Horizon 2020 Financial Instruments

Transcription

1 SMEs IN HORIZON 2020 Madrid and Seville, Octber 2013 Hrizn 2020 Financial Instruments Access t Risk Finance under the EU Framewrk Prgramme fr Research and Innvatin Ignaci Puente Gnzález DG Research and Innvatin, RTD-C.3 Financial Engineering Unit Research and Innvatin

2 HORIZON 2020 "Access t Risk Finance" Part f the Hrizn 2020 budget (3.69%)* will nt be prvided thrugh grant funding but in the frm f risk-sharing (fr lans and guarantees) and by prviding risk finance (equity) Arund EUR billin in ttal (net f administrative csts) fr market-driven financial instruments Leverage effect: t attract additinal finance and multiply HORIZON 2020 budget resurces Addressing financing gaps: Interventin nly if there are financing gaps in the R&I delivery chain (e.g. due t high risk) Building a bridge frm R&D t Innvatin: Effective and cstefficient way t cmplement grant funding under Hrizn 2020 and translate R&D results t the market * Actual figure fr the budget after the Cuncil/EP/COM negtiatins f July 2013; t be cnfirmed 2 Nt legally binding

3 Principles and Implementatin Cntinue and refine prven facilities that have supprted R&I in : RSFF, RSI, GIF-1 Cntinue t run facilities in a demand-driven way(n earmarking; "first cme, first served"), cupled with targeted awareness-raising Encurage tp-up funding t target sectrs/plicies Keep fcused n attracting private investments As nw, implementatin via entrusted entities (EIB/EIF) (NB explratry talks with ther institutins) As befre, select financial intermediaries thrugh pen calls fr expressins f interest Cmplementarity with ther EU's Financial Instruments, i.e. COSME 3 Nt legally binding

4 HORIZON 2020: "Access t Risk Finance" (sub)prgramme Objectives: Facilitate access t finance fr: (1) RDI-driven/ innvative SMEs & small midcaps; and (2) Ambitius RDI prjects carried ut by a variety f recipients (cmpanies, universities, research centres etc.) Aim: At least 30% f the budget t serve R&I-driven SMEs and small midcaps One Debt instrument; ne Equity instrument; Accmpanying measures 4 Nt legally binding

5 What des "Access t risk finance" mean in the Hrizn 2020 cntext? Using part f the Hrizn 2020 budget t stimulate mre investment in research and innvatin nt thrugh grants but in the frm f Financial Instruments: Debt finance Lan finance, i.e. risk-sharing lans t cmpanies and fr innvative prjects intrducing new technlgies Guarantees t financial intermediaries (cmmercial and develpment banks) that prvide lans t research- and innvatin-driven SMEs and small mid-caps Equity finance Equity, i.e. venture capital fr newly created cmpanies expliting R&D results 5 Nt legally binding

6 HORIZON 2020 Financial Instruments Debt finance: Lans and guarantees fr investments in Research & Innvatin; demand-driven; targeted at midcaps and larger cmpanies, research bdies and stand-alne prjects; ("RSFF II") Guarantee facility fr research-intensive and innvative SMEs & small midcaps ("RSI II") SME Initiative (under develpment, called by the June Eurpean Cuncil): Jint Guarantee Instrument/ Securitizatin fr lans t (innvative) SMEs and small midcaps; jint apprach invlving Eurpean Structural & Investment Funds (ESIF), HORIZON 2020 and COSME, with crucial supprt frm EIB Grup and Member States 6 Nt legally binding

7 SMEs and Small Midcaps Wh r what is eligible fr a lan? Lan is fr investments in R&D r innvatin with significant technlgy r applicatin risk r Lan is t a "fast-grwing" enterprise (meaning >20% p.a. in grwth r emplyees ver last 3 years) r Lan is t an "enterprise with significant R&D r innvatin ptential" which means what, practically? Catalgue f criteria just ne must be met * Actual criteria, subject t fine-tune 7 Nt legally binding

