12th October 2018

Spuerkeess joins the InnovFin programme

Banque et Caisse d’Epargne de l’Etat, Luxembourg (Spuerkeess) has announced it is taking part in the “InnovFin” programme, with a budget of 40 million euros. Norbert Brausch, Head of Banque des Entreprises et Secteur Public, explains to us the importance of this initiative and why Spuerkeess wished to participate.

The InnovFin guarantee programme expired on 30 November 2020. During 2021, a new multiannual guarantee programme of the EIF (European Investment Fund) will be announced.

What is the philosophy behind InnovFin?

InnovFin, which finances innovation in Europe, is a joint initiative of the European Investment Bank Group, formed by the EIB and the EIF (European Investment Fund), and the European Commission, within the framework of the Horizon 2020 programme, which aims to finance research and innovation within Europe.

The philosophy behind InnovFin is based on a partnership that seeks to share risk, which allows banks to support innovative companies.
Nobby Brausch - Head of Banque des Entreprises et Secteur Public

In order to boost innovation, this programme provides a whole range of tools to facilitate and accelerate access to funding for innovative companies in Luxembourg and in the European Union.

The InnovFin guarantee is one of these tools and enables banks to support SMEs (small and medium-sized companies) and mid-cap companies in innovative projects by guaranteeing 50% of the financing granted.

How will Spuerkeess take part?

Spuerkeess is joining the programme with a budget of 40.000.000 euros split over the next two years. The Bank will thus be able to grant financing under favourable terms of up to 7.500.000 euros to innovative projects.

Support to the national economy, one of Spuerkeess’s strategic missions, and the InnovFin programme are perfectly complementary.
Nobby Brausch - Head of Banque des Entreprises et Secteur Public

As a shareholder of the European Investment Fund, Spuerkeess is proud to join the InnovFin programme and thus support companies contributing to Europe’s sustainable growth and competitiveness. Innovation is the driving force of the economy and transforms our society. It is only by encouraging the transformation of an innovative idea into a commercial project that we can help improve the future, and do so in numerous areas of activity.

What are the main criteria for accessing financing from Spuerkeess?

In order to benefit from the InnovFin guarantee from Spuerkeess, the company must be:

  • a mid-cap company with no more than 499 employees
  • an SME with no more than 250 employees and sales of less than 50 million euros
  • based in Luxembourg or in the Greater Region

The financing period may extend from 1 to 10 years. In addition, the company must meet at least one of the innovation criteria that have been defined by the EIB and which enable the bank to categorise the company’s project among the objectives defined by the InnovFin guarantee. Spuerkeess is happy to answer any questions on these eligibility criteria, and offers comprehensive advice to companies seeking financing opportunities for their innovative projects.

Innovation Entrepreneurship