this Financial Instrument provided that the maximum aggregated loan amount of EUR 100,000 per SME is respected.

A Loan shall be a loan to an SME with a maximum principal amount not exceeding EUR 250,000.

Eligible SMEs could potentially apply more than once for loans allocated in the context of this Financial Instrument provided that the maximum aggregated loan amount of EUR 250,000 per SME is respected.

Loan Maturity

Minimum 12 months and maximum 8 years, including a grace period of up to 1/3 of the loan maturity (for capital repayment), if any. Only amortising loans are eligible.

Minimum 12 months and maximum 10 years, including a grace period of up to 1/3 of the loan maturity (for capital repayment), if any. Only amortising loans are eligible.

Furthermore, given that the “Eligible forms of SME financing” (as set out in the Call) shall support social improvement and/or social inclusion through “either of: (i) strengthening of enterprises, including Social Enterprises and Social Cooperatives, acting in the social sector or carrying out activities aimed at social improvements; or (ii) promoting and supporting of entrepreneurial initiatives targeting social inclusion and integration of less advantaged categories of people, such as women entrepreneurs, immigrants, disabled, ex-convicts, etc.; or (iii) increasing adaptability of workers, enterprises and entrepreneurs with a view to improving entrepreneurship, innovation and creation of new companies also promoting self-employed and independent work”, the selected Financial Intermediary will have the faculty – with certain limitation as to the maximum loan amount and the concentration to be set by the EIF[2] – to finance individuals, including less advantaged categories of people, such as women entrepreneurs, immigrants, disabled, ex-convicts, etc., to purchase the share of the social cooperative/social enterprise which they currently, or will, work for.

The above product features were neither a selection nor evaluation criteria and therefore had no impact on the Financial Intermediaries selection result.

Should you decide that you would like to participate in the Financial Instrument due to the above-mentioned changes, please inform EIF by no later than 24 September 2014. A justification is required of why the changes in the indicative terms and conditions of the Financial Instrument and/or the changes in “Eligible forms of SME financing” would make you now submit an expressions of interest for the Call JER-007/3Call.

Your Expression of Interest shall be provided in the form of a duly signed letter by an authorised person(s), indicating the reference number of the Call (No. JER-007/3), to be sent to the following addresses (both):

Postal Address:

European Investment Fund

Attention: Regional Business Development Unit

37B, avenue J F Kennedy

2968 - Luxembourg

and

E-mail address: Attention: Regional Business Development Unit, info.rbd@eif.org

[1] Eligible beneficiaries means SMEs (including individual entrepreneurs/self employed persons, Social Enterprises and Social Cooperatives) as defined in the Commission Recommendation 2003/361/EC, excluding “firms in difficulty” within the meaning of Art. 45 of Reg. 1828/2006 and within the meaning of Article 2.1 of the Community guidelines on State aid for rescuing and restructuring firms in difficulty (OJ C 244, 1.10.2004, p. 2), as amended or substituted by future Community guidelines.

[2] The maximum loan amount for this typology of Eligible forms of SME financing is expected to be between EUR 4,000 and EUR 6,000.

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