Digital transition: EU and France release € 715 million for French SMEs

by bold-lichterman

While the economic and health crisis linked to the coronavirus has severely weakened companies, financing their digital transition has become a major issue. In this context, the European Investment Fund (EIF) and the French State are joining forces to release 715 million euros to support SMEs in all sectors of activity in their digital transition. This program, carried out in partnership with France Num, will be made available to all French banks. In France, Bpifrance will be responsible for managing loan guarantees.

SMEs with less than 250 employees can directly apply to their traditional private bank to claim this loan, up to 50,000 euros. ” European SMEs need our support to master digital transformation and fully integrate into European and global value chains ”, comments Thierry Breton, European Commissioner for the Internal Market. “ It is at the heart of the EU’s SME strategy ”. This loan will be used in particular to finance intangible assets, such as advice.

“Adapt” to current conditions

As part of the COSME (Competitiveness for Small and Medium Enterprises) program, set up by the European Union to improve the environment for SMEs, the EIF and the State are deploying guarantees to support small and medium-sized enterprises. The counter-guarantee agreement provides for the launch of a new product for banks, the “France Num loan guarantee”.

Guarantees on loans are in fact provided by France Num, this government mechanism for the digital transformation of VSEs / SMEs. Crédit Agricole already offers this guarantee. LFrance Num guarantee will contribute to the implementation of the emergency plan for the digital transition of companies, launched on November 10, in order to accelerate the realization of the projects which must materialize », Comments Thomas Courbe, general manager of companies.

For small French businesses, digitization is particularly important to adapt to the conditions created by the COVID-19 pandemic and to bounce back », Explains Nicolas Dufourcq, CEO of Bpifrance. “ We are delighted to set up the France Num guarantee, alongside the FEI, the European Commission and the French State. This new product, deployed by our banking partners, will help SMEs to accelerate their transformation thanks to financing, immediately available, which will allow them to strengthen their online presence, go digital for their relations with their partners, improve the telework …