FINOVA is an autonomous fund, designed to create or strengthen financing instruments for companies, particularly SME and innovative projects.
FINOVA aims to promote the competitiveness of companies:
a) Encouraging the participation of venture capital in supporting small and medium enterprises, favouring the early stages of its life cycle and investment in innovative projects;
b) Strengthening the mutual guarantee system and promoting the development of its assistance to businesses and projects which, for their risk and innovative nature, have greater difficulty in obtaining bank financing;
c) Contracting, with the financial system, credit lines to facilitate access to finance for SME;
d) Streamlining the use of new instruments, including convertible debt and equity instruments and securitization designed to boost funding for SME;
e) Supporting innovation of financing with an integrated perspective of debt and equity;
f) Encouraging entrepreneurship, providing capital and management skills required in higher risk initiatives;
g) Supporting women and young entrepreneurship, as mobilization to an active economic life, as well as supporting actions aiming to the promotion of equality between men and women;
h) Favouring the implementation of Collective Efficiency Strategies as defined under QREN Competitiveness Agenda: Competitiveness and Technology Cluster, Other Cluster – Economic Valuation of Endogenous Resources Programs (PROVERE) and Regeneration and Urban Development Actions;
i) Encouraging new clusters of activities with dynamic growth, including, notably, creative industries.