EUR 100 million to benefit SMEs in Serbia as EIF and Banca Intesa AD Beograd sign InnovFin SMEG agreement
The European Investment Fund (EIF) and Banca Intesa AD Beograd signed an InnovFin SME Guarantee Facility agreement today, to support innovative small and medium-sized enterprises (SMEs) and small mid-caps in Serbia.
The new InnovFin agreement will enable Banca Intesa AD Beograd to provide loans to innovative companies over the next two years with the support of a guarantee provided by the EIF and backed by Horizon 2020, the EU Framework Programme for Research and Innovation. The InnovFin guarantee covers 50% of each loan disbursed by Banca Intesa AD Beograd and is expected to generate a total loan portfolio of EUR 100 million.
The aim of the InnovFin SME Guarantee is to encourage banks or other financial institutions to lend to SMEs and small mid-caps (up to 499 employees) in need of investment and/or operating capital to finance research, development and innovation activities, with EU financial support. Financial institutions are being selected by the EIF following a call for expression of interest for financial intermediaries across Europe.