As 99,7% of the companies in Europe are SMEs, the EU has launched various instruments to help SMEs access finance, notably financial instruments (loans, guarantees and venture capital) and grants (collaborative actions and the SME instrument) in order to recover and build up the resilience after the Covid-19 crisis.
During the SME Assembly 2021, these instruments were largely discussed and a dedicated workshop took place focusing solely on this topic.
With the participation of Maarit Nyman (DG Grow Deputy Head of the SME Unit), Igor Kalinic (EISMEA) and Salvatore Amico Roxas (DG Grow Access to Finance Unit), the workshop looked at the new Multiannual Financial Framework (MFF) and opportunities for SMEs with a special focus on the Single Market Programme (SMP), The European Innovation Council and Invest EU Programme.
We invite you to watch the session and find out which instruments are most suitable for your enterprise.
Here is what we noted down during the workshop:
The Single Market Programme focuses on strengthening the governance of the internal market, supporting the competitiveness of industry and in particular of micro, small and medium-sized enterprises (SMEs), promoting human, animal and plant health and animal welfare and establishing the framework for financing European statistics. With €4.2 billion over the period of 2021-2027, out of which 1 billion is destined to SMEs, it provides an integrated package to support and strengthen the governance of the single market.
To be more specific, the SME pillar of the Single Market Programme will first ensure the continuity of the implementation of the most impactful actions of the COSME programme, in particular supporting a better access to markets, a more favourable business environment and promoting entrepreneurship. It aims to foster the competitiveness, capacity building and sustainability of enterprises, especially SMEs, including the tourism sector, highly affected by the pandemic.
On the other hand, the European Innovation Council (EIC), established under the EU Horizon Europe programme, has a budget of €10.1 billion to support game changing innovations throughout the lifecycle from early stage research, to proof of concept, technology transfer, and the financing and scale up of start-ups and SMEs.
Last, but not least, Invest EU Fund, part of Invest EU Programme, is a single fund bringing together the many different EU-level financial instrument and it aims, among other things, facilitating access to finance for small and medium-sized companies (SMEs), small mid-cap companies. This includes capital support for SMEs that were negatively affected by the Covid-19 crisis.
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