Horizon 2020 Launch Event
Ljubljana, 29 November 2013
Access to Risk Finance
Financial Instruments of Horizon 2020
Clara de la Torre, Director DG RTD-C
DG Research and Innovation
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Research and
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"Access to Risk Finance" in HORIZON 2020

Part of the Horizon 2020 budget (3.69%) will not be provided through
grant funding but in the form of risk-sharing (for loans and
guarantees) and by providing risk finance (equity)

Goal: Stimulate more investment in research and innovation,
notably by the private sector

Addressing financing gaps: Intervention only if there are clear
financing gaps in the Research and Innovation delivery chain (notably
due to high risk)

Building a bridge from R&D to Innovation: Effective and costefficient way to complement grant funding under Horizon 2020 and
translate R&D results to the market

Dedicated Access to Risk Finance instruments are built on the success
of the current FP7 financial instruments (RSFF loans and RSI loan
guarantees for Research and Innovation investments)
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HORIZON 2020: Dedicated "Access to
Risk Finance" (sub)programme
 Objectives: Facilitate access to risk finance for (1) RDI-driven/
innovative SMEs & small midcaps and (2) ambitious RDI projects
carried out by a variety of recipients (companies, stand-alone
projects etc.)
 Around EUR 2.725 billion in total for market-driven "Financial
Instruments"
 One Debt instrument; one Equity instrument;
accompanying measures
 At least 1/3 of the budget shall support RDI-driven SMEs and
small midcaps
 Implementation through banks, funds and other
intermediaries at European level (European Investment Bank,
European Investment Fund) and national/ regional level
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 Debt financial instrument:
 Loan and guarantee facility for RDI investments:
Loans and guarantees for investments in Research &
Innovation; targeted at a wide range of beneficiaries such
as midcaps (up to 3,000 employees), larger companies,
research institutes, stand-alone projects, PPPs, other entities;
particular approach for innovative midcaps; loan amounts
above EUR 7.5 m
 Loan guarantee facility for SMEs & small midcaps:
Loan guarantee facility for loans to research-intensive and
innovative SMEs & small midcaps; loan amounts between
EUR 25,000 to 7.5 m
 SME Initiative: Joint Guarantee Instrument/ Securitization
(risk-sharing with first-loss-taking by the EU) for loans to
(innovative) SMEs and small midcaps; currently under
development, involving Horizon 2020, COSME and ESIF
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 Equity financial instrument:
• Early stage finance for innovative enterprises (notably seed
and start-up companies); limited growth-stage finance also
possible
• Pilot facility for technology transfer to bring R&D results
from public research organisations and universities to the market
(licensing; creation of spin-off companies); currently under
development
 Accompanying measures:
Technical and financial assistance (of EIB); improving investorreadiness of start-ups, SMEs and small midcaps; piloting coinvestment by Business Angels; prizes for best practices in R&I
finance etc.
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How to benefit from Horizon 2020
Access to Risk Finance
DEBT (Loans and guarantees)
Loans of EUR 7.5 m
and above
Wide range of
beneficiaries
Guarantees for loans
up to EUR 7.5 million
SMEs and small midcaps
Banks and guarantee
institutions*
EIB
EIF
EQUITY
Early-stage equity
Innovative enterprises
Fund**
EIF
*Bank or a financial institution selected on the basis of the call for expression of
interest that signed an agreement with the EIF
**Fund selected on the basis of a call of expression of interest that signed an
agreement with the EIF
Policy
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Links to other EU programmes: COSME
Horizon 2020 and COSME are complementary
programmes to generate growth and jobs
Different focus:

Horizon 2020 = innovation-driven growth

COSME = support to create favourable business
environment and competitiveness
Closely coordinated with for instance:

Complementary financial instruments (debt and
equity), with facilities in both programmes serving
complementary objectives

Enterprise Europe Network set up under COSME, but
support to SMEs for EU funding
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More information
 Horizon 2020 Financial Instruments
 RSFF
http://www.eib.org/products/rsff/
 RSI
www.eif.org/what_we_do/guarantees/RSI/index.htm
 EU Access to Finance
 Specific portal
www.europa.eu/youreurope/business/index_en.htm
 Horizon 2020
 General portal
http://ec.europa.eu/research/horizon2020/index_en
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Policy
Research and
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Not legally binding
Thank you very much
for your attention!
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Research and
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