Access to Risk Finance

Under ‘Access to Risk Finance‘, Horizon 2020 helps companies and other types of organisation engaged in research and innovation (R&I) to gain easier access to debt and equity finance. The ‘InnovFin‘ product range consists of a suite of tailored financial instruments complemented by a set of accompanying measures.

The priorities for the period 2018-2020 are to continue the financial instruments and accompanying measures (including InnovFin Advisory) launched in 2014-2015, and maintain a strong focus on SMEs and small, medium and large midcaps. The current range of accompanying measures will be reviewed in the course of 2018, and new ones may be launched in 2019. Horizon 2020’s financial instruments will operate in conjunction with those of COSME and in complementarity with ESIF financial instruments delivered under shared management, and instruments at national and regional levels. In addition, strong synergies will continue with the European Fund for Strategic Investments (EFSI). Through frontloading and top-ups, EFSI has helped InnovFin meet the high demand by SMEs and small midcaps for access to risk finance.

Debt and equity facilities are run in a demand-driven manner, though the priorities of particular sectors or of other EU programmes are targeted when top-up funding is made available, including funds from managing authorities wishing to invest part of their European Structural and Investment Funds (ESIF) programme contribution. Firms and other entities located in the EU or in non-EU countries associated with Horizon 2020 are eligible as beneficiaries unless otherwise specified.

The European Investment Bank (EIB) and the European Investment Fund (EIF) are the entrusted entities that implement each financial instrument facility on behalf of and in partnership with the European Commission. For EIF in particular, this role includes conducting calls for expressions of interest for selecting the financial intermediaries when supporting medium and large midcaps. Preliminary discussions with other financial institutions of comparable stature are underway, and in future one or more may join EIB and EIF in running facilities for the European Commission.

Funding actions overview

Universal Financing

Financial Instrument

For financial intermediaries under InnovFin MidCap Guarantee.
A call for expression of interest issued by EIB is open at Click Here

Indicative Budget
EUR 10.00 million from the 2018 budget
EUR 25.00 million from the 2019 budget
EUR 255.00 from the 2020 budget
Indicative Timetable
First quarter of 2018

InnovFin Corporate Research Equity PilotVC

Financial Instrument

EIB checks the financial viability of a potential financing operation, while DG Research & Innovation, assisted by other Commission DGs, checks its alignment with the goals of Horizon 2020 (particularly the Societal Challenges)

Indicative Budget
EUR 10.00 million from the 2018 budget
EUR 25.00 million from the 2019 budget
EUR 255.00 from the 2020 budget
Indicative Timetable
First quarter of 2018

InnovFin Energy Demo Projects (InnovFin EDP)

Financial Instrument

Indicative Budget
EUR 30.00 million from the 2018 budget
EUR 60.00 million from the 2019 budget
EUR 60.00 million from the 2020 budget
This budget may be complemented by other sources of funding
Indicative Timetable
First quarter of 2018

InnovFin Infectious Diseases (InnovFin ID)

Financial Instrument

Indicative Budget
To be etermined in the course of 2018 in the light of demand. This budget may be complemented by other sources of funding
Indicative Timetable
To be determined in the course of 2018

InnovFin Holding Fund for Thematic Investment Platforms

Financial Instrument

For TIP managers, the EIB Group will issue one or more calls for expression of interest to select managers of one or more TIPs

Indicative Budget
EUR 50.00 million from the 2018 budget
EUR 200.00 million from the 2019 budget
This budget may be complemented by other sources of funding
Indicative Timetable
First quarter of 2018

InnovFin SME Guarantee (SMEG)

Financial Instrument

Call of interest/agreement/commercial criteria FI

Indicative Budget
EUR 191.00 million from the 2018 budget
EUR 100.00 million from the 2019 budget
EUR 92.00 million from the 2020 budget.
This budget may be complemented by other sources of funding
Indicative Timetable
First quarter of 2018

InnovFin Uncapped Guarantee for Subordinated Debt to R&I-driven SMEs and Small Midcaps Domain

Financial Instrument

The EIF will issue a call for expression of interest in order to select financial intermediaries. As for InnovFin SME Guarantee, the list of financial intermediaries selected will be made available on the EIF website

Indicative Budget
EUR 50.00 million from the 2018 budget
This budget may be complemented by other sources of funding
Indicative Timetable
First quarter of 2018

InnovFin Crowdlending Pilot

Financial Instrument

The EIF will issue a call for expression of interest in order to select financial intermediaries. As for InnovFin SME Guarantee, the list of financial intermediaries selected will be made available on the EIF website

Indicative Budget
EUR 20 million from the 2019 budget
Indicative Timetable
First quarter of 2019

InnovFin Equity

Financial Instrument

Call of interest/agreement

Indicative Budget
EUR 65.00 million from the 2018 budget
EUR 24.00 million from the 2019 budget
Indicative Timetable
First quarter of 2018

InnovFin Space Equity Pilot (ISEP)

Financial Instrument

negotiations with the EIF, the call for expression of interest issued by EIF currently open.

For more information click  here

Indicative Budget
EUR 20.00 million from the 2018 budget
EUR 15.00 million from the 2019 budget
EUR 15.00 million from the 2020 budget
Indicative Timetable
Third quarter of 2018