InvestEU: obtaining European financing to grow your business

The European Union does not only finance businesses through grants and calls for projects. It also has financial instruments designed to facilitate access to credit, support long-term investment and mobilise private capital.

This is precisely the purpose of InvestEU, the European programme designed to boost investment in Europe by sharing part of the financial risk with banks, investment funds and other financial intermediaries.

Unlike France 2030, FEDER or Horizon Europe, InvestEU should not be understood as a classic catalogue of grants that a company could apply for directly.

It operates primarily through a European budgetary guarantee that allows financial partners to take on more risk and offer financing to companies or projects that would otherwise have struggled to obtain capital.

For an industrial SME, an innovative company, a growing business or a player in the energy transition, InvestEU can thus facilitate the obtaining of:

• a bank loan to finance a productive investment;
• long-term financing to develop an activity;
• a loan to finance the energy transition;
• financing for an innovation or research project;
• an equity or quasi-equity investment;
• financing to develop an international activity.

The challenge for a company is therefore not simply to submit a file to Brussels, but to identify the right financial intermediary and the financing product suited to its project.

1. Understanding how InvestEU works

1.1. A European guarantee rather than a direct grant

InvestEU is based on a risk-sharing mechanism.

The European Union provides a budgetary guarantee to selected financial institutions. These partners can then use this guarantee to support financing operations, either directly or through banks and funds.

The programme has a European budgetary guarantee of €26.2 billion, intended to mobilise at least €372 billion in public and private investment over the 2021-2027 period.

The mechanism can be summarised as a four-level chain:

1. European Union — InvestEU budgetary guarantee.
2. European financial partners — EIB, EIF, public banks and partner financial institutions.
3. Financial intermediaries — commercial banks, investment funds and financing bodies.
4. Companies and project sponsors — loans, guarantees, debt, equity and quasi-equity.

The value of this mechanism is that it allows a financial institution to finance projects with a higher risk profile, or to offer more accessible financing terms.

This does not mean that all loans are automatically guaranteed, nor that the company has an automatic right to financing. The bank or fund retains its own analysis and selection criteria.

1.2. The three components of the programme

InvestEU is based on three complementary instruments:

Component	Function
InvestEU Fund	European guarantee and financial instruments
InvestEU Advisory Hub	Advice, expertise and project support
InvestEU Portal	Connecting project sponsors with investors

InvestEU Fund: financing investments

This is the core of the scheme. It allows financial partners to deploy financing products benefiting from the European guarantee.

InvestEU Advisory Hub: structuring projects

This platform supports project sponsors who are having difficulty preparing, structuring or making an investment bankable.

This support can notably cover feasibility studies, financial structuring, project engineering and the preparation of complex operations.

InvestEU Portal: making projects visible

The European portal allows project sponsors to present investment opportunities and make them accessible to potential investors.

Note: the portal is not a grant window, and publishing a project does not guarantee that financing will be obtained.

2. The four InvestEU financing windows

The programme is organised around four major thematic windows. Each corresponds to a strategic priority of the European Union.

Window	Allocated budgetary guarantee	Areas covered
Sustainable infrastructure	€9.9 Bn	Renewable energy, energy efficiency, clean transport, networks, water, waste, the circular economy and digital infrastructure
Research, innovation and digitalisation	€6.6 Bn	Research, technology transfer, industrialisation of innovation, artificial intelligence, digital technologies and the development of innovative companies
SMEs and mid-cap companies	€6.9 Bn	Access to credit, financing of innovative companies, development capital, growth, digital and ecological transition
Social investment and skills	€2.8 Bn	Training, education, health, social housing, inclusion, the social economy, microfinance and social infrastructure

These amounts correspond to the breakdown of the European guarantee, not to grant envelopes distributed directly to companies.

2.5. Strategic investments

The four windows can also support investments of strategic importance to the European economy.

This notably concerns:

• strategic industrial value chains;
• critical technologies;
• the energy and digital transition;
• essential infrastructure;
• projects contributing to strengthening European strategic autonomy.

