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#Coronavirus - Commission and European Investment Fund unlock €100 million for businesses

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The Commission and European Investment Fund have developed a set of measures to support the venture capital market and innovative companies impacted by the coronavirus pandemic. The measures, channelled through the InnovFin Equity Facility within Horizon 2020, will translate into additional liquidity to strengthen the capital base of European SMEs and small mid-cap companies. In addition, a new €100 million Recovery Equity Facility for Innovative Technology will be launched to  provide top-up investment capacity to fund managers to further support their portfolio companies negatively impacted by the crisis.

Innovation, Research, Culture, Education and Youth Commissioner Mariya Gabriel said: “Small and medium businesses form the backbone of the European economy and at the same time they are among the ones most exposed to disruption in the current coronavirus crisis. I am very pleased that today, together with the European Investment Fund, we are stepping up our support for the venture capital market, in view of providing supplementary liquidity to SMEs that have thinner reserves and limited financial alternatives. We will continue our efforts, through the InnovFin and Horizon 2020, to ensure that these businesses endure and come out strong from the crisis, while at the same time supporting sustained employment and the conditions needed for innovation and future growth.”

The new support measures will be rolled out based on a call for expression of interest. Further information is available in a press release. 

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