Annexes to COM(2011)785 - Establishing the Creative Europe Programme - Main contents
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| dossier | COM(2011)785 - Establishing the Creative Europe Programme. |
|---|---|
| document | COM(2011)785  |
| date | December 11, 2013 |
IMPLEMENTATION ARRANGEMENTS FOR THE CULTURAL AND CREATIVE SECTORS GUARANTEE FACILITY
The financial support provided by the Guarantee Facility shall be earmarked to SMEs and micro, small and medium-sized organisations in the cultural and creative sectors, adapted to the specific needs of the sectors and branded as such.
1. Tasks
The Guarantee Facility shall provide:
| (a) | guarantees to participating financial intermediaries from any country participating in the Guarantee Facility; |
| (b) | participating financial intermediaries with additional expertise to evaluate risks associated with SMEs and micro, small and medium-sized organisations and with their cultural and creative projects. |
2. Selection of participating financial intermediaries
The EIF shall select participating financial intermediaries in conformity with best market practice and with the specific objective referred to in point (c) of Article 4. The selection criteria shall include in particular:
| (a) | the volume of debt financing made available to SMEs and micro, small and medium-sized organisations; |
| (b) | the risk management policy for lending operations, in particular in relation to cultural and creative projects; |
| (c) | the ability to build a diversified loan portfolio and to propose a marketing and promotion plan to SMEs and micro, small and medium-sized organisations across regions and sectors. |
3. Duration of the Guarantee Facility
Individual guarantees may have a maturity of up to 10 years.
In accordance with point (i) of Article 21(3) of the Financial Regulation, repayments generated by the guarantees shall be assigned to the Guarantee Facility for a period not exceeding the period of commitment plus 10 years. Repayments generated in accordance with the provisions of relevant delegation agreements by the operations of the MEDIA Production Guarantee Fund set up before 2014 shall be assigned to the Guarantee Facility in the period 2014-2020. The Commission shall inform the Member States of such assignments through the Creative Europe Committee.
4. Capacity-building
Capacity-building under the Guarantee Facility is the provision of expertise to participating financial intermediaries in order to increase their understanding of the cultural and creative sectors (in aspects such as the intangible nature of collateral assets, the size of the market lacking critical mass, and the prototype nature of products and services) and the provision to each participating financial intermediary of additional expertise in building portfolios and evaluating risks associated with cultural and creative projects.
The resources allocated to capacity-building shall be limited to 10 % of the budget for the Guarantee Facility.
The EIF shall select the capacity-building providers on behalf of the Guarantee Facility and under the supervision of the Commission through a public and open procurement procedure, on the basis of criteria such as experience in financing the cultural and creative sectors, expertise, geographical reach, delivery capacity and market knowledge.
5. Budget
The budgetary allocation shall cover the full cost of the Guarantee Facility, including payment obligations towards participating financial intermediaries such as losses from guarantees, management fees for the EIF managing the Union's resources, and any other eligible costs or expenses.
6. Visibility and awareness-raising
The EIF shall contribute to the promotion of the Guarantee Facility vis-à-vis the European banking sector. Additionally, each participating financial intermediary and the EIF shall ensure that an appropriate level of visibility and transparency is given to the support under the Guarantee Facility, by providing information on the financial opportunities to the target SMEs and micro, small and medium-sized organisations.
To that end, the Commission shall, inter alia, provide the network of Creative Europe Desks with the necessary information to enable them to carry out their tasks.
7. Types of loan
Types of loan covered by the Guarantee Facility shall include, in particular:
| (a) | investment in tangible or intangible assets; |
| (b) | business transfers; |
| (c) | working capital (such as interim finance, gap finance, cash flow, credit lines). |
ANNEX II
LOGO OF THE MEDIA SUB PROGRAMME
The MEDIA Sub programme logo shall be as follows: