Professional Documents
Culture Documents
By
Krisztina Jekkel
Project Manager
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Financing SMEs in the EU – overview
Content
Foreword ......................................................................................................... 4.
Userguide: Different types of financial means for SMEs ............................ 5.
European Commission................................................................................... 6.
Competitiveness and Innovation Framework Program ................................ 6.
The Seventh Framework Program............................................................. 10.
INNOVA..................................................................................................... 12.
LIFE+......................................................................................................... 14.
European Structural Funds........................................................................ 16.
Risk Capital-Venture Capital...................................................................... 19.
Commission Funded Activities and Private Information Networks.......... 23.
European Investment Bank - European Investment Fund ........................ 31.
JASPERS .................................................................................................. 31.
JEREMIE ................................................................................................... 33.
JESSICA ................................................................................................... 35.
Venture Capital.......................................................................................... 37.
Other means of financing SMEs in the member states ............................. 41.
Austria ....................................................................................................... 41.
Belgium ..................................................................................................... 47.
Bulgaria ..................................................................................................... 52.
Cyprus ....................................................................................................... 56.
Czech Republic ......................................................................................... 59.
Denmark .................................................................................................... 63.
Estonia ...................................................................................................... 72.
Finland....................................................................................................... 73.
France ....................................................................................................... 79.
Germany.................................................................................................... 85.
Greece....................................................................................................... 90.
Hungary ..................................................................................................... 94.
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Financing SMEs in the EU – overview
Content
Ireland ..................................................................................................... 100.
Italy.......................................................................................................... 104.
Latvia....................................................................................................... 107.
Lithuania .................................................................................................. 108.
Luxemburg .............................................................................................. 110.
Malta........................................................................................................ 113.
Netherlands ............................................................................................. 114.
Poland ..................................................................................................... 118.
Portugal ................................................................................................... 119.
Romania .................................................................................................. 121.
Slovakia ................................................................................................... 130.
Slovenia................................................................................................... 132.
Spain ....................................................................................................... 136.
Sweden ................................................................................................... 140.
United Kingdom ....................................................................................... 144.
EBRD............................................................................................................ 146.
National banks......................................................................................... 149.
Bulgaria .............................................................................................. 149.
Czech Republic .................................................................................. 155.
Estonia ............................................................................................... 160.
Hungary.............................................................................................. 163.
Latvia ................................................................................................. 167.
Lithuania............................................................................................. 170.
Poland ................................................................................................ 173.
Romania............................................................................................. 180.
Slovak Republic ................................................................................. 188.
Slovenia ............................................................................................. 193.
Regional and sectoral equity financing investments ................................ 197.
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Financing SMEs in the EU – overview
Foreword
At a time when Small and Medium Enterprises are the key drivers of the
European Economy, and their specific support is still not completely fulfilled by
the European institutions, this document provides help for SMEs in order to find a
way to finance their objectives. Improving the access to funds, loans and venture
capital is vital in developing entrepreuneurship, competition, innovation and
growth in Europe. Additionally many European small and medium enterprises
have to face difficulties while accessing the financial means of supporting their
projects. Not only the adaptation to the constantly changing financial environment
but the complexity and extent of financial reporting impede obtaining adequate
and sufficient capital to produce and further extend their activities. This document
helps to find the best financial solution for the SME’s projects.
Further we tried to collect all the European programs provided by the European
Commission (EC), European Investment Bank (EIB) and European Investment
Fund (EIF) that can provide capital for the small and medium enterprises. Some
of the programs listed do not provide direct funding for SMEs such as the
Competitivenes and Innovation Program (CIP), but they are co-funders for
national programs. Some other programs have very stringent requirements or
only addressed to organisers of national initiatives of which SMEs could benefit
indirectly.
Finally we would like to stress that our aim was not to give a complete description
about all financial services in the European Union. We rather wanted to give
contact points of possible programs, institutions where SMEs individually can
turn in case of financial needs. I want to express my special gratitude to my
colleague Krisztina Jekkel, who compiled all this important information during
weeks of research. Hopefully this report will be a helpful guide for European
small and medium enterprises.
Patrick Voller
Secretary General
SME UNION of the EPP
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Financing SMEs in the EU – overview
Let us examine the main sources of institutional funding for small and medium
enterprises. According to a Eurobarometer survey (September 2005, in the EU
15) 79% of the small and medium enterprises go to a bank in order to obtain
capital.
Credits from banks represent around 70% of the SMEs external financing.
Althoug it is the most popular way of financing many SMEs feel that their access
to bank credit is difficult and sometimes banks credits are even harder to access
than normal loans. Banks require too much information; it takes too much time
and slows down the actual implementation of the project. Terms laid down by the
banks are not enough transparent and very often banks act with mistrust and
protecting their own interests. From the other side, banks are often complaining
that SMEs do not have strategic plan for long term loan, their equity capital is too
small to sustain a serious risk, and they do not manage to present their project
properly.
Renting and leasing is the most common in Germany, Austria and Sweden but
also 24% of European SMEs get financial means from that. Leasing has gained a
strong foothold as a specialised and highly flexible pathway to banking finance.
However leasing is limited to the acquisition of equipment and property
investment. Moreover, funding investment with leasing leaves the business
without additional resources to cover its working capital needs for the operation.
From public finance institutions (most of them listed below) 11% of SMEs get
access to financial instruments. These agencies present themselves as specialist
in financial engineering. However they focus on setting up larger businesses and
then on providing financial and consultancy services for medium enterprises.
Venture capital companies do not give very frequently loans to small
businesses. They prefer medium sized enterprises with a high growth objective
and leading market position as possible target. Moreover they require high cost
analysing the project and most of the enterprises get rejected.
Business angel networks are looking at smaller amounts around 100 000 euro
and can become crucial players in providing capital if the businesses meet their
eligibility criteria. These networks bring together private and company
investors. Additionally they not only provide financial means but also advice and
give other information services for companies. Micro-credits form a major part of
loans to small businesses part. As a result micro credits represent one-third of
credit applications from SMEs. Micro credits can be given by banks or other
financial institutions as well.
Finally there are different programs established by European Union institutions
all together with national agencies in order to finance small and medium
enterprises. First of all European institutions and their programs are listed in this
document; further more the national level institutions are also described that
provide information and capital. Contact details are described under every single
program and institution.
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Financing SMEs in the EU – overview
Each of these has its own objectives, benefits its target beneficiaries and
answers to its own stakeholders. Each of them will establish its annual work
programmes, which in turn will be submitted to a specific management
committee composed of CIP participating countries’ authorities.
The conditions for innovation will be improved through better policies based on
exchanges of best practices between member states and evidence (innovation
trendchart, innobarometer, innovation scoreboard) targeted to:
• improving the regulatory environment for enterprise and innovation
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Financing SMEs in the EU – overview
• improving access to finance for SMEs in their start-up and growth phases
and
• helping SMEs navigate the single market, and channel feedback on
businesses concerns to improve EU policy making.
New actions
• CIP will add a new risk capital instrument (the High Growth and Innovative
Company Facility - “GIF2”) to the existing instrument fostering SME start-
ups. This is aimed specifically at innovative and high growth SMEs, which
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Financing SMEs in the EU – overview
• The Intelligent Energy Programme will place its emphasis on the mass
replication of new and renewable energy sources and energy efficient
technology, and in the faster implementation of the regulatory framework
in the sustainable energy field.
Euro Info Centers inform, advise, and assist businesses on Community issues.
They also provide feedback to the European Commission about community
matters affecting SMEs. They are well integrated in the local and regional
business environment, while their teams are familiar with European
practices. They constantly contact with the European Commission and get
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Financing SMEs in the EU – overview
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Financing SMEs in the EU – overview
Cooperation
Whole range of research activities can be supported that are carried out in trans-
national cooperation, from collaborative projects and networks to the coordination
of national research programmes. International cooperation between the EU and
third countries is also integrated part of the program. The action is industry-driven
and divided into four sub-programmes that are the following:
• Collaborative research
• Joint Technology Initiatives
• Coordination of non-Community research programmes
• International Cooperation
Ideas
Dynamism, creativity and excellence of European research is central component
in all scientific and technological fields, including engineering, socio-economic
sciences and the humanities. This action will support new ideas and will be
overseen by a European Research Council
People
The objective is to strengthen quantitatively and qualitatively the human
resources in research and technology in Europe.
Capacities
The point of this action is to prop up research infrastructures, research for the
benefit of SMEs and the research potential of European regions (Regions of
Knowledge) as well as to stimulate the realisation of the full research potential
(Convergence Regions) of the enlarged Union and build an effective and
democratic European Knowledge society.
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Financing SMEs in the EU – overview
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Financing SMEs in the EU – overview
INNOVA
Financing Networks:
European companies are facing global competition. There is agreement that
financing of innovation will be crucial in preparing for this global market. Whereas
Europe can compete with the most successful regions in the world in terms of
R&D, the situation is not as good when it comes to turning RTD results into
market success. The innovation capability of SMEs in particular strongly depends
on the availability of innovation financing. But European investment markets do
not perform like those in the US and Asian markets.
The main barrier to achieving the Lisbon objectives will be the development of a
much more effective innovation finance system within Europe. There are specific
gaps in the system (such as early stage financing) which can only be addressed
by public-private partnership models. Sectoral situations need to be analysed in
detail in order to identify gaps and develop instruments to overcome the barriers.
Europe INNOVA via its Sectoral Financing Networks brings together a range of
actors from across Europe (enterprises, business associations and incubators,
the financing community, academia and policy makers) to identify the critical
factors involved in obtaining funding and to enable better access to capital for
innovative enterprises. Each network will identify and analyse sector-specific
problems ranging from the drafting of business plans and the preparation of
appropriate IP strategies, to the identification of the most likely sources of
funding.
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Financing SMEs in the EU – overview
This structured sectoral approach will enable gaps and market failures in
innovation financing to be addressed by the development of tailor-cut tools.
Policy recommendations will be formulated to overcome sectoral specific pitfalls
and stimulate the performance of European capital markets in relation to
innovation financing.
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Financing SMEs in the EU – overview
LIFE+
The first phase of LIFE ran from 1992 to 1995. It coincided with the first time that
EU environmental policy was given a firm Treaty basis, in the Single European
Act, and with the Fifth Environment Action Programme, which was adopted in
1992. This was to set the pace of environmental reform for the next decade and
the LIFE programme was one of its essential tools. Detailed priorities were set
each year. For example, in 1993, the sustainable development and
environmental quality component of LIFE I focused on projects relating to the
textile, tannery, paper and agro-food industries; waste reduction and recycling
demonstration projects; decontamination of polluted sites; sustainable
development in agriculture, transport and tourism; urban transport; and
modernisation of environmental monitoring networks. During its lifetime, LIFE I
funded a total of 731 projects , rising from 105 in 1992 to a high point of 245 in
1994 (in 1995, slightly fewer - 237 projects - were funded).
The first phase of LIFE was succeeded by LIFE II (1996-1999), also running for
four years but with an increased budget of ECU 450 million, covering an enlarged
EU During LIFE II, the split of the programme into three categories - LIFE-Nature,
LIFE-Environment and LIFE-Third countries - was completed. The third phase of
the LIFE, called LIFE III programme ran for a five year period (2000-2004),
though it was implemented in four rounds due to late adoption of the legal base.
Its budget was increased to EUR 640 million. Later it was extended until 2006.
The proposal for an extension of the programme was based on the positive
assessment reached in a mid-term evaluation report. Specifically, the report
examined the role of the LIFE programme in implementation and development of
European environmental policy and legislation, and the actual management of
the LIFE III.
The new phase of LIFE, known as LIFE+, for the period 2007-2013 was currently
accepted. Life+ also means grants for innovating environment projects that
contribute to strengthening the EU environmental policy. Altogether with SMEs;
research centers, local and regional authorities, federations, unions,
administrations of states, agencies, chambers, universities and associations can
apply for funding. The principles of the proposed programme have been agreed
though final approval on the budget can only take place in the context of
agreement on the overall EU budget.
LiFE+ will focus on three components:
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Financing SMEs in the EU – overview
The major change in LIFE+ compared to LIFE is that the new programme will be
decentralised with around 80 percent of the budget allocated to the EU Member
States for financing projects and measures through national programmes.
Finance will be allocated to Member States depending on their population,
population density, number of Sites of Community Interest (SCIs) and number of
SCIs relative to the EU total. Weightings will be attached to all of these factors to
ensure a fair dispersal of funds and several corrective measures will apply.
Member States will distribute funds according to national annual working
programmes, which they will develop in consultation with the European
Commission. These programmes will be in accordance with EU added value
criteria: they should support the objectives, show Community value and
represent value for money. There will be two multi-annual programming periods:
2007 to 2010 and 2011 to 2013.