8 "Enterprise with significant R&D r innvatin ptential" Expenditure in innvatin in last balance-sheet is at least 20% f lan vlume At least 90% f lan is earmarked in business plan ver next 2 years fr R&D/innvatin expenses r investment Firm awarded grants, lans r guarantees frm EU r natinal R&I supprt schemes within last 2 years Firm awarded an innvatin prize within last 2 years Firm registered a patent within last 2 years Firm has been invested in by high-tech VC fund Firm is based in science, technlgy r innvatin park Firm received tax benefits linked t RDI investment within last 2 years 8 Nt legally binding

9 RSI - Financial Intermediaries (up t nw) N Financial Intermediary Cuntry 1 Unicredit Bank Austria Austria 2 Ceska Spritelna (Erste) Czech Republic 3 ABN Amr Netherlands 4 Bankinter Spain 5 AIB Ireland 6 Banc Pplare (jint applicatin - 2 FIs) Italy 7 Cassa Di Risparmi di Cent Italy 8 Deutsche Bank Germany 9 Kmerční banka Czech Republic 10 BPI Prtugal 11 Bank Peka Pland 12 BPCE (jint applicatin - 17 FIs) France 13 Credit Valtellinese Grup (jint applicatin - 4 FIs) Italy 14 Raiffeisen Leasing Plska Pland 15 Halkbank Turkey 16 Bpifrance financement France 9 Nt legally binding

10 HORIZON 2020 Financial Instruments Equity finance: Early stage finance fr innvative enterprises - ntably seed and start-up cmpanies, grwth-stage als pssible. ("Successr t GIF-1") Pilt facility fr technlgy transfer (under develpment) t bring R&D results frm public research rganisatins and universities t the market Implementatin f the guarantee facility (debt) and the equity facility will be made in c-peratin with COSME financial facilities fr SMEs Accmpanying measures: Technical and financial assistance (f EIB); imprving investr-readiness f start-ups, SMEs and small midcaps; pilting c-investment by Business Angels; prizes fr best practices in R&I finance etc. 10 Nt legally binding

11 Mre infrmatin Hrizn 2020 Financial Instruments RSFF RSI EU Access t Finance Specific prtal Hrizn 2020 General prtal =hme&vide=nne 11 Nt legally binding

12 Thank yu very much fr yur attentin!

13 RSFF Innvative lan facility c-develped by the Cmmissin and the EIB; FP7 budget supprt (EUR 1 billin) fr risksharing Operatinal since 2007 and available until the end f 2013 Lan finance fr Research, Develpment, Demnstratin and Innvatin in EU Member States and FP7 Assciated Cuntries Demand-driven; prjects supprted n a first cme, first served basis Very successful: Lans f EUR 8.8 billin fr mre than 90 prjects in 23 cuntries (EU Member States and Assciated Cuntries) 13

14 RSI Guarantee facility under the RSFF fr research-driven and/ r innvative SMEs and small midcaps (up t 499 emplyees) Pilt scheme (2012/2013) t test guarantees and cunterguarantees fr lans/ leases fr RDI investments; Implemented by the Eurpean Investment Fund (EIF); FP7 budget supprt t RSI fr risk-sharing: EUR 270 millin Significant leverage effect expected: Apprximately EUR billin f EIF guarantees and ttal lans and leases f EUR 2.25 billin fr the perid Imprtant t knw: RSFF and RSI are the "blue print" fr the future lan and guarantee Financial Instruments f Hrizn Nt legally binding

15 RSI - Financial Intermediaries (up t nw) As f 27 September applicatins + 4 requests fr increase 27 fr the direct guarantee 2 fr the cunter guarantee 11 cuntries in the pipeline s far (mre t cme!) 16 guarantee cntracts signed with Financial Intermediaries frm 11 cuntries fr ttal guarantee amunt f EUR 860 millin ttal lan/lease Vlume f EUR 1.76bn available t innvative businesses in 11 cuntries 10 applicatins cvering 3 additinal cuntries apprved by the Bard & t be signed befre year end 15