COSME kicks off in Greece: More than €125 million available for SMEs Published on: 10/05/2016, Last update: 11/05/2016
The COSME agreement will enable Diorama Investments to invest in small and medium-sized enterprises (SMEs), following the European Investment Fund's (EIF) EU-funded contribution of growth and expansion capital.
The fund will target companies with a strong international angle. By mobilising other investors, including funds from the private sector, this is expected to result in an overall investment of more than €125 million in Greek SMEs. The EIF investment benefits from EU support under the COSME programme, funded by the European Commission, which targets growing enterprises.
EU Commissioner for Internal Market, Industry, Entrepreneurship and SMEs, Elżbieta Bieńkowska said: "With the deal that is expected to trigger investments of more than 125 million euros, together with the European Investment Fund and private sector partners, we are giving a boost to Greek companies to invest and scale up their businesses in Greece and beyond. By improving access to finance for SMEs, we are helping them to become engines for growth, supporting investments in jobs in Greece and the EU."
About the COSME Equity Facility for Growth (EFG)
The Equity Facility for Growth (EFG) is dedicated to investments in risk-capital funds that provide venture capital and mezzanine finance to expansion and growth-stage SMEs, in particular those operating across borders. It is expected that some 500 firms will receive equity financing through the programme, with overall investment reaching up to €4 billion. The EFG is part of COSME, the EU programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (SMEs) running from 2014 to 2020. It has a total budget of €2.3 billion and at least 60% of the programme will be devoted to improving access to finance for SMEs in Europe. Businesses can contact selected financial institutions in their country to access EU financing: www.access2finance.eu.