Important Projects of Common European Interest (IPCEI) may notably fall within this scope, subject to meeting the applicable criteria.

3. What financing can a company obtain?

One of the major advantages of InvestEU is the diversity of financial instruments that can be mobilised.

Several families of financing must be distinguished.

3.1. Bank loans benefiting from a European guarantee

This is one of the mechanisms most accessible to SMEs.

A partner bank grants a loan to a company. Part of the financial risk can be covered by a mechanism benefiting from the InvestEU guarantee.

For the company, this can facilitate:

• obtaining credit despite limited personal or asset-based guarantees;
• financing productive investments;
• financing commercial development;
• acquiring equipment and machinery;
• energy transition investments;
• financing growth-related needs.

Example: an industrial SME wants to invest €1.5 million in a new production line. It has the capacity to repay, but its collateral is insufficient to obtain the requested loan.

A bank with a product covered by InvestEU can examine the file as part of its guaranteed scheme.

The guarantee does not replace the creditworthiness assessment: it comes into play in sharing the risk with the financial institution.

3.2. Debt and quasi-equity financing

InvestEU can also support financing instruments that do not take the form of a classic bank loan.

These notably include:

• long-term loans;
• subordinated financing;
• bonds and debt instruments;
• convertible loans;
• hybrid instruments.

These solutions are particularly attractive for companies that need to finance a development phase without necessarily having to carry out a capital increase immediately.

3.3. Equity investments

InvestEU also supports private equity operations, notably through the European Investment Fund (EIF).

Financing can occur at various stages:

• creation and seed stage;
• venture capital;
• technological development;
• growth;
• industrialisation;
• scale-up;
• preparation for an IPO.

The mechanism generally operates through selected investment funds, which then make their own investments in companies.

The deeptech, green technology, digital, innovation and strategic technology sectors are notably concerned.

4. InvestEU in France: which organisations to contact?

For a French company, the key question is knowing which organisation actually distributes the financing supported by InvestEU.

There are two levels of involvement:

1. Partners responsible for implementing the European guarantee.
2. Intermediaries who market the financing to companies.

4.1. The main European partners

European Investment Bank (EIB)

The EIB is the European Union's long-term financial institution. It notably operates in infrastructure, large industrial investments, innovation and the climate transition.

It can finance certain large-scale projects directly or act through financial institutions.

European Investment Fund (EIF)

The EIF belongs to the EIB Group. It plays a central role in financing SMEs and innovative companies.

Its activities notably cover:

• portfolio guarantees granted to banks;
• guarantees for financing bodies;
• investments in venture capital funds;
• financing of innovative companies;
• the development of private equity funds.

Bpifrance

Bpifrance is a particularly important player for French companies.

In April 2023, the European Commission signed an InvestEU guarantee agreement with Bpifrance of up to €500 million, intended to help mobilise up to €1 billion in financing for innovative French SMEs and small mid-cap companies.

This agreement notably concerns the Innovation and digitalisation and SME windows.

4.2. Banks and financial intermediaries in France

Companies do not necessarily need to approach the EIB or the EIF directly.

They can go through banking institutions and financial bodies whose products benefit from the European guarantee.

Here are several intermediaries identified in the EIF's financing lists:

Organisation	Identified area of activity
Crédit Agricole	Sustainability and SME financing
Groupe BPCE	Innovation and digitalisation
France Active	Entrepreneurship and the social economy
ADIE	Microfinance
IFCIC	Cultural and creative industries

These organisations do not all distribute the same products. Guarantee agreements, validity periods and beneficiary categories vary according to the conventions. The EIF list consulted is notably dated 31 January 2025: it must be updated before any operational decision.

4.3. How to identify available InvestEU financing?

The European Commission provides a portal for searching financial intermediaries and available financing solutions: the Access to EU Finance portal, to search for European financial intermediaries by country, type of financing and company category, and the official list of InvestEU partners, which lists the institutions responsible for implementing the European guarantee.

5. Which sectors and projects can benefit from InvestEU?

InvestEU is not reserved for a particular industry. Its scope covers a wide range of economic activities.