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Financing SMEs in the EU – overview
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Financing SMEs in the EU – overview
Further details:
http://ec.europa.eu/employment_social/esf2000/2007-2013_en.html
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Financing SMEs in the EU – overview
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Financing SMEs in the EU – overview
The financial instruments cover SMEs’ different needs according to the stage in
their life-cycle:
1. High Growth and Innovative SME Facility (GIF) provides equity to
venture capital funds for seed and early-stage investments in SMEs to
reduce the gap in early-stage investment by investing in venture capital
funds.
2. Debt and hybrid instruments: SME Guarantee Facility provides co-and
counter-guarantees to guarantee schemes. These schemes stimulate
the supply of loans to SMEs by credit institutions. It also provides direct
guarantees to these institutions under four guarantee windows: loans,
microloans, quasi-equity and equity and SME securitisation (more info,
see below)
3. Capacity building: The Seed Capital Action – that finishes in 2006 –
supports the recruitment of specialised staff by seed capital funds and the
Partnership Action will support bank lending, notably in new Member
States.
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Financing SMEs in the EU – overview
COMMISSION
BEFORE AFTER
Period: 2000-2006 Period: 2007-2013
MAP CIP
ETF-Start-ups High Growth and Innovative CIP and EIB risk capital
(€ 170 m) SME Facility (€ +/- 500 m) mandate for the
VC early-stage investments VC funds: period 2007-2013 (est.):
− Early stages 10% of the European
− Expansion stages for VC market (base: 2005 early-stage
innovative companies investments EVCA Annual Report).
Co-investments in side-
funds with business angels
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Financing SMEs in the EU – overview
exceptional, duly substantiated cases the amount committed may be higher, but
will not in any case exceed EUR 15 million.
Following the approval of a VC fund proposal by the Commission, the EIF
signs contractual agreements. Thereafter EIF disburses the amounts committed to
the VC funds in accordance with their investment opportunities and corresponding
financing needs.
According to figures of EVCA (European Private Equity and Venture Capital
Market Association) European early-stage VC market stands at 2 billion euros
today. The expected tripling of the European early-stage VC market to 6 billion
euros by 2013 is based on the following assumptions:
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Financing SMEs in the EU – overview
Micro-credit
window 32.1 259.1 177.6 8.1
Equity guarantee
window 17.3 306.3 89.4 17.7
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Financing SMEs in the EU – overview
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Financing SMEs in the EU – overview
2. Business Dialogue
This site, created by the European Commission’s Directorate-General for the
Internal Market, is presented as a one-stop shop for business. It contains
information on key issues such as public procurement, technical harmonisation,
and funding opportunities. It also contains the Single Market rules, preparatory
documents, an advice section, fairs and exhibitions world-wide, and a Business
Directory. Contact: www.europa.eu.int/business
4. Gate2Growth
Gate2Growth is the pan-European Business Platform for:
• Entrepreneurs seeking financing (Business Matching),
• Investors (InvestorNet),
• Technology Incubator Managers (Incubator Forum),
• Knowledge Transfer Offices (Proton Europe),
• Academia in entrepreneurship, innovation and finance (Academic
Network),
• Innovative companies seeking expert service providers (Service Center)
Contact: www.gate2growth.com
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Financing SMEs in the EU – overview
6. EUREKA
EUREKA is a pan-European network for market-oriented, industrial R&D.
Created as an intergovernmental Initiative in 1985, EUREKA aims to enhance
European competitiveness through its support to businesses, research centers
and universities who carry out pan-European projects to develop innovative
products, processes and services. Through its flexible and decentralized
Network, EUREKA offers project partners rapid access to a wealth of knowledge,
skills and expertise across Europe and facilitates access to national public and
private funding schemes. The internationally recognized EUREKA label adds
value to a project and gives participants a competitive edge in their dealings with
financial, technical and commercial partners. Through a EUREKA project,
partners develop new technologies for which they agree the Intellectual Property
Rights and build partnerships to penetrate new markets. The EUREKA Clusters
play a key role in building European competitiveness, driving European
standards and the interoperability of products in a wide range of sectors. Each
year hundreds of individual projects are initiated by European companies, an
increasing number of which are SMEs. These contribute to improved wellbeing,
security, environment and employment in Europe and beyond.
BUSANET, a European network of Business Angels, signed a partnership
agreement with EUREKA in 2004. This non-profit making organization’s objective
is to develop funding activities and financial toolboxes to support innovation
implementation in Europe.
Each year the EUREKA Lillehammer Award is given to a project that has
demonstrated its outstanding contribution to the environment. The EUREKA Lynx
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Financing SMEs in the EU – overview
Award goes to the SME that has achieved or expects to achieve a significant
increase in turnover as a result of participation in a EUREKA project.
By encouraging and assisting businesses to innovate, the EUREKA Initiative
complements the European Union's Framework Programme in working actively
towards the common European objective of raising investment in R&D to 3% of
GDP by 2010.
For more information look at: http://www.eureka.be/home.do
For financing opportunities look at: http://www.eureka.be/contacts/fundingList.do
9. G8 Pilot Project
The European Union’s Information Network for Small and Medium-sized Enterprises
provides links into Web sites which hold a wealth of information on small and medium
sized enterprises in the European Union. It is part of the G8 Global Marketplace for
SMEs Project.
For more information look at:
http://europa.eu.int/ISPO/ecommerce/g8/eug7sme.htm
10. Elexportal
Elexportal provides up-to-date information for non-specialist entrepreneurs and
business people, in particular for SMEs about legislative and regulatory matters
affecting eCommerce matters across the European Union. Access to this portal
is currently free of charge. It is possible to register to access various on-line
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Financing SMEs in the EU – overview
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Financing SMEs in the EU – overview
• to provide expertise and advice for the EU and its financial institutions in
the planning and implementation of EU-wide promotional and financing
schemes
• to facilitate the access of SME clients to both European and national
financing schemes.
In the past year NEFI institutions actively supported and financed a total of more
than 117,000 SMEs all over Europe with about € 20 billion of financing in the
form of loans and guarantees.
13. EURADA
EURADA is the Association of Regional Development Agencies is a non
profit-making organisation aiming to promote regional economic development
through dialogue with the European Commission services, interchange of good
practice among members, transnational co-operation among members, regional
development agencies as a concept. EURADA gathers around 150 development
agencies from 25 countries of both the European Union and Central and Eastern
Europe.
14. FinNETSME
FinNetSME, the Network for Regional SME Finance, is a project designed to
encourage an intensive exchange between regional public financiers on how to
improve access to finance for Small and Medium Sized Enterprises. FinNetSME
gathers partners from all parts of the EU - from Spain in the West to Lithuania
and Latvia in the East, from Greece in the South to Finland in the North.
FinNetSME will collect and analyse data on regional financing instruments and
contact points as well as on public financing structures, support services and
schemes in the different regions.
FinNetSME addresses the need for an inventory of existing good practices in
regional SME finance by building a platform for public regional financiers. The
aim is to develop common regional tools and strategies promoting SME access
to finance and to bridge the market gap in SME finance by exploiting the given
financial sources in an innovative way. On the practical level, models of regional
SME finance will be elaborated to provide easily available advice on the
development of promotional instruments with EU support. The partners of the
network will accumulate their experience in setting up financial and non-financial
support instruments, co-operation strategies etc. They will develop them into
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Financing SMEs in the EU – overview
templates that can be used in other regions to start corresponding initiatives and
establish similar means.
For more information look at: www.finnetsme.org
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Financing SMEs in the EU – overview
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Financing SMEs in the EU – overview
Operations
European Investment Fund (EIF)
Guarantees Invests
SMEs SMEs
European Commission
JASPERS
JASPERS will assist beneficiary countries (principally the new Member States
and acceding countries of the EU) to prepare major infrastructure projects which
will be assisted by the EU Structural and Cohesion Funds over the next
budgetary planning period 2007-2013. All assistance will be offered free of
charge. Assistance may be given to prepare individual projects or horizontal
studies that cover more than one project or more than one country.
JASPERS will:
• be complementary to the project preparation work carried out by national
and local authorities;
• provide upstream technical expertise as required from the early stages of
programming and preparation through to the final decision to grant EU
assistance.
SME UNION, 22 Rue de Pascale, B-1040 Brussels
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Financing SMEs in the EU – overview
Contact:
jaspers@eib.org
http://jaspers.europa.eu/
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Financing SMEs in the EU – overview
JEREMIE
Under JEREMIE it will be possible to transform part of the grants into financial
products. SMEs will use the financial products and will then reimburse the
amounts - once reimbursed, the funds will be rolled over and used again, instead
of simply granted once. This means that each Euro coming from the budget, the
sum of financing products could range from 2 to 10 euros. The multiplier effect
will mean that the sum of the financing products available will be increased,
bringing potential benefit to a higher number of SMEs than the grant system.
JEREMIE’s financial products will contribute to meet the financial needs of the
SMEs but also improving the supply side by providing a wide range of services
and products to local financial intermediaries such as technical assistance, loan
guarantees, first loss piece guarantees for securitization.
EIF may manage JEREMIE during the financial perspective 2007 to 2013. EIF
role will simplify the administrative process of funds disbursed from ERDF. EIF is
a pan-European SME finance platform with wide geographical coverage and
leads in several market segments (early stage venture capital investor,
microcredit guarantor). EIF will work with the support of EIB. Additional funding
capacity will be brought to JEREMIE by the EIB group, for example through SME
global loans from the EIB. EIF will act as a mediator for all other sources of
finance from other international, national, local financial institutions, investment
funds, micro-credit agencies and other organizations from both the public and
private sector. Funds will be channeled through EIF to local financial institutions
that will in turn provide financing to SMEs. To achieve this EIF will contact and
cooperate with local financial intermediaries such as venture capital funds,
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Financing SMEs in the EU – overview
guarantee schemes, banks and micro finance providers as channels for ERDF
funds to reach SMEs. EIF will not provide any direct financial support to SMEs.
Eligibility Criteria:
• SMEs have to make investments in fixed assets and long-term working
capital
• Eligible enterprises are SMEs with the maximum of 249 employees, a
maximum annual turnover of EUR 50 million and/or a maximum annual
balance sheet of EUR 43 million
• Preference should be given to small (less than 50 persons; balance
sheet/annual turnover less than EUR 1 million) and micro enterprises (less
than 10 persons; balance sheet/annual turnover less than EUR 2 million)
• Eligible SMEs must have a majority private ownership and control or be in
the final stage of the process of privatization.
• They must not conduct business in the following activities: gambling, real
estate, banking, insurance or financial intermediation and the
manufacture, supply or trade in arms, or activities on EIF’s or EIB’s
exclusion lists.
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Financing SMEs in the EU – overview
JESSICA
For two possible approaches, the basic steps leading from the contribution from
the programme to support for a project on the ground are as follows:
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Financing SMEs in the EU – overview
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Financing SMEs in the EU – overview
EIF has significant means available for investment with a current portfolio of in
excess of 2,55 billion euros invested in 191 venture capital funds and an
objective to invest substantially more in the region over the next years.
EIB Group (EIB and EIF) resources for venture capital are managed by the EIF
as part of the Amsterdam Special Action Programme and the Innovation 2000
Initiative.
Investment Target
We seek a minority position of between 10 and 35% of the total capital
committed in a fund. The exact size of the EIF’s investment varies according to
the size and characteristics of each fund.
Eligibility Criteria
The EIF requires that its portfolio funds:
• Raise at least EUR 15 million.
• Focus principally their investments in the EU and the Acceding/Accession
Countries.
• Focus primarily their investments on early-stage, development or
expansion capital, preferably in technology-oriented SMEs.
• Target mainly SMEs, defined as businesses with less than 250
employees, with total turnover not exceeding EUR 50 million or a balance
SME UNION, 22 Rue de Pascale, B-1040 Brussels
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Financing SMEs in the EU – overview
sheet total not exceeding EUR 43 million, and that are independent (i.e.
not owned by more than a third of their capital by non-SMEs) at the time of
the fund’s first investment. In exceptional cases, a target
of enterprises with more than 250 employees can be considered.
• Be mainly independently and professionally managed, i.e.:
Selection/monitoring by a dedicated management team of professionals
with appropriate experience and skills; Investment/divestment decisions
taken either by the management team and/or by an independent board
whose members are independent from the investors.
• Provide a risk-adjusted return in line with that of the private equity market.
• Be mainly funded by Private sector investors, with the Public sector
investors (including the EIF) not exceeding 50% to total committed capital.
A, ETF Start-up
ETF Start-up is intended to adopt a higher risk profile than the EIB Group
operations. It aims to invest in venture capital funds such as:
• seed capital funds
• business incubators
• smaller or newly established funds
• funds operating regionally
• funds focused on specific industries or technologies
• funds financing the exploitation of R&D results (i.e. funds linked to
research centres and science parks)
The investment target for ETF Start-up Facility is a minority position of between
10 and 25% of the total capital committed in a fund or business incubator. A
maximum amount of EUR 10 million will be invested in any single fund/incubator
(15 million in justified cases). Venture capital funds and incubators will need to be
able to support adequate professional management, make a sufficient number of
investments and be in a position to provide follow-up finance. Funds/incubators
will be required to raise at least EUR 10 million, however for justified cases the
ETF Start-up Facility may be available to smaller funds/incubators of EUR 5
million upwards.
