COSME: € 2.3 billion to foster the competitiveness of SMEs over the next seven years
The European Commission welcomed today’s adoption of the programme COSME by the European Parliament. COSME aims to ease the access to credit problems that small businesses currently face. With a € 2.3 billion-budget over the period 2014-2020 the Programme for the Competitiveness of Small and Medium-sized Enterprises (COSME) will for instance provide a guarantee facility for loans to small and medium sized enterprises (SMEs) of up to € 150 000.
From now until 2020, 330 000 EU firms are expected to benefit from this facility. In addition, COSME will assist businesses and citizens in the following ways: 1) entrepreneurs will benefit from easier access to markets in the EU and beyond, 2) citizens who wish to become self-employed but currently face difficulties in setting up or developing their own business will receive tailored services and assistance, and 3) Member States’ authorities will be better assisted in their efforts to elaborate and implement effective SME related policy reform.
Source: European Commission
In: Growth & Competitiveness