Why JEREMIE? Because …
See also Finlombarda
Better access to finance for SMEs in the regions is needed Renewed Lisbon Strategy and CSG stress the need to improve financial products and instruments Main Actors of JEREMIE Commission: DG REGIO with ENTR and ECFIN EIF + EIB (EIB as loan capital provider) Other IFIs, mainly the EBRD for the 8 new MS, Council of Europe Dev. Bank (CEB) Other specialized financial intermediaries, I.E. KfW (DE), Caisse des dépots (FR),etc Main Actors of JEREMIE MS, Regions and managing authorities National and regional banks and financial intermediaries, investors SMEs, including Micro credit (up to 25.000 EUR) beneficiaries (Unemployed,Young or old first time entrepreneurs,Women,minorities)
JEREMIE PHASES Phase 1 : Preparation (action plans and Ops) Evaluations (2006-2007): gap analysis in access to finance (demand/supply) and action plans. Action plans are used for the preparation of OPs.
Phase 2: Implementation (HF and FI) A Managing Authority (MA) signs a funding agreement with a selected Holding Fund (HF). The HF selects Financial Intermediaries (FI), gives accreditation to FI and provides funds to FI.
Phase 3: Support from FI for SMEs and micro-credit Equity & venture capital, loans, guarantees, advice.
Recycling JEREMIE resources At the closure of OPs at the end of 2015, ERDF grants transferred to Holding Funds must have been used at least once, paid out of FI to finance SMEs and micro-credit beneficiaries (if not, money is recovered). Contributions from OP invested in SMEs under JEREMIE, when repaid to funds or holding funds, belong to the MS or MA. Such Repaid resources must be invested again in favour of SMEs.