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EU programmes and Cypriot SMEs: Past relations, current state and future challenges as to access to finance Limassol, 5th December 2014 Georgios Floros,

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Παρουσίαση με θέμα: "EU programmes and Cypriot SMEs: Past relations, current state and future challenges as to access to finance Limassol, 5th December 2014 Georgios Floros,"— Μεταγράφημα παρουσίασης:

1 EU programmes and Cypriot SMEs: Past relations, current state and future challenges as to access to finance Limassol, 5th December 2014 Georgios Floros, European Commission 1

2 Διατύπωση ερωτήματοςΣυμπέρασμα Στηρίζει η Ευρωπαϊκή Ένωση τις κυπριακές μικρομεσαίες επιχειρήσεις ; Ποια είναι η σημερινή κατάσταση της κυπριακής οικονομίας και αυτή των μικρομεσαίων επιχειρήσεων; Τα χρηματοικονομικά εργαλεία της ΕΕ. Προς ποια κατεύθυνση; 2 We will look at these 3 key points:

3 Let us first start with this, Very glad to be in Cyprus and you can see why, (Luxembourg yesterday morning), also even more glad to be in Limassol…why? See next 3

4 July 2008, monitoring visit in Limassol In July 2008, the European Commission visited 3 SMEs in Limassol, ( a sample from the portfolio of SMEs the EC had supported through a 50 per cent loan guarantee) Financial Intermediary: Cyprus Development Bank These SMEs were… ( photographs from the monitoring visit, financing of capital investments) 4

5 a) a crop protection products manufacturing SME 5

6 b) a furniture production SME 6

7 c) a 3D visualisation and design SME 7

8 We have recently contacted these SMEs At least 1 has expanded internationally One has reduced staff due to adverse market conditions At least one is planning a major investment in excess of EUR 1.5 million But more importantly all 3 are in operation 8

9 Διατύπωση ερωτήματοςΣυμπέρασμα Στηρίζει η Ευρωπαϊκή Ένωση τις κυπριακές μικρομεσαίες επιχειρήσεις ; Ποια είναι η σημερινή κατάσταση της κυπριακής οικονομίας και αυτή των μικρομεσαίων επιχειρήσεων; Τα χρηματοικονομικά εργαλεία της ΕΕ. Προς ποια κατεύθυνση; Η Ευρωπαϊκή Ένωση ήταν από το 2004 και συνεχίζει να είναι υποστηρικτής της ανάπτυξης των κυπριακών μικρομεσαίων επιχειρήσεων* * MAP ✓ CIP ✖ 9 Therefore, the conclusion to the first key point is…

10 Basic figures: EU & Cyprus EU-28Cyprus Population size507,4 million858,000 Number of jobs217 million365,100 Number of jobs in SMEs87 million194,000 Number of SMEs21,6 million46,900 Number of non-SMEs43, Moving now to the second key point…

11 Enterprise landscape, Cyprus Number of businesses Total number of staff Average number of staff Micro businesses (1-9 employees) 43,00091,0002 Small businesses (10-49 employees) 2,80054,00019 Medium-sized businesses ( employees) 50049,00096 Non-SMEs (> 249 employees) 8545,

12 Cyprus, GDP and its components (in EUR billion) investment is not sufficient… Total GDP =Consumption+ Investment+ Exports+ Imports ,5 1, ,7 2, ,9 3, ,4 3, ,86 3, ,15 3, ,75 1,71 12

13 Gross fixed capital formation as % of GDP (current prices) 13

14 Financing sources of economic activity in Cyprus, among others, ESIF allocation to Cyprus over : ~ EUR 960 million European Fund for Strategic Investments (Juncker Plan)? Credit exposure of Cypriot banks* (to SMEs & non-SMEs) as of August 2013 EUR 32 bn (the main driver is the banking system) *Total credit facilities to legal entities (Cyprus operations only plus consolidated co-op sector) 14

15 Διατύπωση ερωτήματοςΣυμπέρασμα Στηρίζει η Ευρωπαϊκή Ένωση τις κυπριακές μικρομεσαίες επιχειρήσεις ; Ποια είναι η σημερινή κατάσταση της κυπριακής οικονομίας και αυτή των μικρομεσαίων επιχειρήσεων; Τα χρηματοικονομικά εργαλεία της ΕΕ. Προς ποια κατεύθυνση; Η Ευρωπαϊκή Ένωση ήταν από το 2004 και συνεχίζει να είναι υποστηρικτής της ανάπτυξης των κυπριακών μικρομεσαίων επιχειρήσεων* -Πτώση των επενδύσεων σαν % του ΑΕΠ τo 2013 στο 11,6% -Επαναφορά του δείκτη στα επίπεδα του 20% και συνεπώς επιτάχυνση των επενδύσεων είναι το ζητούμενο -European Fund for Strategic Investments (Juncker Plan) * MAP ✓ CIP ✖ 15 Therefore, the conclusion to the second key point is…

