The European Investment Fund (EIF) and Compañía Española de Reafianzamiento (CERSA) – part of the Spanish Ministry of Industry - have signed the first InnovFin and COSME counter-guarantee agreements in Spain. These transactions benefit from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.
The EU support under the COSME programme is expected to leverage a loan portfolio of EUR 1.8 billion by providing CERSA with a counter-guarantee, allowing the organisation to substantially increase its counter-guarantee volumes to regional mutual guarantee institutions over the next 2 years. The deal signed today is expected to support more than 19,000 financially underserved SMEs in Spain.
The InnovFin deal is expected to leverage a portfolio of at least EUR 150 million of loans to benefit over 750 companies in the next 2 years. It will allow CERSA to provide counter-guarantees to regional mutual guarantee schemes which will enable them in turn to provide guarantees to banks financing innovative companies in Spain over the next 2 years. These guarantees will have the support of a counter-guarantee provided by the EIF and backed under Horizon 2020, the EU Framework Programme for Research and Innovation.