However, belonging to an eligible sector must be distinguished from the actual eligibility of a financing operation.

5.1. Industry and productive investments

Industrial companies can seek financing to:

• modernise their equipment;
• increase their production capacity;
• automate their industrial lines;
• develop new manufacturing units;
• reduce their energy consumption;
• strengthen their supply chains;
• finance strategic technologies.

InvestEU can notably be relevant for a company wishing to undertake a major industrial investment but having difficulty obtaining classic bank financing.

5.2. Innovation, R&D and digital technologies

The Research, innovation and digitalisation window covers a broad spectrum of projects:

• industrial research;
• experimental development;
• technology transfer;
• artificial intelligence;
• robotics;
• cybersecurity;
• software and digital technologies;
• deeptech;
• commercialisation of research results;
• industrialisation of innovative technologies.

For technology companies, InvestEU can intervene alongside other European instruments.

A startup that has already validated its technology and wishes to move to an industrialisation phase can notably explore the debt, guarantee or equity solutions offered by the relevant intermediaries.

5.3. Energy transition and decarbonisation

The Sustainable infrastructure window can support projects that contribute to the energy and environmental transformation.

The investments concerned notably include:

• photovoltaic installations;
• renewable energy production units;
• heat recovery equipment;
• building energy efficiency;
• energy networks;
• energy storage;
• decarbonisation of industrial processes;
• the circular economy;
• waste treatment and recovery.

A company can seek financing for its own environmental investments, but also to develop an industrial activity in green technologies.

5.4. Tourism, hospitality and heritage

Tourism is not excluded from the scheme.

Projects can notably concern:

• the energy renovation of hotels;
• the modernisation of tourism infrastructure;
• investments in sustainable accommodation;
• leisure infrastructure;
• heritage enhancement projects;
• equipment contributing to energy efficiency.

Access to financing will, however, depend on the nature of the investment, its economic viability and the financial product available.

5.5. Trade, services and digital businesses

SMEs in trade and services can also be concerned, notably to:

• finance their development;
• invest in equipment;
• digitalise their activities;
• finance their growth;
• develop innovative solutions;
• strengthen their competitiveness.

The SME window is particularly important for these companies, subject to the criteria specific to each guarantee product.

5.6. Social economy, training and health

The fourth window covers projects that do not necessarily correspond to traditional industrial financing logic.

It can notably concern:

• social enterprises;
• social and solidarity economy structures;
• training organisations;
• educational infrastructure;
• healthcare establishments;
• social housing projects;
• microfinance schemes;
• investments in skills.

6. What are the eligibility conditions for InvestEU?

InvestEU does not operate with a single eligibility grid applicable to all companies and all financing.

The programme defines a general framework, but the precise criteria are determined by the financial products and the partners that implement them.

6.1. Companies that may be concerned

The InvestEU framework can benefit different categories of project sponsors:

• micro-enterprises;
• very small and small/medium enterprises;
• small mid-cap companies;
• mid-cap companies;
• large companies;
• project companies;
• public bodies and public-private partnerships;
• non-profit organisations.

Companies must notably be established in an eligible country and present an economically viable situation according to the applicable criteria.

6.2. Financial criteria

For bank financing, institutions will generally examine:

• repayment capacity;
• financial situation;
• equity;
• existing debt;
• projected profitability;
• the quality of the investment project;
• available collateral;
• development prospects.

The existence of a European guarantee can facilitate risk-taking, but it does not exempt the company from demonstrating its ability to repay its financing.

6.3. Project-related criteria

Depending on the window and the financial product, other elements may be examined:

• contribution to the ecological transition;
• innovative nature;
• growth potential;
• job creation or retention;
• economic impact;
• contribution to European competitiveness;
• technological maturity;
• strategic nature of the investment.

6.4. Exclusions

Activities excluded from European financing must be taken into account before any application.

Exclusion rules and environmental, social and regulatory conditions vary according to the products and applicable conventions.

It should therefore not be assumed, simply from belonging to a sector, that financing is automatically possible.

7. How to obtain InvestEU financing? The steps to follow

For a French company, the process essentially depends on its financing need and the type of project.