Eligibility Criteria:
ETF Start-up will invest in specialized Venture Capital funds and Business
Incubators established specifically to provide equity or, as is the case for
Business Incubators, operational support to SMEs with growth potential at their
establishment and early stages (including seed capital). In particular, ETF Start-
up focuses on funds and incubators that:
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Financing SMEs in the EU – overview
Eligibility criteria:
For the purpose of this Facility, Seed Capital Investment is defined as "Financing
provided to research, assess and develop an initial concept elaborated by a
company that may be in the process of being set up or may have been in
business for a short time but has not sold its product commercially".
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Financing SMEs in the EU – overview
Eligible Beneficiaries
Eligible beneficiaries include venture capital funds, business incubators or any
entities acting as their management companies that carry out an eligible activity.
Currently, institutions from the Member States of the European Union, the
Accession Countries (includes Bulgaria, Romania, Turkey) and the EFTA
countries of Norway, Iceland, and Liechtenstein are eligible to participate in the
Seed Capital Action programme.
Beneficiaries must submit to the EIF an application and sign facility grant
agreements within 2 years of the final closing of the fund, incubator or similar
organization that is eligible under the Seed Capital Action.
A beneficiary whose management costs relating to the eligible activity are
supported by other direct EU or national subsidies is not eligible.
This new type of fund-of-funds mandate was launched in 2005 with the Centre
for the Development of Industrial Technology (CDTI: Centro para el Desarrollo
Tecnológico Industrial), a Public Business Entity of the Spanish Ministry of
Industry, Tourism and Commerce.
EIF's investment will represent around 25% of the fund's final target size of some
EUR 200m. First closing was in February 2006 at EUR 175m. The programme is
intended to bring together Spanish public and corporate and banking private
sector investors for investments in Spanish SMEs fostering innovation and
research and development.
Building on similar initiatives in other Member States, notably in France and the
United Kingdom, the CDTI-EIF partnership will leverage EIF resources to ensure
a coordinated approach between EIF, national public bodies and the private
sector. Furthermore, it will give Spanish public and private investors access to
EIF's know-how in fund-of-funds management.
For further information, please contact EIF’s NEOTEC team: eifneotec@eif.org
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Austria
Phone: +43 (0)5 7755 4011 Fax: +43 (0)5 7755 94011
E-mail: office.bereich4@ffg.at Internet: www.bit.ac.at
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making. Among others it offers data bases, sector and business cycle reports
and ratio comparisons.
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4. ERP Fund
The fund supports enterprises, especially in the field of manufacturing, mainly by
credits with favourable interests. The central targets are internationalisation,
regional development and the use of innovative technologies.
6. Innovation agency
The Innovation Agency supports the implementation of innovative projects. Its
programme comprises, among others, the support of technology oriented start-
ups, an exchange for Business Angels and patent exploitation.
Innovation Agency
Taborstraße 10, A-1020 Vienna, Austria
Phone: + 43 1 216 52 93 Fax: + 43 1 216 52 93 99
E-mail: innov@innovation.co.at Website: http://www.innovation.co.at
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corporate customers. Quality, innovative power and trust are the key success
factors.
In the opinion of its customers, Investkredit has for many years led the field in
"Technical Competence". Investkredit is also an important lender for real estate
projects in Austria and, in particular, in Central and Eastern Europe. The London-
based international financial magazine “Euromoney” presented the “Euromoney
2005 Real Estate Awards” for the first time last year. In the “Commercial
Banking” category Investkredit Bank AG came out best four times: for Overall
Emerging Europe as well as for Romania, Czechia and Hungary.
Investkredit Bank AG
Renngasse 10, A-1013 Vienna
Tel: +43 1 531350 Fax: +43 1 53135983
E-mail: invest@investkredit.at Internet: www.investkredit.at
A-1030 Wien
Ungargasse 64-66/4/Top 501
Tel.: +43/1/712 52 59 Fax: +43/1/712 52 59-28
E-mail: info@wrkf.at
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2. Economic Chambers
The Economic Chambers are representing the interests of the business
community. They provide a wide range of services in the field of taxation,
continuing professional training, foreign trade, marketing and legal affairs.
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Belgium
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4. WABAN
WABAN is a business angel network or a tool used for sourcing the finance
required to set up or expand innovative companies on the basis of introducing
Business angels to potential entrepreneurs.
5. BAMS
BAMS provides entrepreneurs a methodology for creating attractive business
plans and includes examples of different Shareholder plans.
BAMS sa
Champ Vallée 17C, 1348 Louvain-la-Neuve Belgique
Tel: +32 10 48 50 20 Fax: +32 10 48 50 21
E- mail: mail@bamss.com Internet: www.bamss.com
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Internet: www.bvassociation.org
Regional organizations
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G.I.M.B.
Stassartstraat, 32, B-1050 Brussel
Tel. +32 2.548.22.11 Fax. +32 2.511.90.74
E-mail: info@gimb.be Internet: www.srib.be
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S.R.I.W. s.a.
Société Régionale d'Investissement de Wallonie s.a.
13, Avenue Destenay, 4000 Liège, Belgique
Internet: www.sriw.be
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Bulgaria
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Each of these departments has its own area of expertise and set of activities and
together they elaborate and implement the major functions of the Agency,
namely:
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2. NACHALA Foundation
Nachala Cooperative is one of the few microfinance institutions in Bulgaria. It is
part of the Opportunity International network. Nachala Cooperative works toward
developing opportunities to establish income generating activities for poor and
disadvantaged groups through the encouragement of small business
development. Its work in Bulgaria is supported by USAID. By providing free
training, consultancy services, and rapid loans, Nachala Cooperative helps the
development of micro and small and medium sized enterprises in Bulgaria and
encourages entrepreneurship.
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President.
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Cyprus
1. Centre for SMEs – Cyprus Development Bank
The Centre for SMEs is a department of the Cyprus Development Bank
dedicated to supporting Small and Medium Size Enterprises. Since its
establishment, in 1985, it has accumulated extensive knowledge on the different
sectors of the economy, the key players in each sector and general market
intelligence. It is therefore in a position to understand the particular needs of the
small business and its owner entrepreneur. By providing an ideally tailored
package of well-structured financing instruments, the Centre for SMEs acts as a
one-stop shop for small businesses.
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Czech Republic
1. Technology Centre
Technology Centre is a consortium of legal entities. The consortium is open also
to legal entitities outside the Academy of Sciences of the Czech Republic.
Main Activities of Technology Centre:
• National Information Centre for European Research
o information and advisory services related to the EU Framework
Programmes
o monitoring Czech participation in international research cooperation
programmes
o coordination and methodical management of the national information
network NINET
• Technology Transfer
o direct cooperation with industrial enterprises and entrepreneurs in
innovating products and technology processes
o innovation audits
o transnational technology transfer and commercialization of RTD results
• Strategic Studies and Projects
o studies for research and innovation policies
o RTD priorities
o foresight
o strategies for a knowledge-based economy
• Regional Development
o regional innovation strategies
o projects for Structural Funds focused on innovation
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1. CzechInvest
CzechInvest is the investment and business development agency of the Czech
Republic whose services and development programmes contribute to attracting
foreign investment and to developing Czech companies. Our mission is to
support investment activities to the highest level of competence not only through
our information service and consultancy but also by linkage with structural funds
of the EU.
CzechInvest provides the following services free-of-charge:
• Comprehensive services for investors - full information assistance,
handling of investment incentives, business property identification,
location of Czech suppliers, aftercare services
• Business infrastructure development
• Access to structural funds
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the programme of the Czech Ministry of Industry and Trade). The package of
provided services includes:
• complex advisory assistance in business development
• marketing services and technology transfer consultancy
• information on the access to European and national financial resources for
R&D projects including assistance in preparation of project proposals
• contacts to financial sources for business development (venture capital,
soft-loans schemes)
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this foundation has besides the 14 founders about 800 members and more then
150 affiliates. European Foundation for Quality Management in Brussels
(hereinafter referred to as EFQM Brussels) offers to its members the exchange of
experience from the Excellence Model application, develops self-assessment
tools, organizes benchmarking projects, courses and seminars, issues
publications and study materials and organizes the European Quality Award
/EQA/.
Prague 9, Freyova 27
Tel: 420 296 646 111 Fax: 420 296 646 221
E-mail: office@komora.cz Internet: http://www.komora.cz/index.aspx
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Denmark
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Dansk Industri
H.C. Andersens Boulevard 18, DK-1787 København V, Denmark
Tel: + 45 3377 3377 Fax: + 45 3377 3300
E-mail: di@di.dk Website: http://www.di.dk
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TIC Danmark
Ellemarksvej 49, DK-8000 Aarhus C, Denmark
Tel: + 45 8943 8900 or +45 70 15 15 45 Fax: + 45 8943 8909
Website: http://www.tic.dk
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FORCE Instituttet
Park Allé 345, DK-2605 Brøndby, Denmark
Tel: + 45 4326 7000 Fax: + 45 4326 7011
E-mail: force@force.dk Website:http://www.force.dk/gb/default.htm
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Science Park Aarhus and its cooperating partners specialize in assisting newly
established companies with knowledge intensive, high tech and innovative
products in fields such as IT, biotechnology and medico-technical equipment.
Science Park Aarhus supports commercial development and innovation through
a strong focus on networking in the form of informal meetings, contacts and
discussions between like-minded entrepreneurs, scientists and specialists from
many disciplines.
Science Park Aarhus leases offices and laboratory premises for new businesses
that work with research and development.
Science Park Aarhus, Gustav Wieds Vej 10, DK-8000 Aarhus C, Denmark
Telephone: + 45 8620 2000 Fax: + 45 8620 1222
Website: http://www.sp-aarhus.dk
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3. Novi (Novi)
NOVI is a privately owned company. They develop and provide investment
capital and premises for high-tech companies with an international potential.
NOVI integrates venture capital with an innovative environment and leading
science and business park activities. It cooperates closely with research
institutions and see our science and business park as 'production facilities' and
our pre-seed innovation environment as the primary 'production line'. Focusing
on the seed and early stages of a company's life, NOVI A/S's venture capital
represents the subsequent production lines. The main values are commercially
based. It not only acts as a prototype for common venture capital, but rather as a
production company that focuses on producing high-quality products. The key
ideals and values are common sense and good, old-fashioned business acumen.
This – enhanced by cutting-edge knowledge – is also ideal for the companies
that they choose to invest in. Sometimes they refuse to enter into a partnership,
but they always seek to ensure that no one leaves us empty-handed.
Novi leases premises to single enterprises (entrepreneurs, development
projects). Novi moreover offers lecture rooms and conference facilities for use
free of charge to Novi's tenants. They also supply offices and premises meant for
research activities.
Postboks 8330, Niels Jernes vej 10, DK-9220 Aalborg Øst, Denmark
Tel: + 45 9535 4500 Fax: + 45 9635 4599
E-mail: villy.vibholt@catscience.dk Website: http://www.novi.dk
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Estonia
1. Enterprise Estonia
Enterprise Estonia is one of the largest institutions within the national support
system for entrepreneurship in Estonia, providing financing products, advice,
partnership opportunities and training for entrepreneurs, research and
development institutions and the public and third sectors.
Enterprise Estonia actively operates in the following areas: the enhancement of
the competitiveness of Estonian enterprises in foreign markets, the inclusion of
foreign direct investments, inbound and domestic tourism, the elaboration of
technological and innovative products and services, the development of Estonian
enterprises and the entrepreneurial environment and the enhancement of
general entrepreneurial awareness.
Enterprise Estonia is one of the institutions responsible for the implementation of
EU structural funds in Estonia, as well as being the primary provider of support
and development programmes targeted towards entrepreneurs.
Enterprise Estonia was founded in 2000 by the Ministry of Economic Affairs with
the aim of promoting the competitiveness of the Estonian entrepreneurial
environment and Estonian businesses, thereby increasing prosperity.
3. Guarantee Fund
The objective of the Fund is to guarantee, under the conditions and to the extent
provided by the Guarantee Fund Act, protection of funds
• deposited by clients of credit institutions (depositors),
• clients of investment institutions (investors) and
• unit-holders of mandatory pension funds,
and thereby to increase the reliability and stability of the financial sector.
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Finland
Governmental organisations
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1. Finpro
Finpro is a consulting organization focused on accelerating the
internationalization of Finnish companies while managing the risks involved.
Finpro carries out this national task through a client-oriented approach in co-
operation with other service organizations working towards the same goals.
