The European Investment Fund (EIF) and Inveready Venture Finance II, a venture debt closed-end fund managed by Inveready Technology Investment Group, have signed an InnovFin SME guarantee agreement to increase access to finance for innovative, tech small and medium-sized enterprises (SMEs) in Spain.
This transaction benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.
The new guarantee agreement will allow Inveready Venture Finance II to provide €10m of loans to SMEs over the next two years. The Spanish fund will focus on technology-driven SMEs in their first years of operation.
Inveready Venture Finance II targets early-stage companies which are not credit-worthy enough to have access to sufficient bank financing.