Investment & Fund Management
The European Investment
Full Credential Description
The European Investment Fund (EIF) partnered with Austria Wirtschaftsservice (aws) to address the financing challenges faced by Small and Medium-sized Enterprises (SMEs) and Mid-caps in Austria. The specific issue was the limited collateral available to SMEs, which hindered their access to necessary financing. To tackle this, the EIF and aws signed the first COSME and InnovFin SME Guarantee agreements, enabling aws to increase its guarantee volumes to SMEs by EUR 170 million over the next two years. This initiative is expected to benefit over 1,500 companies, providing them with the financial support needed to enhance their operations and competitiveness.
Additionally, the InnovFin agreement allows aws to support a total of EUR 120 million in guarantees for innovative companies in Austria, also over the next two years. This counter-guarantee from the EIF is backed under Horizon 2020, facilitating access to financing at favorable conditions for SMEs engaged in innovation. The implementation of these agreements is anticipated to stimulate growth and innovation within the Austrian economy, addressing the critical hurdle of access to finance for SMEs and fostering their development in a challenging economic environment.