COSME agreement will provide €1bn in loans to German start-ups
Today [17/09/2015] the first COSME agreement for Germany was signed by the European Investment Fund (EIF) and the German promotional bank KfW Bankengruppe.
The agreement benefits from the support of the European Fund for Strategic Investments (EFSI). It will allow KfW Bankengruppe to support €1 billion of loans to start-ups in Germany over the next two-and-a-half years.
The loans will be provided thanks to a guarantee from EIF under the COSME programme with financial backing from the European Commission.
The agreement will allow KfW to support additional financing at favourable conditions to over 15,000 start-ups and young small businesses under KfW's StartGeld programme.
European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "The agreement being signed today by the EIF and KfW is fantastic news for start-ups across Germany. With the EFSI backing, €1 billion of loans will reach those individuals who want to grow their businesses and boost employment locally. This is exactly what the Investment Plan was created for."
Press release: Investment Plan for Europe: EIF and KfW Bankengruppe sign agreement in Germany to provide €1 billion to start-ups
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