InvestEU backs agreement to mobilise €64 million to support social enterprises and cultural and creative businesses

Thanks to the support of the InvestEU programme, the European Investment Fund (EIF) will provide the Catalan Finance Institute (ICF) with a guarantee aimed at leveraging €64 million in support of social enterprises and entities within the cultural and creative sector in Catalonia, Spain.

More specifically, through the InvestEU support for cultural and creative sectors, the ICF will be able to enhance the access to finance on favourable terms to cultural and creative businesses and projects operating in Catalonia. In addition, with the InvestEU support for microfinance, social investment and entrepreneurship, and skills, the ICF will unlock finance for social enterprises. The agreement will foster job creation and empower businesses in this sector, thus strengthening their social impact. This also contributes to the objectives of the Commission’s Social Economy Action Plan, which aims to boost its economic and job-creation potential, for instance through improving access to financing for social economy enterprises, including via InvestEU.

The Commissioner for Jobs and Social Rights, Nicolas Schmit, said: “InvestEU provides essential support for social enterprises as well as cultural, and creative businesses across Europe. This new financial agreement could be a game changer for numerous small businesses in Catalonia, improving their access to the financing. This, in turn, will allow them to create new jobs and contribute to strengthening the social and cultural business ecosystem, in line with our Social Economy Action Plan.”

The InvestEU programme provides the EU with long-term funding by leveraging private and public funds in support of EU policy priorities. As part of the programme, the InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee and thus mobilising at least €372 billion in additional investment.