L’importance des « fonds propres »

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Fonds Propres (voir définition capitaux propres de source Wikipedia) et autres quasi fonds propres sont des termes qui sont rarement évoqués sur les cahiers des charges des appels à projets, pourtant, hors dispositifs fiscaux tels que le CIR (le JEI rentre lui dans la réglementation des minimis), les subventions ou prêts à taux 0 sont limités aux fonds propres. Il s’agit d’un point crucial dans la recherche de financement public.

Pourquoi ? Car le financeur propose généralement une aide plafonnée à 50% du budget du projet, il attend donc que le porteur de projet soit capable financièrement de soutenir la partie non subventionnée dudit projet.

Dans le cadre d’un accompagnement par la BPI par exemple, les tranches d’aides versées peuvent moduler en fonction des fonds propres de l’entreprise : si la société n’a que 50K€ de fonds propres, la BPI ne versera que 50K€ d’aide, et ce dans l’attente d’une augmentation ultérieure (au passage, cette première aide permet in fine de maintenir voire d’augmenter les fonds propres au bilan suivant vu que vous aurez peut-être moins pompé sur les réserves).

Par ailleurs, en cas d’accord d’aide conventionné avec un financeur public, la stratégie qui peut s’adopter consiste à « vendre » à un investisseur le fait que s’il met 1€ dans la boite, l’Etat/la BPI/autre complétera par 1€ sans pour autant avoir d’actions. Ce qui est un argument plutôt choc pour faire signer un investisseur… et du coup cela déclenchera le versement de ou des tranches suivantes.

Et si le dossier est correctement argumentée en amont sur le fait que la société lance une levée de fonds, alors il ne lui sera pas tenu rigueur dans le process de sélection quant à la hauteur de ses fonds propres au moment du dépôt.

Enfin, sur les projets de durée de 2 ans, on est en capacité de négocier une demande égale à 2x ses fonds propres, à partir du moment où l’on peut argumenter sur le fait que la structure préservera ses fonds propres d’une année sur l’autre.

D’expérience, il sera toujours plus aisé d’obtenir des aides en ayant d’importants fonds propres à l’origine, les sociétés à capitaux faibles sont nombreuses et feront l’objet d’une bien plus forte sélectivité que les PME dont le nombre de salariés dépasse les 10 personnes. Les ETI (entreprises dont le nombre de salariés se situe entre 250 et 4999 salariés) font même l’objet d’une attention toute particulière du fait de leur relative rareté dans le paysage français (vis à vis de l’Allemagne par exemple).

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