Investment & Fund Management
The European Investment
Full Credential Description
The European Investment Fund (EIF) and Almi Företagspartner (Almi) signed an agreement to enhance lending to innovative small and medium-sized enterprises (SMEs) and Small Mid-caps in Sweden under the InnovFin initiative, supported by the European Commission. This agreement addresses the specific challenge faced by innovative companies in Sweden, which often struggle to access financing for early-stage projects.
Through this partnership, Almi is set to provide a total of SEK 1.2 billion (approximately EUR 127.5 million) in financing over the next two years, backed by a guarantee from the EIF under Horizon 2020. This is significant as it marks the first InnovFin SME guarantee agreement in Sweden and the third in Europe since the program's inception in 2014. The tailored solution aims to improve access to finance for entrepreneurs, particularly those engaged in research, development, and innovation activities.
The expected outcome of this initiative is to bolster the growth and employment potential of SMEs in Sweden, aligning with the government's goal of achieving the lowest unemployment rate in the European Union by 2020. The agreement is anticipated to create a new source of credit for innovative firms, thereby supporting job creation and economic growth in the region.