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16 Mar 2016

SMEs in Turkey will benefit from H2020 InnovFin guaranteed loans

The European Commission's DG Research and Innovation has announced that small and medium-sized enterprises (SMEs) in Turkey will get easier access to risk capital. This will be made possible by the InnovFin SME Guarantee, which is a new EU-backed loan facility under Horizon 2020. The European Investment Fund (EIF) and Türkiye Sınai Kalkınma Bankası (TSKB) signed a corresponding agreement on 16 March 2016, allowing the bank to enter into new loan agreements with SMEs as well as Small Mid-caps for a total of €20 million over the next two years

Carlos Moedas, European Commissioner for Research, Science and Innovation, said that this deal would "support Turkey's dynamic economy by opening up new financial opportunities for innovative companies". The loans to finance innovation activities will be guaranteed up to 50% by the EIF and the EU under InnovFin SME Guarantee facility, which targets early and development stage companies. The facility is managed by the EIF, and is rolled out through financial intermediaries – banks and other financial institutions – in EU Member States and Associated Countries.

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