Ile-de-France creates a fund of €100 million in aid for small companies hit by the health crisis

THE Ile-de-France region and the Banque des Territoires have created a fund of €100 million in partnership with the metropolis of Greater Paris, the city of Paris, the departments of the small and large crown and the inter-municipal authorities to help small businesses impacted by the crisis.

“This unprecedented collaboration of public authorities is the witness that a collective and united response is the only solution to face this crisis and the social and economic consequences which will result from it,” welcomed this Wednesday Valérie Pécresse, the president of the region, during the presentation of the fund which will be accessible from this Thursday.

This solidarity fund, called Résilience Ile-de-France & Collectivités, is intended to help VSEs, micro-enterprises and associations, players in the social and solidarity economy who do not have or no longer have access to bank financing to recover after the health crisis that impacted their activity.

The region and the regional bank each contributed €25 million, the Greater Paris metropolis put €14 million in the pot, the city of Paris €10 million and other communities €25 million, with the exception of Seine-Saint-Denis and Val-de-Marne already mobilised on social emergencies.

The 70 representatives of the local authorities unanimously welcomed the establishment of this ‘safety net’ which should allow weakened businesses to start again more calmly and to ‘effectively start the recovery in Ile-de-France.’

Economic players, in particular small shops, bars and restaurants or arts and entertainment companies, will be able to benefit from a zero-rate repayable advance of between €3,000 and €100,000 over a period of up to six years. A crucial boost for companies trying to survive in this unprecedented economic crisis looming on the horizon.