Irish SMEs To Benefit From €100 Million In EU Guaranteed Loans
23rd October 2015
Small and medium-sized enterprises (SMEs) in Ireland will get easier access to risk capital thanks to a new EU-backed loan guarantee facility under the Horizon 2020 programme.
A deal signed today by European Investment Fund (EIF) with Bank of Ireland will allow the bank to enter into new loan agreements with SMEs as well as Small Mid-caps for a total of €100 million, over the next two years.
Carlos Moedas, European Commissioner for Research, Science and Innovation, said: “In 2014, Ireland was the fastest-growing economy in the EU, but there is further scope for domestic innovation to grow. This first agreement under InnovFin SME Guarantee is a tangible proof that the EU actively supports this objective by facilitating investment in SMEs, the biggest job creators in Ireland and across the EU.”
The loans to finance innovation activities will be guaranteed up to 50% by the European Investment Fund and the European Union (EU) under InnovFin SME Guarantee, which targets early and development stage companies. It is part of the new generation of financial instruments supported under Horizon 2020, the EU’s Framework Programme for Research and Innovation.