Finpro is dedicated to helping Finnish companies grow and expand
internationally - as effectively as possible. With over 300 experts based at 50
tradecenters in 40 countries around the world, and at our two offices in Finland:
Helsinki and Oulu, we offer an unrivalled range and depth of consultancy
expertise.
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3. Sitra
Sitra, the Finnish National Fund for Research and Development, is an
independent fund, which finances and implements nationally significant research,
training and innovative projects and invests in domestic and international
technology companies and funds. The Finnish National Fund for Research and
Development (Sitra) is an independent public foundation under the supervision of
the Finnish Parliament. Through its activities, Sitra aims to promote the economic
prosperity and the future success of Finland. Sitra’s aim is to be a respected
partner in building a knowledgeable and innovative society.
Sitra’s operations have been focused into six programmes, each of which
consists of various projects and measures. The programme areas are:
• Innovations
• Health Care
• Food and Nutrition
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• Environment
• Russia
• India
The programmes utilise a wide array of methods, including research and
education, innovative projects, business development, venture-capital
investments and other corporate funding. The methods used vary from
programme to programme.
Sitra was set up in conjunction with the Bank of Finland in 1967 in honour of the
50th anniversary of Finnish independence. The Fund was transferred to the
Finnish Parliament in 1991. Sitra’ s operations are funded with endowment
capital and returns from capital investments.
4. Tekes
Tekes, the National Technology Agency, is Tekes is the main public funding
organisation for research and development in Finland. Tekes funds industrial
projects as well as projects in research organisations, and especially promotes
innovative, risk-intensive projects. Tekes offers partners from abroad a gateway
to the key technology players in Finland.
2. FINTRA
FINTRA (The Finnish Institute for International Trade) develops and promotes
the expertise of companies and individuals in international business. FINTRA
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provides in-depth training for business leaders and those in business. Fintra is
Finland's leading trainer in international business management. It is specialized
in training services, creating tailor-made concepts to meet the development
needs of companies and individuals in an increasingly global business
environment.
Most of the training is tailored specifically to the needs of the client. This way, the
latest knowledge in the field is linked as closely as possible with the company's
own operations and objectives.The training concepts are based on
understanding the client's values, their business and their development needs. It
links the highest level of knowledge with hands-on experience; our training aims
to put insights and expertise directly into practice.They offer our clients the latest
knowledge, fresh perspectives and creative concepts for training. The impact of
training can be assessed in the client's day-to-day work.
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France
Governmental organisations
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1. OSEO
OSEO was born in 2005, by bringing together ANVAR (French innovation
agency) and BDPME (SME development bank), around a mission of general
interest supporting the regional and national policies. Its mission is to provide
assistance and financial support to French SMEs and VSEs in the most decisive
phases of their life cycle: start up, innovation, development, business transfer /
buy out. By sharing the risk, it facilitates the access of SMEs to financing by
banking partners and equity capital investors.
OSEO covers four areas of activity :
• Innovation support and funding : for technology transfer and innovative
technology-based projects with real marketing prospects.
• Funding investments and operating cycle alongside the banks, through
OSEO bdpme.
• Guaranteeing funding granted by banks and equity capital investors.
• Performing studies (SMEs Observatory) and providing services to
SMEs.
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OSEO's partners are : banks, financial institutions and equity capital investors ;
research laboratories, universities, engineering schools, major companies ;
chambers of commerce and industry, tradesmen's guilds ; business start-up
assistance and support networks ; government agencies and private
organisations working to promote the use of information technology by SMEs ;
European structural funds and Community research programmes... OSEO
covers all areas of France, through its regional network. It works with local
communities and in particular with the French regions. It makes its skills and
networks available to them, acts on their behalf and in accordance with their
economic development priorities. Jean-Pierre Denis is Chairman and Managing
Director of OSEO, surrounded by Joel Darnaud, Michel Clavier and Michel
Guilbaud.
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Germany
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Greece
Chambers
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advice on economic and social policy issues to the Minister of the Economy and
Finance, the Centre ‘s supervisor.
In the context of these activities, KEPE produces four series of publications,
notably the Studies, which are research monographs, Reports on applied
economic issues concerning sectoral and regional problems, and Statistical
Series referring to the elaboration and processing of specified raw statistical data
series. Finally, it publishes papers in the Discussion Papers series, which relate
to ongoing research projects. So far the number of the publications exceeds 600.
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Hungary
Headquarters:
Városház u. 9–11 Budapest H-1052
Phone: (36-1)-269-68-69 Fax: (36-1)-268-18-00
Head office:
Rákóczi út 18 Budapest H-1072
E-mail: info@bvk.hu
Homepage: www.bvk.hu
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BB MICRO-CREDIT
Following nearly one and a half years of development with Micro loan
Corporation, BB Foundation has been participating in preparing small enterprises
for the BB Micro-Credit Program since Sept. 2004. The BB Micro-Credit has
created a unique opportunity by engaging in lending to formerly ignore small
businesses, which the banking sector had considered to be non-profitable. As
compared to other micro-credit arrangements, this program is unique in that a
local commercial lends its own funds relying on the experience the BB Business
Development Foundation has accumulated in analyzing small businesses over
the past 10 years.
The credit is designed to serve a source of working capital financing: purchasing
raw materials, procurement or imports, financing daily expenditure, smaller
capital expenditure (with repayment under a year).
Eligibility criteria:
• 0-10 employees
• a controlling Hungarian owner
• no current business loans
• form of business: private entrepreneur (sole trader), unlimited
partnership or general partnership
• businesses that have been operational for at least two years
• the business or the entrepreneur (sole trader) should be officially
registered
• the business or the entrepreneur should have no overdue accounts
payable to the tax authority
Lending terms:
• Loan amount between HUF 500,000 and 3,000,000
• Loan matures in 3 - 12 months
• Fix rate of interest to maturity, currently 19 %
• Interest payments due on the fifth business day of each month
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BB Foundation
Budapest, 1137 Jászai Mari tér 6. III. 17.
Tel/Fax: +36 1 315 0937, +36 1 315 1975, +36 1 438 3153
Email: bbf@bbf.hu
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• Leadership training
• Project management and project planning training
• Small enterprise development
• Support to local Roma community houses
• Support to local economic initiatives by a combination of grants and loans
and mentoring
• Employment creation
• Promotion of cooperation between the members of the Roma and Non-
Roma community
• Strengthening of Tolerance
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Ireland
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Exchequer and part from the European Regional Development Fund. This
involves an overall spend of €212.4 million in the South & East Region, and
€122.6 million to the Border, Midlands and West Region under the Micro-
enterprise Measures.
The CEBs form part of the Local Enterprise Development Sub-Programme of the
BMW & the S&E Operational Programmes of the NDP and will continue to
support the development of micro-enterprises at local level. Under the
programme, there has been a move to softer forms of support i.e. advice,
mentoring and management development rather than financial aid. There is also
be a shift to repayable forms of assistance (equity, refundable grants); and
priority is being given to manufacturing and internationally traded services, which
over time could develop into strong export entities.
4. Forfas
Established in 1994, Forfás is the national policy and advisory board for
enterprise, trade, science, technology and innovation. Forfás provides the
Department of Enterprise, Trade and Employment (DETE) and other
stakeholders with analysis, advice and support on issues related to enterprise,
trade, science, technology and innovation; including on the development and
coordination of the enterprise development agencies, IDA Ireland, Enterprise
Ireland, Science Foundation Ireland (SFI) and other bodies as the Minister may
designate.
Forfás’ mission is to inform and to build coalitions for change which will influence
and underpin implementation of ambitious, coherent and widely understood
enterprise, science and innovation policies.These policies will promote
competitiveness and support creative and dynamic management teams and
individuals to establish and grow innovative and successful companies in Ireland.
In this way, Forfás and its sister agencies will support Government in improving
the economic opportunities for Ireland’s people and, ultimately, in delivering
higher standards and quality of life for all
1. Enterprise Ireland
Enterprise Ireland is the Irish state development agency focused on transforming
Irish industry. The core mission is to accelerate the development of world-class
Irish companies to achieve strong positions in global markets resulting in
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Enterprise Ireland,
Glasnevin, Dublin 9.
Tel: +353 1 808 2000 Fax:+(353 1) 808 2020
Internet: www.enterprise-ireland.com
Confederation House
84/86 Lower Baggot Street, Dublin 2
Tel: (01) 605 1500 Fax: (01) 638 1500
Internet: www.ibec.ie
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throughout the year on such topics as credit control, cost reduction, employee
assessment and strategic planning. Member participation is encouraged, with
opportunities for companies to meet and discuss business and other related
issues. This facility is provided by regional business briefing sessions that bring
members up to date on issues pertaining to the profitability of their businesses.
Confederation House
84-86 Lower Baggot Street, Dublin 2
Tel: 01 6051602 Fax: 01 6381602
E-mail: patricia.callan@ibec.ie
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Italy
Governmental organisations
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Latvia
1. Hansabank
On 19 February 2003, Hansabank and German Kreditanstalt für Wiederaufbau
(KfW) concluded a loan agreement for crediting Estonian and Latvian small and
medium-sized enterprises. The special programme for SMEs is supported by the
European Commission.
The size of the credit line in Estonia is € 10 million and in Latvia € 15 million.
Companies can apply for a loan through Hansabank branches.
Tallinn, Liivalaia 8, 15040
tel +372 6310 310 fax +372 6310 410
E-mail: hansa@hansa.ee
Internet: http://w.hansa.ee/eng/arikliendile_pikaajaline_vaikekeskmine.html
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Lithuania
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Luxemburg
3. Chamber of Commerce
The Chamber of Commerce, as a professional chamber, registers enterprises in
the industry, retail trade and commerce, Horeca, service and transport sector and
gives direct advice and information, organises training sessions and awareness
campaigns for enterprises on a national level.
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2. LUXINNOVATION GIE
As a national agency, Luxinnovation GIE guides enterprises, especially SMEs, in
the framework of their innovation projects. Luxinnovation is the National Agency
for Innovation and Research and the first-stop shop for research and innovation
in Luxembourg. Founded in 1984, Luxinnovation became an Economic Interest
Grouping (EIG) in 1998
Its activities are:
• Promotion of national research
• European research programmes
• Technology clusters
• Technology transfer
• Starting an innovative business
• Encouraging innovative skilled-craft businesses
• Vocational training
• Intellectual property and technology watch
• Organisational innovation
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Malta
1. Malta Enterprise
Malta Enterprise is government’s exclusive agency focused on attracting inward
investment and supporting enterprise in Malta. Its role is to act as a single point
of contact for all enterprise support in Malta and to provide cohesion to
government policies and efforts relating to enterprise in this country. Malta
Enterprise provides a comprehensive package of assistance and advisory
services to international companies and investors considering operations in
Malta. These include professional pre-investment advice and support, start-up
assistance as well as a suite of post investment services and aftercare facilities.
Malta Enterprise
Enterprise Centre, Industrial Estate, San Gwann SGN 09, Malta
Tel: +356 2542 0000 Fax: +356 2542 3401
Email: info@maltaenterprise.com Internet: www.maltaenterprise.com
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Netherlands
3. Chambers of Commerce
The Chambers of Commerce maintains the trade registry, issue licences in the
framework of the business-establishment act, promote their members' interests in
their region, and render information and advice on a large number of fields, i.e.
subsidies, training, ex-port, infrastructure, licences, etc. Chambers of Commerce
are located throughout the Netherlands.
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Bezuidenhoutseweg 181
NL-2594 AH Den Haag
Phone: +31 70-344 1544 Fax: +31 70- 385 3531
Website: http://www.handelsbevordering.nl
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Poland
Internet Promocja
ul. Wloscianska 8/58, 01-710 Warszawa, Poland
Tel: +48 (22) 529 77 72 or 74 / +48 508 127 892 Fax: +48 (22) 529 77 74
http://www.chamberofcommerce.pl/
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Portugal
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Romania
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7. Western IQ (Bucharest)
WESTERN IQ is a 8 years old independent Romanian private company, involved
in research, consulting and training projects, which participated in different Phare
programs, as well as in projects financed by Romanian Public Institutions, the
World Bank, USAID and USTDA. In the same time, WESTERN IQ has been
present on the Romanian market as a consultant for SMEs and large companies.
WESTERN IQ has 7 experts and more than 50 collaborators with large
experience in: scientific research, consulting, training, public relations, public and
local administration, international co-operation. WESTERN IQ has good
experience in project management and staff co-ordination. Explicitly stated in its
company status, WESTERN IQ Ltd. observes the European Standards for
consultant position. It is also a research company agreed by the Romanian
Ministry of Education and Research. Our competence in research concerns:
Science policy and innovation; Telework; New Economy; IT; New types of
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transportation). The Fund has a one shot flat fee. Its height is depending of the
credit type (long / short) and of the default payment (higher for a complete
payment of the loss at default; lower for a payment at the end of the court
recovery). No default has occurred at the date of today. The Fund has a seat in
Bucharest and 10 regional branches.
