JEREMIE (Joint European Resources for Micro to Medium Enterprises) is a joint initiative launched by the European Commission (Directorate-General Regional Policy) and the European Investment Bank (EIB) Group to improve access to finance for Micro, Small and Medium-sized Enterprises (SMEs) in the EU within the Structural Funds framework for the period 2007 – 2013. JEREMIE offers the EU Member States, through their national or regional Managing Authorities, the opportunity to use part of the resources made available from the EU Structural Funds and also national resources into Holding Funds. The JEREMIE Holding Fund provides finance to SMEs in a flexible, sustainable and innovative way, by providing equity, (micro) loans or guarantees financial instruments through selected local financial institutions acting as European Investment Fund (EIF) intermediaries.
JEREMIE aims at developing and fostering the role of entrepreneurship within the EU in order to meet the objectives of the Lisbon agenda and help EU Structural Funds to deliver greater benefits to the market by offering an alternative to grant instruments. The EIF has currently manages 13 JEREMIE Holding Fund agreements.
Who is eligible?
JEREMIE is an umbrella fund and as such targets Financial Intermediaries, not SMEs directly. The JEREMIE Holding Fund can provide SME-focused financial instruments including guarantees, co-guarantees and counter-guarantees, equity guarantees, (micro) loans, securitisation, venture capital, Business Angel Matching Funds, and investments in Technology Transfer funds to Financial Intermediaries. These Financial Intermediaries in turn provide SMEs (which are the “final beneficiaries”) with loans and equity instruments. JEREMIE does not provide any grants to SMEs.