2.1. Debt facility

The Debt facility will provide loans to single beneficiaries for investment in R&I; (counter-) guarantees to financial intermediaries providing loans to beneficiaries; combinations of loans and (counter-) guarantees; and guarantees and/or counter-guarantees for national or regional debt-financing schemes. The Debt facility will undertake maturity enhancement activities, and it will support the dedicated SME Instrument, subject to the level of demand (see section 3 'Innovation in SMEs' of Part II). Provisions from the Debt facility may be combined, with the possible addition of grants (including lump sums), with provisions from the Equity facility in one or more integrated schemes. Soft loans, convertible loans, subordinated loans, participating loans, leasing loans and securitisation may also be possible. As well as providing loans and guarantees on a market-driven, first-come, first-served basis, the Debt facility will target, under a series of compartments, particular policies and sectors. Ring-fenced budgetary contributions for this purpose may, where appropriate, come from: other parts of Horizon 2020, notably Part III 'Societal challenges'; other frameworks, programmes and budget lines in the general budget of the Union; particular regions and Member States that wish to contribute with resources available from the Cohesion Policy Funds; and specific entities (such as Joint Technology Initiatives) or initiatives. Such budgetary contributions may be made or topped up at any time during the course of Horizon 2020. Risk-sharing and other parameters may vary within policy or sector compartments, provided their values or states comply with the common rules for debt instruments. Furthermore, compartments may have specific communications strategies within the overall promotional campaign for the Debt facility. In addition, specialist intermediaries at national level may be used if specific expertise is needed to assess prospective loans in the domain of a particular compartment. The SME window under the Debt facility shall target R&I-driven SMEs and small mid-caps with loan amounts exceeding EUR 150000, thus complementing finance to SMEs by the Loan Guarantee Facility under COSME. The SME window of the Debt facility shall also cover loans below EUR 150000 for R&I-driven SMEs and small mid-caps. The leverage of the Debt facility - defined as the total funding (i.e. Union funding plus contribution from other financial institutions) divided by the Union financial contribution - is expected to range from an average 1,5 to 6,5, depending on the type of operations involved (level of risk, target beneficiaries, and the particular debt financial instrument facility concerned). The multiplier effect - defined as the total of investments made by supported beneficiaries divided by the Union financial contribution - is expected to be 5 to 20, again depending on the type of operations involved.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.