EIF and ICF join forces to mobilise €64 million to support social enterprises and cultural and creative businesses in Catalonia #InvestEU

With the support of the InvestEU programme, the European Investment Fund (EIF) will provide the Catalan Finance Institute (ICF) with a capped portfolio guarantee that will leverage €64 million in support of social enterprises and entities within the cultural and creative sector in Catalonia. This transaction is the first guarantee agreement between the two institutions and is expected to have a significant positive impact on SMEs operating in Catalonia. The InvestEU programme aims to trigger across the EU more than €372 billion in additional investment over the period 2021-27 to advance EU policy priorities.

Through the capped guarantee under the InvestEU support for cultural and creative sectors, ICF will be able to boost access to finance on favourable terms to cultural and creative businesses and projects operating in Catalonia. The funds to be made available will mean increased support for an ecosystem which often faces difficulties in accessing finance due to the limited size of the market and demand uncertainty, among other issues. EU support will help these companies to scale up their activities consolidating their resilience and enabling them to face new challenges.

Moreover, thanks to the capped guarantee under the InvestEU support for microfinance, social investment and entrepreneurship, and skills, the Catalan public financial institution will unlock finance for social enterprises, which often have trouble obtaining credit. ICF is expected to launch a dedicated social entrepreneurship product.

The agreement will foster job creation and empower businesses in this sector, thus strengthening their social impact. This also contributes to the objectives of the European Commission’s Social Economy Action Plan, which aims to boost its economic and job-creation potential, for instance through improving access to finance for social economy enterprises, including via InvestEU.

W3 European Investment Fund, 12 february 2024
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