EIF and Bank Austria sign the EFSI deal
On 7 July 2016 the European Investment Fund (EIF) and UniCredit Bank Austria (Bank Austria) signed the first InnovFin SME agreement in Austria. The agreement will benefit from the support of the European Fund for Strategic Investments (EFSI) which is a key element of the Investment Plan for Europe.
The agreement allows Bank Austria to provide loans to innovative companies in Austria over the next 2 years, with the support of a guarantee provided by the EIF and backed under Horizon 2020. To finance the EFSI, the Horizon 2020 budget has been reduced with EUR 2.2 billion in 2015. The Commission expects a portfolio of EUR 200 million loans for innovative Austrian companies.
The InnovFin SME Guarantee Facility is a demand-driven, uncapped instrument that builds on the Risk Sharing Instrument (RSI), developed under FP7.TOP