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The search returned 3 results.

Risk Finance Aid: journal article

Facilitating Access to Finance for SMEs, Start-Ups and Small or Innovative Middle-Capitalisation Firms

Gianni De Stefano, Wouter Dutillieux

European State Aid Law Quarterly, Volume 21 (2022), Issue 3, Page 222 - 236

SMEs are the backbone of Member States’ economies, and are central to the EU’s economic development and resilience as a whole. Risk finance aid addresses market failures or other relevant obstacles that prevent SMEs and certain other non-large enterprises (ie, start-ups or certain middle-capitalisation firms (mid-caps), namely small or innovative mid-caps) from attracting the financing they require (eg, loans, guarantees or equity) to develop to their full potential. Risk finance aid for SMEs and start-ups, up to €15 million per beneficiary, can be block-exempted under the General Block Exemption Regulation (GBER); whereas aid to innovative or small mid-caps, or aid that goes beyond the GBER conditions, can be notified by the Member State and approved by the European Commission under the Risk Finance Guidelines. This article describes the revised Risk Finance Guidelines of 2021 and the ongoing revision of the GBER section on risk finance. Keywords: risk finance; risk capital; SMEs; start-ups; mid-caps; access to finance; GBER; Risk Finance Guidelines



Marcora for Europe: journal article

How Worker-Buyouts Might Help Save Jobs and Build Resilient Businesses

Tej Gonza, David Ellerman, Gregor Berkopec, Tea Žgank, Timotej Široka

European State Aid Law Quarterly, Volume 20 (2021), Issue 1, Page 61 - 73

The sector of small and medium-sized enterprises is lately under immense pressure due to restrictive governmental response to the COVID-19 pandemic. One of the dominant issues is concerned with financial liquidity – the threat is large-scale insolvency, job losses in thousands, and disappearance of businesses from local communities. There is a time-tested solution in Spain and Italy that provides liquidity to such enterprises in a democratic manner by establishing employee ownership schemes. In addition to saving businesses, employee-owned firms proved to provide more resilient business structures that better withstand crises. Despite the concerns that such an aid scheme meets the indications of a general prohibition of State aid and is thus illegal, the doubts were scattered by the Commission's decision which offered guidance and clarification. Based on good practice, we propose a universal model that could be legislated in most EU Member States. Keywords: COVID-19; SMEs; liquidity constraints; employee ownership; Marcora law; Unico law; economic policy proposal

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