The day was inaugurated by the Secretary General of Economy of the Ministry of Economy and Knowledge and President of Extenda, Gaspar Llanes; the president of Cofides, Salvador Marín; and the president of the Chamber of Commerce of Seville, Francisco Herrero. Through this informative session, the organizing entities have instructed the attending professionals about the different financial instruments they offer to support the internationalization of Andalusian companies.
Gaspar Llanes has highlighted in his speech the effort of Extenda in recent years to help Andalusian companies in the search and procurement of funding for their internationalization projects “with the creation of new programs such as Advice and Access to Finance, and the signing of agreements with public entities such as Cofides, which we are renewing today, and with numerous private financial entities. “
On the other hand, Salvador Marín said that “the agreement signed in 2015 has been positive and has contributed very effectively to encourage investment by Andalusian companies abroad, especially SMEs, on which we have focused our attention”.
In addition, he explained that “effective contacts and projects under study have tripled through the Extenda-Cofides agreement”. In line with this, he pointed out that since the signing of the collaboration agreement to date “we have studied 145 projects of Andalusian companies, mostly SMEs (63%) mainly in the sectors of services, engineering, construction material and textile industry and that generate employment both in the country of destination and in Spain. “
The president has stressed that Cofides has in its portfolio 15 projects of Andalusian companies, which involve an investment of about 85 million euros and add up to more than 30,200 jobs. He also pointed out that “we are convinced that soon we will be more projects that we support”, so he has encouraged companies to “raise their proposals to finance their projects and enhance their options abroad.”
Finally, the president of Cofides recalled that since the beginning of its activity, Cofides has approved 52 projects to companies based in Andalusia that entailed a total investment of more than 2,875 million euros.
Thus, it has presented the support services for financing and, especially, the program ‘Extenda Advice and Access to Financing for Internationalization’ launched in 2016; while on the part of Cofides, emphasis has been placed on the blending services offered by the company by virtue of its accreditation of the European Union.
In this sense, Cofides was accredited in 2016 as a delegated entity for the management of the European Union budget for development cooperation. This accreditation opens up new financing possibilities for companies through blending, a formula that allows combining non-reimbursable financing (subsidies) from the European Union with reimbursable financing (via loan- find direct lenders online, or capital) from Cofides.
In addition to attending expert presentations, interested companies have been able to conduct bilateral interviews with Extenda’s technicians, to expand details of current consulting programs, and with Cofides professionals to expose their investment or operations projects. international
EXTENDA AND COFIDES RENEW THEIR COLLABORATION
Also, Extenda and Cofides have renewed this Thursday the collaboration agreement they signed in April 2015 to provide technical and financial support to Andalusian companies that intend to develop investment projects related to their internationalization.
With this renewal, signed by the CEO of Extenda, Vanessa Bernard, and the president of Cofides, Salvador Marín Hernández, in the presence of the Secretary General of Economy of the Ministry of Economy and Knowledge of the Junta de Andalucía and President of Extenda, Gaspar Llanes; the collaboration agreement between both entities has been extended until next April 2018.
Precisely, this renewal has been used to include in the first clause of the agreement a section in which the parties agree to highlight the financing opportunities that Cofides can offer thanks to its accreditation before the European Union, which allows it to have access to funds of delegated management, especially the facilities of Blending in its recent orientation to the role of the private sector.
The European Union, together with the Member States, is the world’s largest donor of development cooperation. One of the ways to execute this budget is through accredited entities, as is the case of Cofides since May 2016. This accreditation allows Cofides to co-finance projects with the EU through Blending.
Blending is a financing instrument of the European Union that is articulated through the combination of subsidies from the European Union with financing from accredited public and private financial entities (via loan or capital), as is the case of Cofides.
The beneficiaries of blending financing benefit from concessionary conditions thanks to the contribution of the Commission, which can be given in the form of cost reduction (donation for investment, technical assistance or interest-type subsidy) or through risk reduction (venture capital ‘first loss’ or guarantees).
SUPPORT FOR EXTENDA FINANCING
Last year 2016, Extenda launched the program ‘Extenda-Asesoramiento y Acceso a Financiación para la Internacionalización’ with the aim of helping Andalusian companies in the search and achievement of financing for their internationalization projects. Companies interested in participating in this program can submit their applications until next Monday, April 10 inclusive.
For its development, Extenda offers companies a team of expert consultants in financing and development of international business that offer comprehensive and specialized advice throughout the process, bringing the most appropriate financial products closer and in preferential conditions of public entities, such as Cofides , and private.
In this way, the program includes an analysis of the state of the process of internationalization of the company and its economic-financial situation and personalized recommendations; a proposal of optimal financial structure for the execution of its planning; the definition of the fundable project in a justified and coherent manner; and the preparation of a list of financing providers that is appropriate to the financing needs and characteristics of your project.
In addition to the signing of the agreement with Cofides, to strengthen this advisory service and access to financing, Extenda has agreed on actions with five private financing entities such as Cajamar, Banco Sabadell, BBVA, Bankinter and Unicaja.
With these entities it has been agreed to technically and financially support the Andalusian firms by offering more advantageous conditions for accessing financial products and carrying out joint actions.