1. Define the financing need — determine whether the project requires a bank loan, a guarantee, long-term financing, an equity investment or hybrid financing.
2. Identify the corresponding InvestEU window — SME, innovation, sustainable infrastructure or social investment and skills.
3. Identify financial intermediaries — search for banks, financing bodies and funds with an InvestEU product corresponding to the project.
4. Prepare the financial file — present the accounts, financial forecasts, the investment plan, cash flow needs and the elements demonstrating the project's viability.
5. Submit the application to the financial institution — the company approaches the bank or fund directly. It can ask whether the financing offered falls under a product supported by InvestEU.
6. Go through the analysis and obtain a decision — the financial partner retains responsibility for its financing decision. The InvestEU guarantee does not amount to automatic approval.

7.1. Documents to prepare

A well-structured financing file should include:

Document	Purpose
Company presentation	Understand the activity and positioning
Kbis extract	Legally identify the company
Balance sheets and income statements	Assess the financial situation
Financial forecast	Measure repayment capacity
Financing plan	Determine the resources needed
Project description	Understand the investments planned
Quotes and supporting documents	Document the expenses
Business plan	Demonstrate economic viability
Cash flow plan	Anticipate financial needs

For innovative or industrial operations, it is also relevant to document the level of technological maturity, commercial prospects, customer contracts and any financing already obtained.

8. Examples of InvestEU financing accessible to French companies

To make the scheme more concrete, it is worth identifying the financial products that actually use the European guarantee.

8.1. Bpifrance's Prêt d'Amorçage Invest EU

Bpifrance has notably introduced a Prêt d'Amorçage Invest EU (Invest EU Seed Loan) intended for young innovative companies that have just completed a fundraising round.

The characteristics published in its November 2025 documentation are as follows:

Characteristic	Value
Financing amount	€100,000 to €2 M
Loan term	8 years
Capital repayment grace period	3 years

Main published conditions:

• Innovative SME registered in France for less than 8 years.
• Seed fundraising round of at least €200,000.
• Round completed less than 6 months ago.
• Green environmental criterion.
• Loan with no security over the company's assets and no personal guarantee.
• Financing capped at half of the funds raised and at the new net equity position.

Conditions from Bpifrance documentation dated November 2025. Availability and contractual terms to be verified before any application.

This product illustrates well the value of InvestEU: supporting an innovative company through a development phase where its financial needs may exceed its traditional financing capacity.

8.2. The EIF's portfolio guarantees

The EIF offers several families of guarantees for financial institutions.

Among the products identified are:

Product	Purpose
Sustainability	Financing the ecological transition
SME Competitiveness	SME competitiveness and development
Innovation & Digitalisation	Innovation and digital transformation
Cultural & Creative Sectors	Cultural and creative industries
Microfinance & Social Entrepreneurship	Micro-enterprises and the social economy
Skills & Education	Training and skills

These products are distributed by financial intermediaries selected by the EIF.

This is therefore not six grants that a company can apply for directly, but guarantee mechanisms designed to facilitate the distribution of financing.

9. InvestEU and other European programmes: what complementarities?

InvestEU makes full sense when integrated into an overall financing strategy.

It can operate alongside other European or national programmes, but the rules on combining funding and financing the same costs must always be checked.

Programme	Nature of financing	Possible complementarity
Horizon Europe	Grants and investment instruments	Finance R&D and complement the company's financing needs
EIC Accelerator	Grant and/or equity investment	Accelerate the development and commercialisation of an innovation
FEDER	Grants and financial instruments	Support regional and productive investments
France 2030	Grants, repayable advances and other financing	Finance innovation and industrialisation
LIFE	Mainly grants	Support environmental and climate projects
InvestEU	Guarantees, debt and equity	Facilitate access to financing and investment

Example: financing the industrialisation of an innovative company

Imagine a French SME developing a new decarbonised production technology.

Its project includes:

• €500,000 in R&D expenditure;
• €2 million for a first industrial line;
• €1 million for its commercial development.

