EU financial instruments still largely unknown among SMEs

摘要

Until now, companies in only half of the member states have taken advantage of the financial instruments of the Competitiveness and Innovation Framework Programme (CIP, 2007-2013). Such was the conclusion of an exchange of views between experts and academics, meeting, on 25 April, on the initiative of Jiirgen Creutzmann (ALDE, Germany). Creutzmann is the rapporteur for the 'Programme for the competitiveness of enterprises and SMEs' (COSME) 2014-2020. Creutzmann consulted these experts and academics to discuss, in the light of the lessons gleaned from the current CIP programme, ways to improve support for enterprises. CIP provides risk capital for innovative or high-growth SMEs, as well as a mechanism to guarantee growth to encourage banks to more readily provide SMEs with access to financing through loans. Similarly, the COSME proposal lays out a 'risk capital' facility and a 'loan guarantee' facility. The speakers found that the CIP and COSME objectives - improving access to financing for SMEs and promoting entrepreneurial culture - remain appropriate, even though the European financial instruments were not met with as much enthusiasm as expected.