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6. EXIMBANK
Eximbank is determined to herald its propensity towards customers as economic
companies, SME’s included, which are provided with top quality integrated
financial services. The bank is focused on the Romanian business environment
and the international transactions to be sustained in compliance with financial,
banking and insurance regulations. It has investment credits in order to finance
products intended for SMEs, it provides development-, working capital-, micro-
credits for SMEs.
Eligibility:
Investment projects which could include:
• construction related to the investment;
• training and technical assistance to implement the project,
• transport of equipment, installation, verification and other works related to
equipment purchase, buildings and rehabilitation of buildings. Each EU
loan has associated a grant component (non-reimbursable) of 25%, aimed
at stimulating the use of advanced technologies by SMEs in their
operations, such as:
• buying industrial manufacturing licenses and/or services licenses
• purchasing software for modernisation of the operations of the SMEs
• improvement of the management processes (e.g. buying advisory services
for cost-cutting in relation to the investment financed by the loan, software
and advisory services for computerisation of the accounting system of the
SMEs etc.)
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Financing conditions:
• Budget limits: up to 300,000 Euro/project from the EU funds
• EU + bank contribution = loan: maximum 80% of the project value, of
which:
• EU contribution: maximum 75% of the loan (namely 60% of the project
value, of which 15% is grant and 45% is loan)
• Bank’s contribution: minimum 25% of the loan (namely 20% of the
project value);
• Applicant’s contribution: minimum 20% of the project value (out of
which at least 50% must be in cash)
• Reimbursement period: loans will be repaid in 3 to 6 years, with 1-2
years grace period;
Brussels office:
51 Rue D’Arlon, 1040 Bruxelles
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Slovakia
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Financing SMEs in the EU – overview
4. Premier Consulting
Premier Consulting has been set up in 2003, started as EU projects developing
company and soon gained leading position in the relevant market (Premier
Consulting cooperated on more than 230 EU projects 2,2 billion SKK in total
value). Being succesfull on the market it expanded its activities into
complementary services: real estate, business opportunities and public
procurement.
Today Premier Consulting is a full service investment company offering its
services not only to Slovak companies and investors but also in the "old" and
"new" EU member countries. Its competitive advantage is based on deep local
knowledge, experience and professional management and team members. If you
are looking for quality business opportunities or real estate consulting in
Slovakia, Premier Consulting is the right choice for you.
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Slovenia
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Financing SMEs in the EU – overview
1. KD Group
KD Group is an international business group, headquartered in Ljubljana,
Slovenia. The Group’s core activity is asset management in the fields of financial
services and financial investments. We have been active in the Central and the
South Eastern Europe for over 12 years and are dedicated to expanding our
franchise in the region. The Group's core activity is asset management in the
fields of financial services and financial investments
2. Horizonte
Horizonte is a risk capital fund intended for investments in the form of stakes in
Slovenian companies. Horizonte offers ownership interest to successful
companies in a period of transition or a phase of expansion. The fund has
specialised in investing in environmentally friendly companies. Its major
investments have been in companies involved in information management,
SME UNION, 22 Rue de Pascale, B-1040 Brussels
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4. Aktiva Group
The Aktiva Group was founded in 2000. The major investors in Aktiva ventures
are companies, with the participation of other Slovenian and foreign investors.
The Aktiva Group is mainly focused on high-tech and new companies, though
this is not a rule. It focuses its investments primarily on telecommunications, the
Internet, software and biotechnology. The Aktiva Group places special emphasis
on start-up financing and on financing of the first stage of development.
5. Prophetes Inc.
Company PROPHETES, Partnerised Company for Financing and Development
Inc., was founded in 1999. It is a start-up partnership company that provides and
invests venture capital in innovative companies and projects. It also provides
support to investors who invest capital in the countries of South-East Europe by
forming a network of subsidiaries in the region and providing complete capital
consulting services. It offers complex professional advisory support and
marketing for innovative companies in which venture capital is invested.
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Spain
Governmental organisations and chambers
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Financing SMEs in the EU – overview
enterprises in general and the SMEs in particular. Some of the main activities of
CDTI include the financing of R&D projects developed by the Spanish
enterprises, the promotion of international technology transfer activities and,
finally, the support to the Spanish participation in international R&D programmes.
1. La Caixa
The European Investment Bank is providing EUR 200 million to La Caixa for
lending dedicated to SMEs throughout Spain. The support will go to SMEs
investing to increase their own productivity, including investment in RDI as
foreseen by the EU Lisbon Strategy to foster a knowledge-based competitive
European economy, as well as in promoting rational use and diversification of
energy, in protecting the natural and urban environment and, finally, in education
and health sector schemes developed by private initiative. The EIB resources will
allow La Caixa to offer SMEs longer-term loans at advantageous financial
conditions, particularly lower interest rates than would otherwise be offered.
La Caixa is the largest savings bank in Spain and its third largest banking group.
It has a rich network of more than 5000 experienced offices established to serve
a very broad client based, notably the SME players.
In the 20 years since Spain joined the EU more than EUR 8 billion have been
global loans provided by the EIB to support SMEs. Global loans totaling some
EUR 16 billion have allowed underpinning more than 40 000 investment projects
of SMEs, local governments, other public sector entities, as well as private
companies working under concession.
The EIB Group is steadily orienting its SMEs financial support towards
investment advancing science and technology-based innovation to create new
products and processes, to improve the EU’s energy security and management
and to protect the natural resources and environment.
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With the establishment of the European Investment Fund office in Madrid, the
EIB Group will follow closely the evolution of demand from SMEs for more
flexible risk-based financial instruments such as risk capital and guarantees.
Internet: www.lacaixa.es
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Sweden
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Financing SMEs in the EU – overview
IUC offices across Sweden. Follow Use the link below for contact information.
Website: http://www.iuc.se
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Financing SMEs in the EU – overview
United Kingdom
3. Innovate Now
It is a department within the DTI responsible for the promotion of Innovation in
UK. Their task is to help business understand innovation, why it is important and
how to organise itself to manage it successfully.
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Financing SMEs in the EU – overview
EBRD
Small and medium-sized loan financing is available from the banks listed
in the next pages with which the EBRD has signed a loan or standby facility or in
which the EBRD has made an equity participation.
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Financing SMEs in the EU – overview
small and collateral is a secondary consideration after the business has been
analysed.
Micro credits, of US$ 50 to US$ 10,000, are generally available for a maturity
of up to 12 months initially. As companies build up a credit record, they become
eligible for larger loans with longer tenors for a variety of purposes (trade,
services and investment). The firm’s debt capacity is analysed before loans are
extended. Individual entrepreneurs and firms may apply for micro credits.
Small loans are usually available in amounts of up to US$ 200,000 (higher in
exceptional cases), with maturities of up to three years or exceptionally up to five
years. These loans, which may be for working capital and/or fixed assets, are
provided to companies involved in trade, production or service industries.
Potential borrowers must have sufficient cash-flow from the project to repay the
loan and exhibit good management skills and business planning.
Requirements:
The EBRD’s financial intermediaries consider sound and sensible projects that
support private sector development. Each bank or programme has its own
requirements and investment limits. For detailed financing information, contact
the intermediary directly.
Requirements:
• Population served by the municipality of under 100,000 people. For
Bulgaria and Romania, under 150,000 people.
• Able to repay the loan through the municipality's cash flow and to meet
specified financial ratios in loan agreements.
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Financing SMEs in the EU – overview
Financial and operating leases for small businesses are available from EBRD
supported leasing facilities. They cover a range of goods such as commercial
vehicles, equipment and machinery. Contact local leasing companies to access
finance and to check specific requirements.
Investment criteria are consistent with EBRD policy, but investment decisions are
made by fund managers.
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Financing SMEs in the EU – overview
Bulgaria
1. Allianz Bulgaria
The EBRD has provided Allianz Bulgaria in September 2006 with a credit line for
on-lending to SMEs as part of the EU/EBRD SME Finance Facility. EU-funded
technical co-operation funds will help introduce effficient SME lending activities at
the bank.
CB Allianz Bulgaria AD
Blvd. Kn. Maria Luisa 79., 1202 Sofia, Bulgaria
http://www.bank.allianz.bg
Contact:
Mr. Georgi Momtchilov, Executive Director, Member of the Management Board
Tel: +359 2 921 54 04 Fax: +359 2 980 5200
Email: g.momtchilov@bank.allianz.bg
Contact:
Mr. Vladimir Gyulev, Manager Mortgage Lending
Tel: +359 2 965 8358 Fax: +359 2 944 5010
Email: vgyulev@baefinvest.com
3. DSK Bank
The EBRD has provided DSK Bank with a credit line for on-lending to SMEs as
part of the EU/EBRD SME Finance Facility. The EBRD is also providing technical
cooperation, funded by EU Phare, to help develop efficient SME lending
practices.
DSK Bank
1, Kaloyan Street, 1000 Sofia, Bulgaria
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Financing SMEs in the EU – overview
Contact:
Mr. Yordan Yordanov, Head of Project Finance, DSK Bank EAD
Tel: +359 (2) 9391 645 Fax: +359 (2) 9391 787
4. Hebros Bank
In 2001 and 2004 respectively the EBRD has provided Hebros Bank with two
credit lines for on-lending to SMEs as part of the EU/EBRD SME Finance
Facility. These have been fully repaid by Hebros Bank. Hebros Bank has also
benefitted from EU-funded technical co-operation support aimed at improving its
SME lending activities.
Hebros Bank
Tzum Business Centre, 2 Boulevard Knyagina Maria, Luiza, 1558 Sofia, Bulgaria
Contact:
Mr Alexander Tsachev
Tel: +359 2 926 0500 Fax: +359 2 926 0560
Email: corporate.office@hebros.bg
Raiffeisen Bank AD
18-20 Gogol street, 1504 Sofia, Bulgaria
http://www.raiffeisen.bg
Contact:
Mrs. Nadezhda Mihaylova
Tel: +359 2 91 985 101 Fax: +359 2 91 985 105
Email: nadezhda.mihaylova@rbb-sofia.raiffeisen.at
Contact:
Mr. Philippe Lame, Executive Director
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Financing SMEs in the EU – overview
Contact:
Mrs Hrisimira Malcheva
Manager, International Lending Programs, SME Credit Centre
Tel: +359 2 811 2229 Fax: +359 2 811 2402
Email: malcheva_h@ubb.bg
8. C. B. Unionbank AD
The EBRD has provided Unionbank with a €6 million credit line for on-lending to
SMEs as part of the EU/EBRD SME Finance Facility. Unionbank was the first
bank in Bulgaria to benefit from this finance facility. With a five-year maturity, the
credit line allows Unionbank, a universal bank, to expand its lending activities to
small enterprises in Bulgaria with loans ranging up to €125,000 and with
maturities of up to 48 months. Unionbank has also benefitted from EU-funded
technical cooperation support to help improve SME lending practices.
C. B. Unionbank AD
10-12 Damyan Gruev Street, 1606 Sofia, Bulgaria
http://www.unionbank.bg
Contact:
Mrs Anna Asparuhova, Executive Director
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Leasing
Hebros Leasing
A first credit line of EUR 5 million was agreed with Hebros Leasing in November
2004 under the EU/EBRD SME Finance Facility. A second credit line of EUR 5
million was agreed in January 2006. Both credit lines are accompanied by
technical cooperation support financed by the EC Phare Programme. This will
enable Hebros Leasing to further focus on offering leasing products to Bulgarian
SMEs.
Hebros Leasing
22 Zlaten rog Str. 1407 Sofia, Bulgaria
Contact:
Stanislav Tanushev, CEO
Tel: +359 2 9603 955 Fax: +359 2 9603 951
E-Mail: ceo@hebros-leasing.com
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Contact:
Ekaterina Hristova, Executive Director
Tel: +359/2/9707979 Fax: +359/2/974 2057
Email: ekaterina.hristova@rbb-sofia.raiffeisen.at
Unionleasing
Unionleasing EAD is a Bulgarian leasing company, a subsidiary of Unionbank AD
(Bulgaria), specialized in servicing private entrepreneurs and small and medium
sized private companies in Bulgaria. Unionleasing EAD offers financial leases for
acquisition of equipment and machinery for business purposes, including
commercial vehicles; industrial equipment; and agricultural machinery. In
December 2005 the EBRD provided Unionleasing with a credit line for on-lending
to SMEs as part of the EU/EBRD SME Finance Facility. This is accompanied by
technical cooperation support financed by the EC Phare Programme.
Unionleasing EAD
38 Madrid Blvd
1505 Sofia, Bulgaria
Contact:
Mr. Rosen Mishev, Executive Director
Tel: +359 2 942 78 27 Fax: +359 2 942 38 17
Email: mishevr@unionbank.bg
Equity finance
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Financing SMEs in the EU – overview
with an emphasis on the export sector. Its investments typically range from US$
50,000 to US$ 350,000.