16 Moving now to our third key point There are 2 broad categories of EU support 1. Grants (no need to repay the support) 2. Financial Instruments ( risk sharing loans, guarantees, equity…need to be reimbursed, provide access to finance) They will be delivered through local Financial Intermediaries, mostly banks, on condition that: a)Local banks apply to EIF, and b)The application is accepted and, following due diligence, approved 16

17 EU finance for European businesses According to the EU's Access to finance survey in 2013, the most pressing issue for 40% of SMEs in Cyprus was getting access to finance -> thousand Cypriot SMEs in funding difficulties! 17

18 Financial Instruments for , all in one picture Research, Development, Innovation Growth, Jobs and Social Cohesion Horizon 2020 Equity and Risk Sharing Instruments (EUR 2.7 bn, including at least EUR 710m for InnovFin SME Guarantees) Horizon 2020 Equity and Risk Sharing Instruments (EUR 2.7 bn, including at least EUR 710m for InnovFin SME Guarantees) Instruments under European Structural and Investment Funds EU level ”Off-the-shelf” instruments Tailor made instruments Instruments under European Structural and Investment Funds EU level ”Off-the-shelf” instruments Tailor made instruments Competitiveness & SME (COSME) Equity & guarantees (EUR 1.3 bn, incl. EUR 686m for SME guarantees) Competitiveness & SME (COSME) Equity & guarantees (EUR 1.3 bn, incl. EUR 686m for SME guarantees) Social Change & Innovation (EaSI) (EUR 96m for guarantee facilities) Social Change & Innovation (EaSI) (EUR 96m for guarantee facilities) Creative Europe Guarantee Facility (EUR 121m) Creative Europe Guarantee Facility (EUR 121m) Erasmus for all Guarantee Facility (EUR 517m) Erasmus for all Guarantee Facility (EUR 517m) Regional / National Instruments EU-level Instruments 18

19 Let us look at them individually now, EaSi Microfinance Guarantee Facility BudgetEUR 56 million for micro-finance over Eligibility of final recipients vulnerable persons and micro-enterprises, especially those which employ vulnerable persons, based in participating countries Amount≤ EUR 25,000 in micro-credits covers loans with a maturity of up to 6 years Guarantee Parameters Guarantee Rate: up to 80% Guarantee Cap Rate: up to 30% Potential financial intermediaries any bank or non-bank microfinance institution ImplementationEIF 19

20 EaSI Social Enterprise Guarantee Facility BudgetEUR 40 million for social entrepreneurship over Eligibility of final recipients social enterprises (defined by their aim to achieve measurable, positive social impacts rather than generating profit) based in participating countries and with a balance sheet/turnover of ≤ EUR 30 million Amount≤ EUR 500,000 in loans to social enterprises covers loans with a maturity of up to 6 years Guarantee Parameters Guarantee Rate: up to 80% Guarantee Cap Rate: up to 30% Potential financial intermediaries any bank (specifically social and ethical banks) or social impact fund providing financing for social enterprises ImplementationEIF 20

21 COSME Loan Guarantee Facility BudgetEUR 686 million indicative budget over COSME Eligibility of final recipients SMEs based in the EU or a COSME associated country AmountLoans ≤ EUR and with a minimum maturity of 12 months* Guarantee Parameters Guarantee Rate: up to 50% Guarantee Cap Rate: capped at expected portofolio loss Potential financial intermediaries Any financial or credit institution duly authorised to carry out lending or leasing or providing bank guarantees, based in EU or COSME associated country ImplementationEIF 21

22 COSME Equity Facility for Growth (EFG) BudgetEUR 633 million indicative budget over COSME Eligibility of final recipients SMEs predominantly in their expansion and growth stages, in particular those operating across border, based in the EU or COSME associated countries Amount≤ 30 mio investment in a selected financial intermediary (fund), limited to 25% of total commitment at any closing Potential financial intermediaries (funds) entities undertaking risk capital investments - including investment funds, private equity funds and special purpose vehicles – into above-mentioned SMEs ImplementationEIF 22

23 Horizon 2020: InnovFin SME Guarantee Facility BudgetEUR 1bn indicative budget over Eligibility of final recipientsinnovative* small and medium-sized enterprises and small midcaps (up to 499 employees) AmountLoans of EUR million with a maturity of 12 months to 10 years Guarantee Parameters50% uncapped guarantee on a loan-by-loan basis ≤ 200 million per financial intermediary, ≤ 500 million per intermediary group Potential financial intermediaries Any financial or credit institution duly authorised to carry out lending or leasing or issue guarantees to SMEs, based in EU or Horizon 2020 associated countries ImplementationEIF 23

