The Normandy Region has created the SAS Normandy Participatory Loans which aims to grant participatory loans to regional companies impacted by the COVID-19 health crisis, which are part of a growth dynamic and able to rebound. The creation of this scheme aims to cover the capital and quasi-equity needs of Norman small and medium-sized enterprises, in default identified by the ex ante assessment amplified by the COVID-19 health crisis. The interest of the equity loan is that it falls within the quasi-equity category and thus enables the liquidity needs of companies affected by the current health and economic crisis to be covered on a sustainable basis. Subordinated debt is halfway between the loan and equity. As such, the equity loan is considered quasi-equity. This positioning also makes it possible to create a real leverage effect since it facilitates companies’ access to bank credit by strengthening their balance sheet top. Moreover, and this is a strong argument for the leaders, there is no dilution in the capital or integration of the Normandy Region, nor of SAS Normandy Participative Loans in the capital of companies. The latter therefore remain entirely independent. The Development Agency for Normandy, in charge of the management of this tool benefits from the partnership of the Order of Accounting Experts of Normandy to: 1) promote the tool to eligible companies and 2) have a first opportunity notice filter. Indeed, the company will make a first project to submit a participatory loan application which will then be followed by additional information provided by their accountant who will have examined the appropriateness of such an application upstream and will support it with additional documents. The intervention ticket is between EUR 15000 and EUR 500000 within the limit of 25 % of the company’s turnover and capped under the conditions of State aid rules (de minimis regulation or framework scheme SA.56985 (2020/N) as amended by the notified scheme SA 62102 (2021/N) – support to companies in the context of the COVID-19 crisis). The amortisation period of the loan is 7 years, in fine, with the possibility to repay the loan in full after a deductible period of 2 years. The annual interest rate is between 1 % and 5 %.