Faced with the threat of numerous bankruptcies in the fall and at the start of 2021, the State has decided to devote 3% of the recovery plan to consolidating companies' equity.

The challenge is above all not to prevent investment, a pillar of the economy, in the months to come.

DECRYPTION

In an economic context severely degraded by the coronavirus, the government expects waves of social plans and bankruptcies in the months to come.

At this time, nothing is really visible in the published data.

But to limit future bankruptcies, the state will provide new money to businesses as part of the recovery plan.

No less than three billion euros of the 100 billion of the total envelope are thus provided.

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The numbers give the spin.

According to estimates by the Banque de France, more than 100,000 very small enterprises (TPE), around 10,000 small and medium-sized enterprises (SMEs) and 100 to 150 mid-size enterprises (ETI) need equity capital.

A recovery dependent on investment

For a company, needing equity means that it needs new shareholders or in any case new money to continue investing.

This is where the big concern lies: will companies turn off the investment tap?

This is a delayed change of car fleet or an absence of modernization of the industrial tool, due to lack of resources.

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The recovery of the economy would be undermined if these investments were not made.

This three billion euro envelope could take the form of responsible investment funds labeled "France Relance" and long-term participatory loans.

The banks should surely be in the driver's seat in this area.

The goal is to give confidence.

"If we miss each other, we can expect major bankruptcies", we fear in high places.