24 Student Loan Guarantee Facility BudgetEUR 517,1 million over (indicative) Eligibilitystudents who want to pursue a master's degree at a recognised HE institution in a programme country (EU-28, candidate countries; Liechtenstein, Norway) other than their country of residence or the country in which they obtained their bachelor's degree Amount≤EUR or ≤EUR (or equivalent amount in local currency) for a master’s degree of up to one year or more than one year respectively Guarantee Parameters Guarantee Rate: up to 90% Guarantee Cap Rate: up to 18% Potential financial intermediaries any bank ImplementationEIF 24

25 Cultural and Creative Sectors (CCS) Guarantee Facility BudgetEUR 121 million over (indicative) EligibilitySMEs based in the EU, Iceland, Liechtenstein or Norway and active in cultural or creative sectors which fulfil one of the sub- criteria of successful activity in the CCS sector over the last 24 months Amount≤ EUR 2,0 million loan per SME with a maturity of 12 months to 7 years Guarantee Parameters Guarantee Rate: 70% Guarantee Cap Rate: 25% Potential financial intermediaries Any financial or credit institution duly authorised to carry out leasing or lending ImplementationEIF 25

26 "Off-the-shelf" instruments funded through the European Structural and Investment Funds (ESIF) – Capped Portfolio Guarantee BudgetAs per decision of the managing authorities (grants can be up to 5% of such budget) EligibilitySMEs, newly originated loans (no refinancing of existing loans), with a 12 months to 10 years maturity, investment in assets, including working capital Guarantee Parameters Guarantee rate: up to 80% Guarantee cap: up to 25% Potential financial intermediaries Any institution authorised to provide guarantees ImplementationCan be the managing authority or another appointed entity More information on : Commission Implementation Regulation (EU) N° 964/2014 of

27 EIF restricted sectors – not eligible for cover a. Illegal Economic Activities b. Tobacco and Distilled Alcoholic Beverages c. Production of and Trade in Weapons and Ammunition d. Casinos e. IT Sector Restrictions Research, development or technical applications which (i) aim specifically at: (a) supporting any activity included in the EIF Restricted Sectors referred to above; (b) internet gambling and online casinos; or (c) pornography, or which (ii) are intended to enable to illegally enter into electronic data networks or download electronic data. f. Life Science Sector Restrictions research, development or technical applications relating to: (i) human cloning for research or therapeutic purposes; or (ii) Genetically Modified Organisms (“GMOs”) 27

28 Διατύπωση ερωτήματοςΣυμπέρασμα Στηρίζει η Ευρωπαϊκή Ένωση τις κυπριακές μικρομεσαίες επιχειρήσεις ; Ποια είναι η σημερινή κατάσταση της κυπριακής οικονομίας και αυτή των μικρομεσαίων επιχειρήσεων; Τα χρηματοικονομικά εργαλεία της ΕΕ. Προς ποια κατεύθυνση; Η Ευρωπαϊκή Ένωση ήταν από το 2004 και συνεχίζει να είναι υποστηρικτής της ανάπτυξης των κυπριακών μικρομεσαίων επιχειρήσεων* -Πτώση των επενδύσεων σαν % του ΑΕΠ τo 2013 στο 11,6% -Επαναφορά του δείκτη στα επίπεδα του 20% και συνεπώς επιτάχυνση των επενδύσεων είναι το ζητούμενο -European Fund for Strategic Investments (Juncker Plan) -Απορόφηση του μεγαλύτερου μέρους του πιστωτικού κινδύνου -Συνεπένδυση στα ίδια κεφάλαια επιχειρήσεων -Συγχορήγηση δανείων με ανάληψη του αντιστοίχου πιστωτικού κινδύνου * MAP ✓ CIP ✖ 28 Therefore, the conclusion to the third key point is…

29 Núria and Jonas anything in common? 29

30 She had a dream and wanted to realise it…. Núria, Spain 30

31 . Gracias a un Microcrédito de La Caixa que me dieron en el año 2007, abrí mi escuela de danza. Fue un éxito y me hicieron el anuncio. Como llegó la crisis, no lo publicaron, pero la escuela ha seguido creciendo y gracias a ésta he abierto otra en otra zona que está funcionado de maravilla. Mi sueño se ha cumplido en medio de todo este jaleo de bancos, políticos y crisis...Choose a Layout Núria Ventura – Barcelona, she has realised her dream… Directora y Profesora de la Escuela de Danza Núria Ventura, 31

32 He also had a dream Jonas, Sweden 32

33 Picture Styles give you great looking “frames” in a single click. 33

34 Amount of funding received Núria, EUR 25,000 (micro loan) Please watch https://www.youtube.com/watch?v=fY7-WMBNRaIhttps://www.youtube.com/watch?v=fY7-WMBNRaI Jonas, EUR 900,000 (equity investment) Please watch https://www.youtube.com/watch?v=tERzxavjocghttps://www.youtube.com/watch?v=tERzxavjocg 34

35 Σας ευχαριστώ για τη προσοχή σας tel


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