Multi-channel financing - method of financing of investment projects from multiple sources at the same time:
- own funds (share capital, profit)
- raised funds (entering of funds into the capital of a company)
- means of government support (budgetary allocations, guarantees)
- debt financing (credits, loans, leasing, etc.).
This method of financing of investment and innovation projects, initiated and implemented by the subjects of small and medium-sized enterprises (SMEs) intuitively and situationally is used by majority of project companies (companies initiators, implementing investment projects).
The method of multi-channel financing of investment projects as a mean of support for SMEs is provided and maintained by the State Agency for Strategic Initiatives (ASI).
Funding is provided by the management company - the CC "MIR" of closed private equity fund "Mir" - "Modernization Innovations Development" on the terms of for co-financing with the partners, such as the MSP-Bank, Rosnano and others.
Principles of financing:
- the term of investments in one project is 3-5 years
- goal - to increase the share capital
- the market value of share of net assets of a project company - not more than 20% of the net asset value of the CC "MIR"
- Exit from the project – purchase of a share of CC "MIR" by the project company or outside investors
- are considered only projects of Russian companies belonging to the category of MSP (according to the Federal Law of 24.07.2007 № 209-FZ "On the development of small and medium entrepreneurship in the Russian Federation")
- considered cost-effective projects in the real sector of economy, endorsed by the ASI and other Development institutions
- The project must be on the stage of growth and expansion of business
- there must be a partner bank
- there must be a regional support
- The share of UK "MIR" - not less than 25.1% and not more than 49.9% (minority stake)
- the maximum amount of project financing - up to 300 million rubles:
- entry into the capital - up to 150 mln. rubles
- Credit according to the Programm of MSP Bank - up to 150 million. rubles
A typical scenario of the beginning, development and completion of the project with multi-channel financing is presented by the scheme:
Own funds + grants -> debt funds -> direct investments + borrowed capital -> IPO