Le politiche e gli strumenti UE per le PMI Armando Melone DG for Internal Market, Industry, Entrepreneurship and SMEs Unit H3: COSME Financial Instruments

Le Piccole e Medie Imprese nell'UE - 22.3 milioni di Piccole e Medie Imprese - le PMI sono il 99.8% delle aziende europee - 90 milioni di persone impiegate nelle PMI (67% del totale)

Le politiche della Commissione Europea per le PMI Small Business Act for Europe (SBA 2008, SBA review 2011) SME dimension in Commission initiatives (Single Market Strategy, Better regulation, trade policies) SME access to funding programmes (COSME, Horizon 2020)

Lo “Small Business Act” Main objective: create a better business environment for SMEs based on the “Think Small First” principle 10 principles to be implemented at European and national level Governance and monitoring

I 10 principi dell'SBA 1. Support entrepreneurship 2. Give a 2nd chance (failure) 3. “Think Small First” (reduce burdens) 4. Public administration responsive to SME needs (e-government) 5. Improve access to public procurement & use of state aid 6. Facilitate access to finance 7. Benefit from Single Market opportunities 8. Access to skills and innovation 9. Eco-innovation/environment opportunities 10. Access to external markets

Governance: il network degli SME Envoys European level: the EU SME Envoy (Commissioner Bienkowska) listens to SMEs and their representatives National level: EU Member States have appointed their national SME Envoys The national SME Envoys together with the EU SME Envoy form the SME Envoys Network

Governance: i rappresentanti delle PMI EU SMEs will have their say with the SME Assembly: representatives of small businesses from all over the 28 Member States gather yearly European SMEs associations attend the meetings of the Network of the SME Envoys

L'implementazione dell'SBA: l'SME Performance Review (SPR) The SPR is a tool to monitor the SME performance and the implementation of the ten SBA principles It includes: The annual Report The SBA Country fact sheets (MS and some third countries, ex: Albania, Iceland, Turkey…) Thematic studies

Single Market Strategy Focus on Start-ups Start-up initiative to reduce requirements and facilitate compliance (2016)

Evolution of access to finance as the most important problem for SMEs Data from "Survey on the Access to Finance of Enterprises (SAFE)" November 2017, http://ec.europa.eu/growth/safe

What are the relevant sources of financing for SMEs in the EU? Data from "Survey on the Access to Finance of Enterprises (SAFE)" November 2017, http://ec.europa.eu/growth/safe

Bank loans SMEs' applications and outcome 26% of SMEs in the European Union actually applied for a bank loan. 5% did not apply because of fear of rejection. Data from "Survey on the Access to Finance of Enterprises (SAFE)" November 2017, http://ec.europa.eu/growth/safe

Rejection rate is decreasing In total, 17% of the EU SMEs did not manage to get the full bank loan they had planned for during 2017. Back in 2009, the rejection rate in the European Union was 13%, with 34% not getting the full planned financing. Data from "Survey on the Access to Finance of Enterprises (SAFE)" November 2017, http://ec.europa.eu/growth/safe

La risposta UE: gli strumenti finanziari Fanno parte del pacchetto UE da più di un decennio E’ un modo efficiente di spendere il budget UE perchè genera un effetto-leva Racchiude una vasta gamma di interventi, come: Garanzie su fondi di mutua garanzia e prestiti bancari alle PMI Partecipazioni attraverso il capitale di rischio ad investimenti early stage e growth Caratteristiche comuni: Obiettivo di incrementare l’accesso ai finanziamenti per le PMI Veicolati generalmente attraverso intermediari finanziari (fondi di garanzia, banche, fondi d’investimento etc) per conto della Commissione Europea Operati dalla BEI/FEI 14

Gli strumenti finanziari UE per le PMI

Il programma per la Competitivita' e l'Innovazione 2007-13

Il programma per la Competitivita' e l'Innovazione 2007-13 > 55.000 PMI italiane finanziate

Gli strumenti finanziari UE per le PMI 2014-2020

COSME Programme for the Competitiveness of Enterprises and SMEs Strengthening the competitiveness and sustainability of European enterprises Encouraging entrepreneurship and promoting SMEs Main target audience: SMEs, Entrepreneurs, Business Support Organisations, regional and national Administrations Foreseen budget: € 2.3 billion from 2014 to 2020

COSME ~11% Min 60% ~21,5% ~2,5% 2,3 billion 2014-2020 1 Access to finance Loan Guarantee Facility Equity Facility for Growth Funds of Funds ~11% 3 business environment SME Policy, better regulation, Competitiveness, sectors Min 60% Delegated to EIF (~ 1,4 billion) COSME 2,3 billion 2014-2020 Delegated to EASME (~ 0,8 billion) 2 Access to markets Enterprise Europe Network, … 4 Entrepreneurship Erasmus for young entrepreneurs, … ~21,5% ~2,5%

Risposta all‘invito a manifestare interesse Entrusted entity € Finanziamenti

Gli strumenti finanziari - Lo strumento di garanzie sui prestiti - E’ una cornice Focus sull’addizionalità Ampia gamma di interventi Durata Importo Gli intermediari finanziari possono creare prodotti adattati ai loro mercati Le garanzie si focalizzano sulle transazioni con profilo di rischio elevato Capitale circolante, investimenti, prestiti subordinati, garanzie bancarie, leasing min. 12 mesi (per transazione) – max. 10 anni (garanzie) ≤ € 150,000: per qualsiasi tipo di PMI > € 150,000: possibile se la PMI non rientra nei criteri di eleggibilità dello strumento Horizon 2020– verifica attraverso una checklist

Gli strumenti finanziari - Lo strumento di capitale di rischio per la crescita - Investimenti in fondi di capitale di rischio che a loro volta investono prevalentemente in PMI Fasi di crescita ed espansione Si applicano criteri minimi di eleggibilità Criteri di eleggibilità Investimenti a lungo termine (da 5 a 15 anni) Investment period I fondi devono contribuire alla creazione di un mercato del Venture Capital pan-europeo Investimenti cross-border Possibilità di investimenti condivisi con lo strumento di capitale di rischio early-stage di Horizon 2020 in fondi multi-stage (pro-rata) Horizon 2020

Gli strumenti finanziari Horizon 2020 SMEs and small Mid-Caps < 500 Employees Mid-Caps < 3,000 Employees Large Caps Typically > 3,000 Employees Intermediated SME/Mid-Cap Financing Intermediated and/or direct Corporate lending Direct Corporate Lending 2

Il piano Juncker 16 mrd di EUR* Garanzia UE 16 mrd di EUR* 5 mrd di EUR Altri possibili contributi pubblici e privati Fondo europeo per gli investimenti strategici 21 mrd di EUR 16 mrd di EUR 5 mrd di EUR x 15 Investimenti a lungo termine circa 240 mrd di EUR PMI e imprese a media capitalizzazione circa 75 mrd di EUR Totale aggiuntivo nel periodo 2015-17: circa 315 mrd di EUR**

www.access2finance.eu

www.access2finance.eu

Grazie per l’attenzione!