Financial instruments for innovative firms

May 2015

The fund was set up in 2007 under the Catalan European Regional Development Fund (ERDF) Operational Programme 2007-13, initially with a total allocation of EUR 50 million split equally between the ERDF (EUR 25 million) and regional government co-funding (EUR 25 million). The fund comprises four schemes: a guarantee scheme supporting small and medium-sized enterprises' (SMEs) development and growth; a risk capital scheme supporting the development and consolidation of risk capital funds for SME start-ups and expansion; a micro credit scheme providing small loans to micro-enterprises; and a co-investment scheme offering joint loans with business angels to innovative SMEs in their start-up and expansion phases. The regional  government’s financial institution (ICF – Catalan Institute of Finance) designed the schemes and set up a subsidiary Limited Company (IFEM – Financial instruments for innovative firms) as fund manager.