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25 million euro in support for cooperating companies in France through the European Investment Fund

Thanks to the €25 million counter-guarantee from the European Investment Fund, Socoden-FEC, a company specialised in credit distribution, will be able to provide loans to cooperative companies.

The initiative, supported by the Juncker plan, is funded by the European Commission’s programme for employment and social innovation (EaSI). Socoden will reserve its financing primarily for structures that are currently poorly financed, as they are considered too risky, such as Scop (cooperative and participatory companies) or Scic (collective interest cooperative companies) in the start-up phase.

In October 2019, the Juncker plan mobilised 439.4 billion euros in additional investments, including 73.2 billion euros in France. The plan currently supports more than one billion small and medium-sized enterprises in Europe. EIB investments financed under the Juncker plan increased the EU’s gross domestic product (GDP) by 0.9% and created 1.1 million new jobs compared to the baseline scenario. By 2022, as a result of the Juncker plan, EU GDP will have grown by 1.8% and 1.7 million jobs will have been created.

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