EUR 96 million of EIF and aws finance for innovative businesses in Austria

Vienna (OTS) – At the occasion of the Austrian EU Presidency
Conference “Innovative Enterprise Vienna 2018″, the European
Investment Fund (EIF) and the Austrian promotional bank Austria
Wirtschaftsservice (aws) have signed an additional up to EUR 48
million counter-guarantee as an extension to the existing InnovFin
agreement enabling a new guarantee portfolio of up to EUR 96 million.
The transaction benefits from the support of the European Fund for
Strategic Investments (EFSI), the heart of the Investment Plan for
Europe. The EU’s support for innovative Austrian companies under this
transaction is expected to finance an additional c. 150 innovative
SMEs.

In times when access to finance remains an important hurdle for
innovation, this cooperation is a testimony of the EU’s long-standing
commitment to invest in innovative SMEs. The combination of aws
guarantees with counter-guarantees backed by EU-programs will enable
aws to continue providing guarantees at reduced rates over the next
two years. EIF’s counter-guarantee is provided under the “EU InnovFin
finance for Innovators” initiative with the financial backing under
Horizon 2020, the EU Framework Programme for Research and Innovation.

The goal of “Innovative Enterprise Vienna 2018” is to provide an
overview and insight of existing and future European support
instruments especially those that support innovative SMEs. The
conference also focuses on guarantee and equity instruments.

European Commissioner for Research, Science and Innovation, Carlos
Moedas, said: “I welcome this new agreement supported by the Juncker
Plan and Horizon 2020. It means fresh financing for Austrian
innovative small and medium businesses – which is precisely what they
need to launch new products, hire new staff and expand beyond their
local markets.”

Speaking during the event, EIF Chief Executive, Pier Luigi
Gilibert, commented: “I am delighted to be signing this extension
agreement, to support innovative businesses. This additional risk
capacity represents very significant new support for Austrian SMEs.
The EU-supported guarantee will enable aws to offer more favourable
conditions to its client base that will help them develop and grow
their businesses”.

Austrian Federal Minister for Digital and Economic Affairs
Margarete Schramböck, said: “In a challenging economic environment,
it is our goal to support Austrian SME and small mid-caps and their
innovative abilities. With this new extension agreement, aws can
increase its guarantee volumes and reduce its guarantee fees. This
will be of benefit to domestic SMEs and will upscale their
competitiveness and innovation capacities”.

aws Managing Director Bernhard Sagmeister, underlined: “aws, as
the Austrian national promotional bank, has a long-standing
relationship with EIF since 1998. It started with the guarantee
business and was also extended to equity initiatives. For aws it is
of special importance to enhance our instruments through the
combination with European funds and to develop new initiatives
jointly. We are pleased to further intensify our cooperation with the
EIB group”.

Zwtl.: Background information:

Zwtl.: About EIF

The European Investment Fund (EIF) is part of the European
Investment Bank group. Its central mission is to support Europe’s
micro, small and medium-sized businesses (SMEs) by helping them to
access finance. EIF designs and develops venture and growth capital,
guarantees and microfinance instruments, which specifically target
this market segment. In this role, EIF fosters EU objectives in
support of innovation, research and development, entrepreneurship,
growth, and employment. More information on EIF’s work under the EFSI
is available [here] (http://www.eif.org/what_we_do/efsi/index.htm).

Zwtl.: About aws

Austria Wirtschaftsservice GmbH (aws) is the Austrian government
promotional bank. aws offers Austrian companies financial assistance
in the form of loans, guarantees, grants and equity as well as
consultancy services from the start-up to expansion phase. Innovative
SMEs wishing to apply for finance under the InnovFin programme can
directly contact aws under the following [website:]
(https://www.aws.at/en/) https://www.aws.at/en/

Zwtl.: About the Investment Plan for Europe

The [Investment Plan for Europe]
(https://www.ots.at/redirect/investment) – the Juncker Plan – focuses
on boosting investments to create jobs and growth by making smarter
use of new and existing financial resources, removing obstacles to
investment and providing visibility and technical assistance to
investment projects. The European Fund for Strategic Investments
(EFSI) is the central pillar of the Juncker Plan. It provides a first
loss guarantee, allowing the EIB group to invest in more projects.
The [projects and agreements] (https://www.ots.at/redirect/projects)
approved for financing under the EFSI so far are expected to mobilise
more than EUR 360 billion in investments and support around 850,000
SMEs across all 28 Member States. The latest figures on EFSI by
sector and country can be found [here]
(https://www.ots.at/redirect/commission).

Zwtl.: About InnovFin

The [InnovFin SME Guarantee Facility]
(https://www.ots.at/redirect/innovfin) provides guarantees and
counter-guarantees on debt financing of between EUR 25,000 and EUR
7.5 million in order to improve access to financing for innovative
small and medium-sized enterprises and small mid-caps (up to 499
employees). The facility is managed by EIF, and is rolled out through
financial intermediaries – banks and other financial institutions –
in EU Member States and Associated Countries. Under this facility,
financial intermediaries are guaranteed by EIF against a proportion
of their losses incurred on the debt financing covered under the
facility.

Digital press kit: http://www.ots.at/pressemappe/35/aom

EIF
David Yormesor
Tel.: + 352 24 85 81 346
E-Mail: d.yormesor@eif.org

aws
Matthias Bischof
Tel.: +43 664 42 99 143
E-Mail: m.bischof@aws.at

European Commission
Sophie Dupin de Saint-Cyr
Tel.:+ 32 (0) 229 56169
E-Mail: sophie.dupin-de-saint-cyr@ec.europa.eu

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