Funding Initiatives in Brussels for Communities and Businesses do not seem to be terribly well advertised in Spain so I am not sure how many people will be aware of the new JEREMIE initiative. (For info JEREMIE stands for - Joint European Resources for Micro to Medium Enterprises initiative). I have cut and pasted the following quotes from The European Investment Fund (EIF) Website - to give an idea of what may be available to Javea for the next few years…
"Leverage effect
JEREMIE’s financial instruments are conceived to create a leverage effect on the managed funds. Market-based instruments create opportunities for public-private cooperation. In addition to direct contributions from public and private funding sources, instruments such as risk capital and equity-guarantees or loan-guarantees reinforce SMEs’ capacity to raise additional financing by strengthening their capital base or by addressing a portion of the financing risk which some investors or lenders are unwilling to take."
"How JEREMIE will help SMEs
The JEREMIE initiative will improve the SME financial environment at local level. Firstly, JEREMIE will increase the supply of SME finance in the regions, by matching product expertise and decision on investment schemes which are focussed on assisting SME growth with local need. JEREMIE will also contribute to the general improvement of regional financial conditions, by introducing flexible and tailor-made actions such as decreasing lending interest rates through JEREMIE guarantees, reducing the need for collaterals through the implementation of guarantee instruments, disseminating equity finance, and enhancing the availability of micro-credit."
Before everyone starts writing to Brussels for a grant or a Loan "JEREMIE funds are not issued directly to small businesses (SMEs). SMEs should therefore not apply to EIF or the EC for financial support. In due course, SMEs interested in obtaining finance will be able to identify and contact financial intermediaries in their countries based on information provided in this website, which will be provided as and when the JEREMIE initiative becomes active in Member States and Regions."
From what I can make out this is effectively a replacement of the Equal Fund Initiative which allowed a fifty percent input from the project initiator (in the UK often Local Government and Private Business partnership Initiatives) and a fifty percent grant from EU Funds - payable in stages after a lot of paperwork establishing the achievement of the projects aims at that point…
JEREMIE, on the face of it looks slightly less complicated with more involvement and monitoring at a local level - the funding going through applications made by Town Halls for specific projects to resolve specific local issues - once the need for funding has been accepted and the funds made available they would then be distributed on a case by case basis and then proof that the funds had been used for their intended purpose fed back into the system to the EIF. It is set to run until 2013 as a scheme
An example of the sort of project I believe it could be useful for would be one helping work place training to encourage new and small businesses and retraining to place the workers from economically depressed areas/ dying or recession hit Industries to find work in different and burgeoning industries
If anyone would like to follow this up - the following is the site link EIF JEREMIE WEBSITE But be warned - I don't think they have started paying out or taking projects, yet… but I will be really interested to know if the Town Hall has plans to apply (or has thought about the possibilities of applying) for funding on a scheme here
Gaile Griffin Peers (prosaic)
