Today the European Commission adopted the SME initiative programme in Finland, worth €40 million, with €20 million from the European Regional Development Fund and €20 million from the national budget. The SME initiative boosts the competitiveness of small businesses through better access to finance. The programme will provide guarantees to financial intermediaries that give loans to SMEs. Thanks to the leverage effect, the guarantees are expected to unlock over €360 million o
- 26 May 2016
Today the European Commission adopted the SME initiative programme in Finland, worth €40 million, with €20 million from the European Regional Development Fund and €20 million from the national budget. The SME initiative boosts the competitiveness of small businesses through better access to finance.
The programme will provide guarantees to financial intermediaries that give loans to SMEs. Thanks to the leverage effect, the guarantees are expected to unlock over €360 million of fresh loans for Finnish businesses.
The Finnish Authorities and the European Investment Fund will now define the technical details of the funding agreement and then select the financial intermediaries participating in the scheme. The first loans to SMEs should be available by early 2017.
The SME Initiative is a joint financial instrument of the European Commission, the European Investment Bank and the European Investment Fund. It was designed as a fast and effective response instrument to leverage increased private and public resources for the benefit of small businesses.
It is part of a broader initiative of the Commission and the EIB Group to encourage Member States to double the amount of European Structural and Investment Funds used through financial instruments, in line with the objectives of the Investment Plan for Europe.
The enterprise landscape in Finland is dominated by SMEs (around 280 000). SMEs in Finland represent 913 000 jobs.
More information:
Brochure on combining ESI Funds with the EFSI
Financial Instruments in Cohesion Policy
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