Contact:
Mr Brian Shriver, Regional Director, Bulgaria/FYR
Macedonia/Croatia/Romania
Tel: +359 2 943 4163/4417/4041/4979 Fax: +359 2 943 4163/4417/4041/4979
Email: office@seaf.bg Web site: www.seaf.bg
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Financing SMEs in the EU – overview
Czech Republic
1. Ceska Sporitelna
The EBRD has provided Ceska Sporitelna with two credit lines for on-lending to
SMEs as part of the EU/EBRD SME Finance Facility. Ceska Sporitelna has also
benefitted from EU-funded technical cooperation support to help developing
efficient SME lending practices.
Ceska Sporitelna
PO Box 838 113 98 Prague 1, Czech Republic
Web site: www.csas.cz
Contact:
Mr Jiri Škorvaga, Managing Director, Division of Retail Banking
Tel: +420 2 6107 3494 Fax: +420 2 6107 3149
Email: jskorvaga@csas.cz
3. Komercni Banka
The EBRD has provided Komercni Banka with a credit line for on-lending to
SMEs as part of the EU/EBRD SME Finance Facility. The EBRD is also providing
technical cooperation, funded by EU Phare, to introduce efficient SME lending
practices to the bank.
Contact:
Mr. Filip Kotora
Head of Medium Enterprises & Municipalities Market
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Financing SMEs in the EU – overview
Tel: +420 222 432 071 Fax: +420 222 432 690
E-mail: fillip_kotora@kb.cz
4. Raiffeisen Bank AS
The EBRD has provided Raiffeisen Bank with a credit line for on-lending to SMEs
as part of the EU/EBRD SME Finance Facility. Raiffeisen Bank also benefits from
EU-funded technical co-operation funds, aimed at developing its SME lending
practices.
Raiffeisenbank AS
Olbrachtova 9, 140 21 Praha 4, Czech Republic
Contact:
Ms. Eva Machova, Head of SME Segment Department
Tel. +420 221 141 504 Fax: +420 221 142 504
e-mail: eva.machova@rb.cz
Leasing
2. IMPULS-Leasing-AUSTRIA s.r.o.
IMPULS-Leasing-AUSTRIA is a medium-sized leasing company in the Czech
Republic that was founded in 1996. The Company is a member of the
Raiffeisenlandesbank Oberoesterreich banking group. It is the 17th largest
leasing company in the Czech Republic in terms of leased-assets portfolio (2005
figures) with main focus on equipment and machinery as well as heavy transport
vehicles and buses leasing. A credit line of EUR 5 million was provided to
IMPULS-Leasing-AUSTRIA in March 2006 under the Rural Window of the
EU/EBRD SME Finance Facility. This credit line is accompanied by a
performance fee and technical cooperation package financed by the EC Phare
Programme. This will enable the company to focus on offering leasing products
to Czech SMEs based in rural areas and to adapt its leasing procedures
accordingly.
IMPULS-Leasing-AUSTRIA s.r.o.
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Financing SMEs in the EU – overview
3. Raiffeisen-Leasing s.r.o.
A credit line of EUR 5 million was provided to Raiffeisen Leasing in January 2003
under the EU/EBRD SME Finance Facility and was accompanied by a
performance fee and technical cooperation package financed by the EC Phare
Programme with the view to enable the company to focus on offering leasing
products to Czech SMEs and to streamline its procedures accordingly.
Raiffeisen-Leasing s.r.o.
Olbrachtova 9, 140 21 Prague, Czech Republic
Contact:
Mr Richard Dvorak, Director
Tel: +420 221 511 611 Fax: +420 221 511 666
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Financing SMEs in the EU – overview
market since 1991 and it is the 12th largest leasing company in the Czech
Republic in terms of new business volume (2005 figures). S MORAVA Leasing is
owned by Weinviertler Sparkasse AG, Austrian saving bank. A credit line of EUR
5 million was provided to S MORAVA Leasing a.s.in April 2006 under the Rural
Window of the EU/EBRD SME Finance Facility. This credit line is accompanied
by a performance fee and technical cooperation package financed by the EC
Phare Programme. This will enable the company to focus on offering leasing
products to Czech SMEs based in rural areas and to adapt its leasing procedures
accordingly.
Equity Finance
Contacts:
Mr Julian Healy, Director;
Mr Milan Hladik, Representative
Tel: +420 2 2481 2711 Fax: +420 2 2481 1487
Email: flemings@flemings.cz
CDA s.r.o.
Vaclavske Namesti 57/813, 110 00 Prague 1, Czech Republic
Tel: +420 2 2166 2166 Fax: +420 2 2166 2177/76
Web site: www.cda.cz
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Financing SMEs in the EU – overview
GIMV
Karel Oomstraat 37 2018 Antwerp, Belgium
Contact:
Mr Paul Vanoverloop, Managing Director
Tel: +32 3 290 2121 Fax: +32 3290 2105
Email: paulvo@gimv.be Web site: www.gimv.com
Contact:
Mr Paul Vanoverloop, Representative
Tel: +32 495 597288
Web site: www.gimv.com
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Financing SMEs in the EU – overview
Estonia
1. AS Sampo Pank
The EBRD has provided AS Sampo Pank with a credit line for on-lending to
SMEs as part of the EU/EBRD SME Finance Facility. Sampo Pank has also
benefitted from EU-funded technical cooperation funds aimed at improving its
SME lending practices.
AS Sampo Pank
PO Box 19, Narva mnt. 11, 10250 Tallinn, Estonia
Contact:
Mr. Peep Turo, Head of Risk Dept
Tel: +372.630.2575 Fax: +372.630.2502
Email: p.turo@sampopank.ee
Leasing
Hansa Capital
Hansa Capital is a syndicated leasing finance facility. Hansa Capital, a member
of the Pan-Baltic Hansa Capital Group, offers financial and operating leases, as
well as other asset-based financing solutions on commercial vehicles, real
estate, industrial equipment, cars and agricultural machinery. Hansa Capital
Group companies also offer domestic and international factoring services. Hansa
Capital has subsidiaries offering leasing and factoring services in Latvia,
Lithuania and Estonia. In June 2003 Hansa Capital was provided with a credit
line of EUR 30 million under the EU/EBRD SME Finance Facility and this was
accompanied by a performance fee package financed by the EC Phare
Programme. This enabled the company to focus on offering leasing products to
SMEs.
AS Hansa Capital
12 Liivalaia Street, 15039 Tallinn, Estonia
Contact:
Mr Gerd Krieger, Head of Leasing Department
Tel: +372 613 1267 / 613 1828 Fax: +372 613 1590
Mr Tarmo Karsna, Director of Leasing
Tel: +372 613 1496 Fax: +372 613 1493
E-mail: tarmo.karsna@hansa.ee
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Financing SMEs in the EU – overview
Equity Finance
1. Baltic Investment Fund and Baltic Investment Fund III
The Baltic Investment Funds have total capital of €77 million and invest private
equity in medium-sized companies operating in Estonia, Latvia and/or Lithuania.
The investment range is €0.3 million to €7.5 million. Smaller or larger
investments will be considered on a case-by-case basis. The funds seek to
acquire significant minority stakes in companies that are well managed and have
good growth potential.
Baltcap Management Oy
Mannerheimintie 14 B , 00100 Helsinki, Finland
Contact:
Mr Jarmo Rautiainen,
Managing Director
Tel: +358 20 198 5661 Fax: +358 20 198 5665
Email: jarmo.rautiainen@baltcap.inet.fi Web site: www.baltcap.com
Contact:
Ms Ruth Laatre, Partner
Tel: +372 6 405 710 Fax: +372 6 405 730
Email: ruth.laatre@baltcap.ee
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Financing SMEs in the EU – overview
Contact:
Mr Gary Dodge, Director General
Tel: +372 651 2691 Fax: +372 651 2693
Email: bsef@bsef.ee Web site: www.bsef.ee
BaltCap Management Oy
Mannerheimintie, 14 B 00100 Helsinki, Finland
Contact:
Mr Jarmo Rautiainen, Managing Director
Tel: +358 20 198 5661 Fax: +358 20 198 5665
Email: jarmo.rautiainen@baltcap.inet.fi Web site: www.baltcap.com
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Financing SMEs in the EU – overview
Hungary
1. OTP Bank Rt
Nador str. 16, 1876 Budapest, Hungary
http://www.otpbank.hu
Contact:
Mr Robert Zelenak, Senior Managing Director (contact for corporate loans)
Tel: +36 1 301 9530 Fax: +35 1 301 5878
Email: zelenak@otpbank.hu
Contact:
Mr Richard Pelly, Chief Executive Officer
Tel: +36 1 328 1695/1617 Fax: +36 1 269 2400
Contact:
Mr Robert Zelenak, Senior Managing Director (contact for corporate loans)
Tel: +36 1 301 9530 Fax: +35 1 301 5878
Email: zelenak@otpbank.hu
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Financing SMEs in the EU – overview
4. Volksbank Hungary
The EBRD has provided Volksbank Hungary with two credit lines for on-lending
to SMEs as part of the EU/EBRD SME Finance Facility. The EBRD has also
provided technical cooperation, funded by EU Phare, to introduce efficient SME
lending practices to the bank.
Volksbank Hungary
Rakoczi ut 7, 1088 Budapest, Hungary
http://www.volksbank.hu
Contact:
Attila Biro, Senior Risk Manager
Tel: +36.1.328.6725
Email: Attila.biro@volksbank.hu
Leasing
1. Budapest Leasing
Budapest Leasing is one of the four leasing companies of BB, specializing in
financial leasing of equipment and commercial vehicles. The company is now
exclusively engaged in financial leases. Its portfolio comprises vehicles (trucks
and other commercial vehicles), medical equipment, industrial machinery, office
(IT) and agricultural equipment. A EUR 20 million credit line was provided to
Budapest Leasing in December 2003 under the EU/EBRD SME Finance Facility
and was accompanied by a performance fee and technical cooperation package
financed by the EU Phare Programme. The credit line was increased by EUR 5
million in June 2005 and this will enable the company to further focus on offering
leasing products to Hungarian SMEs.
Contact:
Mr. Balázs Báti, Head of Leasing
Tel: 36 1 450 7249 Fax: +36 1 450 6013
2. CIB Leasing
CIB Leasing is one of the five leasing companies of the CIB Leasing Group, a
subsidiary of CIB Bank, a Banca Intesa affiliate in Hungary. The Company leases
equipment and vehicles to SMEs on a finance lease basis, in addition to car
financing to the retail and corporate sectors. The portfolio consists of vehicles
(personal cars, trucks and other commercial vehicles), medical equipment,
industrial machinery, office (IT) and agricultural equipment. A EUR 10 million
credit line was provided to CIB Leasing in February 2004 under the EU/EBRD
SME Finance Facility and was accompanied by a performance fee package
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Financing SMEs in the EU – overview
financed by the EC Phare Programme. This credit line was increased by EUR 3
million in June 2005. This will enable the company to further focus on offering
leasing products to Hungarian SMEs.
CIB Leasing
Váci út 140, H-1138 Budapest, Hungary
Tel: 36 1 485 9800 Fax: 36 1 489 6700
Contact:
Mr Géza Mihályi, Financial Director
E-mail: gmihalyi@cib.hu
Contact:
Dr. Aniko Magashazi, Managing Director
Tel: +36 1 489 7800 Fax: +36 1 202 2456
E-Mail: aniko.magashazi@hvb-leasing.hu
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Financing SMEs in the EU – overview
7. MKB Euroleasing
MKB Euroleasing, one of the principal operating companies in the Euroleasing
Group, was provided with a credit line of EUR 10 million in July 2003 under the
EU/EBRD SME Finance Facility. The facility is being used to provide
lease/vehicle financing to Hungarian SMEs, specifically for light commercial
vehicles (LCVs) and cars for commercial use.
