RSI - The new RSFF loan program

Το νέο δανειακό πρόγραμμα του RSFF, RSI για την υποστήριξη καινοτόμων ΜΜΕ και μικρότερων εταιρειών μέσης κεφαλαιοποίησης, παρουσίασε το ΕΒΕΠ.

The RSI - Risk-Sharing Instrument - supports SMEs and small mid-caps that have the potential to innovate or focus on R&D and innovation.

This is a pilot guarantee scheme whereby the European Investment Fund provides guarantees to banks and financial credit companies.

It is a joint initiative of the EIF, the European Investment Bank (EIB) and the European Commission and is funded by the European Union (under the Seventh Framework Programme for Research and Technological Development).

The RSI uses the EIF's Risk-Taking capacity and is part of and complements the existing RSFF (Risk-Sharing Finance Facility) managed by the EIB.

Τα κριτήρια για το RSI

Companies that can take advantage of it must meet one of the following criteria:

■ Invest in the production or development of innovative products, processes and/or are at risk of technological or industrial failure, or
■ Be innovation-oriented 'fast-growing enterprises', i.e. their human capital or turnover has increased by more than 20% per annum in recent years, or
■ They must be 'innovative' enterprises, i.e. they meet at least one of the 'innovation criteria' from a series of predefined criteria.

Under the RSI, the EIB provides guarantees to selected financial intermediaries. The guarantee covers 50% of the loss on any new eligible loan or lease taken out over a two-year period. Thanks to the reduced credit risk and lower capital consumption achieved through the guarantee, the EIB encourages financial intermediaries to extend new loans and leases to innovative businesses on more attractive terms. The guarantee is offered on favorable terms. Therefore, financial intermediaries are obliged to transfer part of the financial benefit to their customers.

How it will be available

Το RSI απευθύνεται και διατίθεται σε ενδιάμεσους χρηματοπιστωτικούς οργανισμούς που λειτουργούν στα κράτη-μέλη της Ε.Ε. των 27, καθώς και σε χώρες που είναι συνδεδεμένες με την FP7 που είναι η Ισλανδία, το Λιχτενστάιν, η Νορβηγία, η Ελβετία, το Ισραήλ, η Τουρκία, η Κροατία, η ΠΓΔΜ, η Σερβία, η Αλβανία, το Μαυροβούνιο, η Βοσνία-Ερζεγοβίνη, τα Νησιά Φαρόε και η Μολδαβία. Οι ενδιάμεσοι χρηματοπιστωτικοί οργανισμοί μπορούν να βρουν πληροφορίες για το πώς θα εργαστούν μαζί με το Ευρωπαϊκό Ταμείο Επενδύσεων, επικοινωνώντας με email (rsi@eif.org).

Η αίτηση γίνεται με βάση την επιλογή του ιδρύματος-εταίρου του RSI και είναι μια ανοιχτή Πρόσκληση Εκδήλωσης Ενδιαφέροντος που δημοσιεύεται στο διαδικτυακό τόπο του Ευρωπαϊκού Ταμείου Επενδύσεων (ΕΤΕ) (www.eif.org). Interested institutions can submit their applications which will be evaluated in a strict order of priority.

Selection process

In the selection process, emphasis will be placed on various criteria such as:

• Suitability of the intermediary agency's implementation plan for the effective deployment of the RSI.
• Absorption capacity and geographical coverage
• Transfer of economic benefits to SMEs and smaller mid-caps.

Advantages

The RSI as a risk-sharing tool offers several advantages such as:

• Attractive and stable guarantee contributions paid on the outstanding amount of the guarantee.
• 0.25% per annum for loans to SMEs up to EUR 3 million
• 1% per annum for loans to SMEs over €5 million and for loans to small mid-caps
• The guarantee automatically covers 50% of the initial capital and interest losses for each loan.
• Payments will be made upon default, with a proportional distribution of recoveries.
• No capital costs (0% risk-weighted assets) are required for counterparty risk on the covered part of the loan portfolio thanks to the position of the Multilateral Development Bank of the European Investment Fund.
• The RSI is a flexible product that provides the financial intermediary with a high degree of autonomy. That is, the intermediary organization has full authorization in matters of lending, credit decisions, service, etc.
• Quarterly reporting requirements shall be designed in a simple and practical manner, to the extent that they comply with applicable national law.

Both working capital loans and financing for the purchase of assets for lease are eligible orders within the following limits:

• The purpose of the financing may be investments (physical or intangible assets) and/or working capital.
• Amount: at least €25,000 with a ceiling of €7.5 million
• Duration - Maturity: minimum 2 years, with a maximum of 7 years.
• The maximum guaranteed amount is EUR 60 million per intermediary organisation and EUR 90 million for an intermediary group. With a 50% guarantee rate this means a maximum portfolio volume of €120 million in financing per intermediary and €180 million for an intermediary group.