A financing strategy could combine:

1. R&D support mobilised under a scheme suited to France 2030 or Horizon Europe.
2. Bank financing benefiting from an InvestEU guarantee for productive investments.
3. Equity financing to support growth.

This arrangement is illustrative: each piece of financing must be validated against its own criteria, the structure of the expenses and the applicable rules on combining funding.

The company's interest lies in not seeking a single aid covering the entire project, but in building a financing plan combining several complementary instruments.

10. The InvestEU Advisory Hub: getting a complex project financed

Companies carrying out major projects may encounter an additional difficulty: their project is economically attractive, but its financial or technical structuring is not sufficiently advanced.

This is notably the issue the InvestEU Advisory Hub exists to address.

It connects project sponsors with partners specialised in financial and technical support.

Interventions can concern:

• feasibility studies;
• financial engineering;
• structuring infrastructure projects;
• preparing complex financing;
• risk analysis;
• searching for financial partners;
• support for innovative projects.

The Advisory Hub is not a grant window intended to directly finance a company's day-to-day expenses.

It is especially relevant for projects requiring particular expertise before they can be presented to investors or financial institutions.

11. Mistakes to avoid when seeking InvestEU financing

Several misunderstandings can lead a company to waste time in its search for financing.

Mistake 1: looking for an InvestEU call for projects as if it were a classic grant.

InvestEU mainly operates through financial products distributed by partners. It is therefore necessary to identify the banks and intermediaries that market these products.

Mistake 2: thinking that all banks offer the same financing.

Institutions do not necessarily have the same guarantee agreements or the same products.

Mistake 3: confusing the European guarantee with a guarantee granted to the company.

The InvestEU guarantee is primarily a protection provided to the financial partner. It does not mean that the company automatically obtains a loan without personal or asset-based security.

Mistake 4: neglecting financial viability.

An innovative or environmental project does not automatically become financeable. Repayment capacity and economic prospects remain essential for debt financing.

Mistake 5: ignoring other European financing.

A company may have an interest in simultaneously seeking grants, repayable advances, loans and equity, while respecting the rules on combining funding.

FAQ — Frequently asked questions about InvestEU

Is InvestEU a European grant?

No. InvestEU is primarily a financing programme based on a European budgetary guarantee. It facilitates access to loans, guarantees, debt financing and equity investments.

Can a French SME benefit from InvestEU?

Yes. French SMEs can benefit from financing distributed by banks, financial bodies and partner funds of the programme. The criteria depend on the product concerned.

Can a company apply directly to the European Commission?

As a general rule, no, for financing intended for companies. SMEs must contact financial intermediaries offering products supported by InvestEU. Large project sponsors can approach certain implementing partners directly, notably the EIB.

What is the difference between InvestEU and FEDER?

FEDER is a cohesion fund that notably supports regional projects through grants and financial instruments. InvestEU is a European programme based mainly on a budgetary guarantee designed to mobilise public and private financing.

Does InvestEU finance startups?

Yes. Startups can access debt or equity financing, depending on their maturity, financial situation and the intermediaries' criteria. Venture capital and financing for innovative companies are notably areas of intervention for the EIF.

Can InvestEU finance an industrial investment?

Yes. Productive investments can be concerned, notably when they contribute to competitiveness, innovation, the energy transition or industrial modernisation.

Can a company acquisition be financed?

Some financial products can support external growth or business transfer operations, but the product's conditions, exclusions and the nature of the operation must be checked. There is no general right to financing for acquisitions under InvestEU.

What is the maximum amount of InvestEU financing?

There is no single cap applicable to all financing. The amounts depend on the partner, the financial product, the size of the company and the nature of the project.

Is InvestEU accessible until 2027?

The current programme falls under the European financial framework for 2021-2027. However, the financing available depends on agreements concluded with partners, resources still available and the deadlines specific to each product.

Can InvestEU finance a company in difficulty?

The programme targets economically viable beneficiaries. A company in difficulty cannot therefore presume its eligibility. The applicable rules and exclusions must be examined on a case-by-case basis.

Last updated: 30 October 2026.