MKB Euroleasing
Bimbo ut 56, H-1022 Budapest, Hungary
Contact:
Balazs Farkas, Chairman
Tel: + 361 345 2380 Fax: +361 326 8434
E-mail: balazs.farkas@euroleasing.hu
Equity Finance
Contact:
Mr Zoltan Szemerey, Managing Director
Tel: +36 1 315 0644/45 Fax: +36 1 315 0444
Email: agnes.herczeg@mava.hu Web site: www.mava.hu
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Financing SMEs in the EU – overview
Latvia
Contact:
Ms Inga Uvarova, Head of Corporate Services Development Unit
Tel: +371 721 5323 Fax: +371 721 5453
Email: inga.uvarova@seb.lv
Rietumu Banka
39 Brivibas Street. Riga LV-1010, Latvia
http://www.rietumu.lv
Contact:
Margarita Shteinbaha, Head of Division, Loan Dept (regarding SME credit line)
Tel: +371 702 5253 Fax: +371 702 5242
Email: mshteinbaha@rietumu.lv
Leasing
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Contact:
Mr Agris Kezbers, Finance Director
Tel: +371 721 5372 Fax: +371 721 5714
Email: agris.kezbers@seb.lv
Equity Finance
Baltcap Management Oy
Mannerheimintie 14 B, 00100 Helsinki, Finland
Contact:
Mr Jarmo Rautiainen, Managing Director
Tel: +358 20 198 5661 Fax: +358 20 198 5665
Email: jarmo.rautiainen@baltcap.inet.fi Web site: www.baltcap.com
Baltcap Management
Tirgonu iela 11, 1010 Riga, Latvia
Contact:
Mr Dagnis Dreimanis, Investment Manager
Email: dagnis.dreimanis@baltcap.com
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Financing SMEs in the EU – overview
the investee companies. The Fund takes a minority stake in investee companies,
with investments in the range of US$ 50,000 to US$ 400,000.
BaltCap Management Oy
Mannerheimintie 14 B 00100 Helsinki, Finland
Contact:
Mr Jarmo Rautiainen, Managing Director
Tel: +358 20 198 5661 Fax: +358 20 198 5665
Email: jarmo.rautiainen@baltcap.inet.fi Web site: www.baltcap.com
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Financing SMEs in the EU – overview
Lithuania
1. AB Šiaulių Bankas
The EBRD has provided Šiaulių Bankas with a five-year credit line for on-lending
to SMEs as part of the EU/EBRD SME Finance Facility. The EBRD has also
provided technical cooperation, funded by EU Phare, to promote efficient SME
lending practices at the bank.
AB Šiaulių Bankas
Tilzes St 149, 5400 Siauliai, Lithuania
http://www.sb.lt
Contact:
Mr Donatas Savickas, Deputy Chairman of the Board
Tel: +370 41 595 602 Fax: +370 41 430 774
Email: donatass@sb.lt
Ms. Daiva Kiburiene, Head of Corporate & Retail Banking (& responsible for
EBRD’s SME credit line)
Tel: +370.41.595.609 Fax: +370.4143.0774
Email: kidaiva@sb.lt
Equity Finance
Contact:
Mr Arvydas Strumskis, Investment Director
Tel: +370 2 791 538 Fax: +370 2 791 691
Email: ars@sc-baltic.com Web site: www.sc-baltic.com
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Baltcap Management Oy
Mannerheimintie 14 B, 00100 Helsinki, Finland
Contact:
Mr Jarmo Rautiainen, Managing Director
Tel: +358 20 198 5661 Fax: +358 20 198 5665
Email: jarmo.rautiainen@baltcap.inet.fi Web site: www.baltcap.com
Baltcap Management
Gostauto 40, 2009 Vilnius, Lithuania
Mr Vygandas Juras, Representative
Tel: +370 2 362 783 Fax: +370 2 362 784
Email: vygandas.juras@baltcap.com
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Financing SMEs in the EU – overview
from EU Phare under the SME Finance Facility. The Fund’s objective is to
promote the growth of the portfolio companies and achieve an attractive return
over the medium term. Investment proceeds will be used to finance expansion
projects. Target companies are likely to be in growth sectors such as IT,
communications, media, services, distribution and biotechnology. The fund shall
invest between €300,000 and €1 million to acquire significant minority equity
stakes in investee companies.
BaltCap Management Oy
Mannerheimintie, 14 B 00100 Helsinki, Finland
Contact:
Mr Jarmo Rautiainen, Managing Director
Tel: +358 20 198 5661 Fax: +358 20 198 5665
Email: jarmo.rautiainen@baltcap.inet.fi Web site: www.baltcap.com
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Financing SMEs in the EU – overview
Poland
Contact:
Mr. Waldemar Maj, Vice President, Member of the Management Board
Tel. +48 22 860 40 35 Fax: +48 22 860 50 33
Email: waldemar.maj@bgz.pl
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Financing SMEs in the EU – overview
Contact:
Mariusz Nowak, Product co-ordinator
Tel: +48 22 566 92 34 Fax: +48 22 566 9010
Email: mariusz.nowak@fortisbank.com.pl
Contact:
Mr Michal Tusznio, Product Manager
Tel. (022) 820 41 42 Fax.(022) 820 40 68
Email: michal.tusznio@ingbank.pl
Contact:
Mr Jarosław Broczkowsk, Manager
Tel: +48.22.521.80 44 Fax: +48.22.5218786
Email: jaroslaw.broczkowski@pkobp.pl
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Financing SMEs in the EU – overview
Contact:
Mr Matheusz Gołąb, Board Advisor
Tel: +48 22 585 24 05 Fax: +48 22 585 20 29
Email: HMateusz_GOLAB@raiffeisen.pl
Leasing
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BZ WBK Leasing
Plac Andersa 5, 61-894 Poznań, Poland
Contact:
Mr Maciej Kaczor, Manager of the Finance Office
Tel: +48 61 850 3532 Fax: +48 61 850 3590
E-mail: maciej.kaczor@bzwbk.pl
Contact:
Mr Jakub Malski, Vice President
Tel: +48 71 377 7710 Fax: 48 71 377 7705
6. Raiffeisen-Leasing Polska SA
Raiffeisen-Leasing Polska S.A. (RLPL) was founded in 1998 as an equally-
owned joint venture by Raiffeisen Bank Polska SA and Raiffeisen Leasing
International GmbH. RLPL has been recognised in the market as a company
capable of offering a flexible, non-standard approach towards their customers.
Currently the company offers both finance and operating leases on commercial
vehicles and transportation, cars, industrial machinery and equipment as well as
real estate leasing. In October 2002 RLPL was provided with a credit line of EUR
10 million under the EU/EBRD SME Finance Facility. This credit line was
accompanied by a performance fee and technical cooperation package financed
by the EC Phare Programme, with the view to help the company focus on
offering leasing products to Polish SMEs and adapt its procedures accordingly. A
second credit line of EUR 5 million (without technical cooperation) was signed in
January 2005.
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Contact:
Mr Przemyslaw Stańczyk, Board Member
Tel: + 022 562 36 00 Fax: + 022 562 36 01
E-mail: leasing@raiffeisen.pl
Equity Finance
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Contact:
Mr Piotr Kalaman, Director General
Tel: +48 22 825 6205 Fax: +48 22 825 4650
Email: pkalaman@it.com.pl
Contact:
Mr Pawel W Gierynski, Managing Director
Tel: +48 42 677 5555 Fax: +48 42 677 5501
Email: pawel@armada.pl
Contact:
Mr Witold Radwanski, Chief Executive Officer
Tel: +48 22 620 4183 Fax: +48 22 620 4184
Email: witold@aib.pl
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Financing SMEs in the EU – overview
Contact:
Mr Jacek Sliwicki, Managing Partner
Tel: +48 22 653 4500 Fax: +48 22 653 4555
Email: info@ei.com.pl Web site: www.ei.com.pl
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Financing SMEs in the EU – overview
Romania
3. Banca Transilvania
The EBRD has an equity participation in Banca Transilvania and has also
provided the bank with two credit lines for on-lending to SMEs under the
EU/EBRD SME Finance Facility. Banca Transilvania has also benefitted from
EU-funded technical assistance to help introduce efficient SME lending practices.
Banca Transilvania
str.Gh. Baritiu 8, Cluj-Napoca, Romania
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http://www.bancatransilvania.ro
Contact:
Mihaela Nadasan, Director International Relations
Tel: +40 264 407 150 ext 1107 Fax: +40 264 407 179
Email: mihaela.nadasan@bancatransilvania.ro
4. Bancpost SA
The EBRD has provided Bancpost SA with a credit line for on-lending to SMEs
under the EU/EBRD SME Finance Facility. EU-funded technical cooperation
funds were also made available to help develop adequate SME lending
practices.
Bancpost SA
Calea Vitan nr. 6- 6ª, Sector 3, Bucharest 031296
Contact:
Ms Ramona Dascalu – Manager Corporate Governance Division
Tel: +40 21 308 05 25 Fax: +40 21 326 85 04
Email: ramona.dascalu@bancpost.ro
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Financing SMEs in the EU – overview
Contact:
Aurora Tudosa –Control, Monitoring and Work-out Directorate
Tel: + 40 21 307 57 00 / 174 Fax: + 40 21 307 57 32
Email: aurora.tudosa@otpbank.ro
Raiffeisen SA
Piata Charles de Gaulle nr. 15 Sector 1, Bucharest 011857
Contact:
Daniela Cernat, Director, Financial Institutions, Corporate Banking Division
Tel: +40 21 303 00 22 / 302 0280
Fax: +40 21 320 9924 / 320 99 10
Email: daniela.cernat@rzb.ro Internet: www.raiffeisen.ro
Contact:
Ms. Carmen Florea - Deputy Manager, Large Corporates Division
Tel: +40 21301 44 19 Fax: +40 21 301 40 04
Email: carmen.florea@brd.ro Internet: http://www.brd.ro
9. Volksbank Romania
The EBRD has provided Volksbank Romania in May 2002 with a credit line for
on-lending to SMEs, which was extended to EUR 20 million in December 2004.
As part of the EU/EBRD SME Finance Facility the EBRD is also providing
technical cooperation to help develop efficient SME lending practices.
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Volksbank Romania
171 Mihai Bravu St sector 2 Bucharest, Romania
Contact:
Ms Ani Cirstea, Director, Credit Management Division
Tel: +40 21 209 44 63 Fax: +40 21 209 44 94
Email: ani.cirstea@volksbank.com.ro
Head Office
62 – 64 Calea Buzesti, Sector 1, Bucharest
Tel: + 4021 201.6000 Fax: + 4021 201.6002
e-mail: headoffice@procreditbank.ro
Michael Kowalski - General Manager
Banca Romaneasca
EBRD extended USD 5 million loan to Banca Romaneasca on May 22nd, 2003.
The loan is co-funded by the EBRD SME Special Fund in the sum of USD 1
million. This loan has further enhanced the funding base of Banca Romaneasca
for the development of its micro and small lending program which began in the
Year 2001 under the German-Romanian Fund Program (GRF). The technical
assistance component, associated with the program, is aimed at increasing the
expertise within the micro and small lending units established at the branch level
of Banca Romaneasca. Any information in respect of the EBRD funded program
may be obtained by contacting:
Georgeta Serbanescu
Head of Financial Institutions Department
Phone/Fax: + 4021 321 1608 Phone: + 4021 321 1601/ext.161
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Financing SMEs in the EU – overview
E-mail: Georgeta.Serbanescu@brom.ro
Anca Lalu
Program ManagerSenior Banking Analyst
Phone/Fax: + 4021 321 1608 Phone: + 4021 321 1601/ext.166
E-mail: Anca.Lalu@brom.ro
Leasing
1. Alpha Leasing
Alpha Leasing was provided with a EUR 5 million credit line under the EU/EBRD
SME Finance Facility in July 2004. This credit line is accompanied by a
performance fee and technical cooperation package financed by the EC Phare
Programme with the aim to increase the offer of leasing products to SMEs and to
help the company streamline its SME leasing activities . The company was
chosen to participate in the Facility owing to several factors: its commitment to
small and medium-sized enterprises which constitute the bulk of its client base,
the fact that the SME sector is at the core of its strategy and the sound financial
standing of Alpha Leasing’s parent ABR.
Contact:
Aris Gogos, Managing Director
Tel: +40 1 209 2223 Fax: +40 212 099 999
E-mail: agogos@alphaleasing.ro
2. BRD Sogelease
BRD Sogelease is a member of the Société Générale Group, which is fully
owned by Banca Romana pt. Dezvoltare Group Société Générale (the second
largest commercial bank in Romania). The company offers a wide range of
leases – cars and commercial vehicles, industrial and construction equipment.
BRD Sogelease was provided with a EUR 10 million credit line in September
2003 under the EU/EBRD SME Finance Facility. This credit line was
accompanied by a performance fee and technical cooperation package financed
by the EC Phare Programme to help the company focus on offering leasing
products to Romanian SMEs.
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Financing SMEs in the EU – overview
Contacts:
Jean Paul Decrock, General Director
Sorin Manolescu, Commercial Director
Adriana Ahciarliu, Marketing Director
E-mail: brd.sogelease@brd.ro
3. BCR Leasing
BCR Leasing, a member of Banca Comerciala Romana Group, offers financial
and operating leases as well as other asset-based financing solutions on
commercial vehicles, real estate, industrial equipment, cars and agricultural
machinery. BCR Leasing is a leader in the leasing market in Romania. The
company was provided with a EUR 10 million credit line in September 2004
under the EU/EBRD SME Finance Facility. A second credit line of EUR 5 million
was provided in December 2005 under the same SME Facility. Both credit lines
were accompanied by a performance fee package financed by the EC
Phare Programme.
