4.

The financial contribution referred to in paragraph 2 shall comply with the following conditions: by way of derogation from Article 37(2), it shall be based on one ex ante assessment at Union level carried out by the EIB and the Commission. On the basis of available data sources on bank debt finance and SMEs, the ex ante assessment shall cover, inter alia, an analysis of the SME financing needs at Union level, SME financing conditions and needs as well as an indication of the SME financing gap in each Member State, a profile of the economic and financial situation of the SME sector at Member State level, minimum critical mass of aggregate contributions, a range of estimated total loan volume generated by such contributions, and the added value; it shall be provided by each participating Member State as part of a single dedicated national programme per financial contribution by ERDF and EAFRD supporting the thematic objective set out in point (3) of the first paragraph of Article 9; it shall be subject to the conditions set out in a funding agreement concluded between each participating Member State and the EIB including, inter alia: tasks and obligations of the EIB including remuneration; minimum leverage to be achieved at clearly defined milestones within the eligibility period indicated in Article 65(2); conditions for the new debt finance; provisions relating to non-eligible activities and exclusion criteria; schedule of payments; penalties in the event of non-performance by financial intermediaries; selection of financial intermediaries; monitoring, reporting and auditing; visibility; the conditions for termination of the agreement. For the purposes of implementation of the instrument, the EIB will enter into contractual arrangements with selected financial intermediaries; in the event that the funding agreement referred to in point (c) is not concluded within six months of the adoption of the programme referred to in point (b), the Member State shall have the right to reallocate such contribution to other programmes and priorities in accordance with requirements for thematic concentration. The Commission shall, in order to ensure uniform conditions for the implementation of this Article, adopt an implementing act laying down the model of the funding agreement referred to in point (c) of the first subparagraph. That implementing act shall be adopted in accordance with the examination procedure referred to in Article 150(3).

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Source: EUR-Lex (Cellar) · retrieved 2026-10-29 · Text as adopted (Official Journal); later amendments are not incorporated in this text.