• First co-financing operation in France dedicated to innovation and cohesion for SMEs and mid-caps;
  • Part of the Juncker Plan, this partnership will consist of EUR 300m of joint financing to support innovative SMEs and mid-caps, as well as those located in cohesion regions, with particularly favourable financial terms.

On Wednesday 19 December 2018, Ambroise Fayolle, Vice-President of the European Investment Bank (EIB – the EU bank) and Nicolas Théry, President of Crédit Mutuel Alliance Fédérale, signed a co-financing agreement to support the development of small and medium-sized enterprises (SMEs) and mid-caps. In particular, this agreement aims to finance SMEs and mid-caps that are innovative and/or in cohesion regions, where support and investment needs are very significant.

This is the first time that the EIB has partnered with a French banking sector player to co-finance SMEs and mid-caps in connection with two major EU priorities: innovation and the social and economic cohesion of the regions.

The EIB and Crédit Mutuel will both provide EUR 150m in investment. This is an unprecedented partnership that, more broadly, is part of the Investment Plan for Europe (the Juncker Plan), which aims to stimulate growth and jobs, in particular via increased support for businesses. Thanks to the EIB’s AAA rating and the EU guarantee under the Juncker Plan, the companies benefiting from this unprecedented partnership will receive particularly favourable financial terms.

With its 4 000 points of sale across metropolitan France comprising the Crédit Mutuel local banks, CIC branches and the Banque Européenne du Crédit Mutuel network, Crédit Mutuel Alliance Fédérale will maximise the chances of reaching businesses targeted by EU investment policies, while the EIB will offer very favourable terms to beneficiary companies, providing a real advantage for the financing granted.

The operation is expected to make it possible to catalyse new private financing for companies for an amount between EUR 5m and EUR 50m over a minimum term of four years and a maximum term of 12 years.

“This innovative partnership is a first for France,” said EIB Vice-President Ambroise Fayolle. “Faced with the significant needs of companies in cohesion regions and in key sectors such as innovation, it is our responsibility to create the optimal financing conditions and support these SMEs and mid-caps in their development projects. By accelerating businesses’ access to finance via the Juncker Plan, we are supporting growth and social cohesion at the heart of the regions.

This unprecedented alliance between the European Investment Bank and Crédit Mutuel will make it possible to increase financing for SMEs and mid-caps that are innovative and in priority regions,” said President of Crédit Mutuel Alliance Fédérale Nicolas Théry. “This agreement between the EU bank and a leading European bank will be an asset for improving the attractiveness of businesses in the regions most in need.