BCR Leasing S.A., Bd. Unirii nr. 73, Bloc G3 Sector 3, Bucharest, Romania
Contact:
Dr Claudiu Emanuil Stanescu, President/Director General
Tel: +40 21 323 7321/28 Fax: +40 21 322 34 63
E-mail: c.stanescu@bcr-leasing.ro
4. BT Leasing Transilvania
BT Leasing, a member of Banca Transilvania Group, offers financial and
operating leases as well as other asset-based financing solutions on commercial
vehicles, real estate, industrial equipment, cars and agricultural machinery. BT
Leasing is one of the most dynamic leasing companies in Romania. The
company was provided with a credit line of EUR 5 million under the EU/EBRD
SME Finance Facility in October 2003. This credit line was accompanied by a
performance fee and technical cooperation package financed by the EC Phare
Programme, with the aim to help the company focus on offering leasing products
to SMEs. A second credit line of EUR 5 million was provided in September 2006
under the same Facility.
Contact:
Mr. Titus Nicoara, Director General Executive
Tel/Fax: +40 264 43 88 16
Email: titus.nicoara@btleasing.ro
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Equity Funds
Contact:
Mr Ladislaou Randjak, Country Manager
Tel: +40 1 231 7571/7573 Fax: +40 1 231 7571/7573
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Financing SMEs in the EU – overview
Email: office@globalfinance.ro
Contact:
Mr Robert Luke, Managing Director
Tel: +3491 702 2255 Fax: +3491 702 1764
Email: rmluke@ged.pcnet.ro
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Financing SMEs in the EU – overview
Slovak Republic
Contact:
Slavomir Steigauf, Head of Retail Banking
Tel: +421.2.5965 1900 Fax: +421.2.5965 1572
Email: slavomir_steigauf@luba.sk
3. OTP Banka
The EBRD has provided OTP Banka with a credit line for on-lending to SMEs as
part of the EU/EBRD SME Finance Facility. The EBRD is also providing technical
cooperation, funded by EU Phare, to introduce efficient SME lending practices to
the bank.
Contact:
Ms Lubomíra Ebringerová
Tel: +421 2 5979 6503 Fax: +421 2 5292 2089
Email: ebringerova@otpbanka.sk
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Financing SMEs in the EU – overview
UniBanka, a.s.
21 Vajnorska Street 83265 Bratislava Slovak Republic
Contact:
Ms Anna Pilkova, Member of the Board of Directors, Deputy of CEO
Tel: +421 2 4950 2260
Email : pilkova@unibanka.sk Internet: http://www.unibanka.sk
Contact:
Rastislav Gajarsky, Project Finance Manager
Tel: +421 2 5055 1540 Fax: +421 2 5441 0569
Email: rgajarsky@vub.sk
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Financing SMEs in the EU – overview
Leasing
1. CAC Leasing Slovakia a.s.
CAC Leasing, a member of HVB UniCredito Group and one of the largest leasing
companies in Slovakia, was provided with a EUR 15 million credit line in
December 2002 under the EU/EBRD SME Facility. A second credit line of EUR
10 million was provided in November 2004, and this was increased by another 10
million in August 2006. Both original credit lines were accompanied by a
performance fee and technical cooperation package financed by the EC Phare
Programme with the view to help the company offer leasing products to Slovak
SMEs and adapt its leasing procedures accordingly.
Contact:
Alexander Schmidecker, General Manager
Tel: + 421 2 5927 1300 Fax: +421 2 5927 1700
E-mail: Alexander.schmidecker@cacleasing.sk
2. Tatra-Leasing
Tatra-Leasing, a member of the RZB Group, offers financial leasing on
passenger and commercial vehicles, transport equipment, industrial equipment
and machinery, agricultural machinery and office and medical equipment. A EUR
5 million credit line was provided to Tatra-Leasing in January 2003 under the
EU/EBRD SME Finance Facility. This credit line was accompanied by a
performance fee and technical cooperation package financed by the EC Phare
Programme with the objective to help Tatra-Leasing offer leasing products to
Slovak SMEs and introduce adequate leasing procedures.
Contact:
Mr Jaroslav Vach, Chief Financial Officer
Tel: +421 2 5919 3166 Fax: +421 2 5919 3044
E-mail: jaroslav_vach@tatrabanka.sk
3. VB Leasing SK
VB Leasing SK, a member of VB Leasing International Holdings, has been
operating in the Slovak market since 1995. It is a universal leasing company
financing personal and commercial vehicles, trucks, trailers and machine
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Financing SMEs in the EU – overview
VB Leasing SK s.r.o.
Nam 1. Maja 11, 810 00 Bratislava, Slovak Republic
Contact:
Dr Heinz Reindl, Managing Director
Tel: +421 2 599 874 11 Fax: +421 2 599 879 41
E-mail: info@vbleasing.sk
Equity Finance
Contacts:
Mr Julian Healy, Director;
Mr Milan Hladik, Representative
Tel: +420 2 2481 2711 Fax: +420 2 2481 1487
Email: flemings@flemings.cz Web site: www.flemings.com
Contact:
Mr Paul Vanoverloop, Managing Director
Tel: +32 3 290 2121 Fax: +32 3290 2105
Email: paulvo@gimv.be Web site: www.gimv.com
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Financing SMEs in the EU – overview
Contact:
Mr Paul Vanoverloop, Representative
Tel: +32 495 597288
Web site: www.gimv.com
Contact:
Mr Roland Haas, General Manager
Tel: +43 1 516 71 101 Fax: +43 1 516 71 600
Email: haas@eastfund.com Web site: www.eastfund.com
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Financing SMEs in the EU – overview
Slovenia
1. Banka Koper
The EBRD has provided Banka Koper with two credit lines for on-lending to
SMEs under the EU/EBRD SME Finance Facility. Banka Koper has also
benefited from EU-funded technical cooperation support with the objective to
help develop adequate SME lending practices.
Banka Koper
Pristaniska ulica 14, 6052 Koper, Slovenia
Internet: http://www.banka-koper.si
Contact:
Mrs Aleksandra Nemec, Head of Correspondent Banking
Tel: +386 5666 1384 Fax: +386 5666 2006
Email: aleksandra.nemec@banka-koper.si
Contact:
Mr Marko Podlipnik
Tel: +386 2 229 2284 Fax: +386 2 252 7870
Email: mpodlipnik@nkbm.si
Contact:
Mr Miro Medvesek, Head of Investment Banking
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Financing SMEs in the EU – overview
Contact:
Ms Lidija Tepina, Retail Banking, Assistant Executive Manager (housing loans)
Tel: +386 1 471 5929 Fax: +386 1 471 5792
Email: lidija.tepina@skb.si
5. Volksbank-Ljudska Banka
Volksbank-Ljudska Banka has been active on the Slovenian market since 1993.
The bank's main shareholder is Volksbank International AG (a subsidiary of
Österreichische Volksbanken-AG). Bank offers various types of financing for
individuals and corporates such as housing, consumer loans, SME financing,
factoring and project financing. Personal contact, mutual trust and reliability are
of primary importance to the bank. The professional quality of services and long
term relationship is built with clients in order to ensure business success. Their
branch offices are in Ljubljana, Maribor, Celje, Koper, Kranj and Novo Mesto
(representative office). The EBRD has provided Volksbank-Ljudska Banka with a
credit line for on-lending to SMEs as part of the EU/EBRD SME Finance Facility.
EU-funded technical cooperation support will help develop appropriate SME
lending practices.
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Financing SMEs in the EU – overview
Contact:
Ms Valerija Schaubach
Tel: +386 1 530 75 34 Fax: +386 1 530 75 56
Email: valerija.schaubach@volksbank.si
Mr Mirko Pavic
Tel: +386 1 530 74 38 Fax: +386 1 530 75 56
Email: mirko.pavic@volksbank.si
Leasing
1. Bank Austria Creditanstalt Leasing d.o.o. (BACA Leasing)
Bank Austria Creditanstalt Leasing d.o.o., a subsidiary of Bank Austria
Creditanstalt Leasing, Vienna, Member of the HVB Group, offers financial and
operating leasing as well as other solutions for financing of real estate projects,
equipment, commercial and personal vehicles. A EUR 5 million credit line was
provided to BACA Leasing in October 2005 under the EU/EBRD SME Finance
Facility. This credit line is accompanied by performance fee and technical
cooperation support financed by the EC Phare Programme. This will enable the
company to focus on offering leasing products to Slovenian SMEs and adapt its
procedures accordingly.
Contact:
Mr. Alfred Taul, Managing Director
Tel: +386 1 520 60 00 Fax: + 386 1 520 60 35
E-mail: alfred.taul@ba-ca-leasing.si
2. Raiffeisenleasing d.o.o.
Raiffeisenleasing Slovenia, a member of the Raiffeisen Group, provides real-
estate as well as leasing products for commercial vehicles, cars and industrial
equipment. A EUR 7 million credit line was provided to the company in January
2003 under the EU/EBRD SME Finance Facility. This credit line was
accompanied by a performance fee and technical cooperation package financed
by the EC Phare Programme with the view to help Raiffeisenleasing focus on
offering leasing products to Slovenian SMEs.
Raiffeisenleasing d.o.o.
Tivolska c. 30, 1000 Ljubljana, Slovenia
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Financing SMEs in the EU – overview
Contact:
Mrs Tina Žejn, Sales Manager
Tel: + 386 1 241 250 Fax: +386 1 241 268
E-mail: tina.zejn@raiffeisen-leasing.si
Contact:
Mr Damjan Kozjak, Head of Marketing
Tel: +386 1 300 5000 Fax: +386 1 433 6181
E-mail: damjan.kozjak@skb-leasing.si
Equity Finance
Horizonte Fund
The Fund provides equity financing at the start-up and early growth stages of
small enterprises. It has a particular focus on high-tech ventures and those that
produce specialized products with export potential.
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Financing SMEs in the EU – overview
Contact:
Mr Pierre F Mellinger, Chief Executive Officer
Tel: +48 22 583 7000 Fax: +48 22 583 6969
Email: pmellinger@aig-cet.com.pl
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Financing SMEs in the EU – overview
and will consider deals outside its priority target countries (Czech Republic,
Hungary, Poland and Slovenia).
Argus Capital
141 Wardour Street, London W1F 0UT, UK
Contact:
Mr Ali Artunkal, Managing Director
Tel: +44 20 7398 2001 Fax: +44 20 7398 2003
Email: ali.artunkal@arguscapitalgroup.com
Mr Pawel Scott, Investment Director
Tel: +48 22 630 3031 Fax: +48 22 630 3033
Contact:
Mr French David, Partner
Tel: +44 20 7483 9155 Fax: +44 20 7483 9156
Email: french@bcee.net Web site: www.bpep.com
Prague Office
Parizska 23, 110 00 Prague 1, Czech Republic
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Warsaw Office
EUROPLEX Building, Ul. Pulawska 17, 02-515, Warsaw, Poland
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Financing SMEs in the EU – overview
€150 million and invest in projects such as district heating, public lighting and
industry. The EBRD and Dexia have each initially invested €20 million in the
fund.
Royalton Partners
Regus Centre, Na Prikope 15, Prague 1, 110 00 Czech Republic
Contacts:
Mr Roman Babka, Director
Tel: +420 222 191 270 Fax +420 222 191 325
Emai: lroman@royalton-partners.com
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Financing SMEs in the EU – overview
investor and thus usually takes a share ownership of between 5 to 45 per cent of
a company.
PP Investments
Ul. Piaskowa 12c, 05510 Konstancin-Chylice, Poland
Contact:
Mr Adam Pool, Chief Investment Officer
Tel: +48 22 756 3232 Fax: +48 22 756 4919
Email: eipl@eip.com.pl Web site: www.eip.com.pl/www.ceeeif.com
Renaissance Partners
Blanicka 28
12000 Prague, Czech Republic
Contact:
Mr Alois J Strnad, Managing General Partner
Tel: +420 2 2225 2407 Fax: +420 2 2225 1791
Email: alois.strnad@rp.cz Web site: www.rp.cz
Renaissance Partners
Ul. Lowicka 44
02 551 Warsaw, Poland
Contact:
Mr Jacek Stanislaw Witak, Manager
Tel: +48 22 84 80 773/84 88 777 Fax: +48 39 122 416
Mr Kornel Spiro, Managing General Partner
Tel: +48 22 848 0773 Fax: +48 39 122 416
Email: spiro@rp.pol.pl
Innova Capital
c/o Innova Capital Sp zoo
Aurum Building, ul. Walicow 11
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Financing SMEs in the EU – overview
Contact:
Mr Michael White, Managing Director
Tel: +420 2 2146 0130 Fax: +420 2 2146 0137 Mobile: +49 172 8989 303
Email: mwhite@3tsvp.com
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