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EU gives top priority to helping SMEs create jobs

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The public consultation on the most burdensome EU legislative acts was an extremely useful exercise as industry (in particular SMEs) and business associations have indicated areas where further simplification is needed. We should use every opportunity to cut down the red tape as soon as possible and ensure that unnecessary regulatory burden does not henceforth create obstacles to the growth and competitiveness of EU SMEs

Small and medium-sized enterprises (SMEs) are Europe’s job engine. Today, 85% of net new jobs in the EU’s private sector are created by SMEs. Thus, the EU has developed a number of concrete actions to promote a better economic environment for the 21 million SMEs in the EU, and support their efforts for creating new jobs. The European Commission helps SMEs find necessary funds for their development through a loan guarantee scheme under the Competitiveness and Innovation Framework Programme (CIP, 2007-13). The scheme has already supported more than 200 000 SMEs with a loan volume exceeding €12.5 billion.

The European Commission also seeks to develop a framework for efficient, diversified and improved long-term financing for SMEs by helping to attract more private investments. EU SME Envoy Daniel Calleja: ‘The public consultation on the most burdensome EU legislative acts was an extremely useful exercise as industry (in particular SMEs) and business associations have indicated areas where further simplification is needed. We should use every opportunity to cut down the red tape as soon as possible and ensure that unnecessary regulatory burden does not henceforth create obstacles to the growth and competitiveness of EU SMEs.’

The public consultation on the most burdensome EU legislative acts was an extremely useful exercise as industry (in particular SMEs) and business associations have indicated areas where further simplification is needed. We should use every opportunity to cut down the red tape as soon as possible and ensure that unnecessary regulatory burden does not henceforth create obstacles to the growth and competitiveness of EU SMEs

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