At a time when the economic situation remains difficult, the EIB Group's support for SMEs reached €13 billion in 2012. In addition, with a budget of € 1.1 billion, Commission-funded guarantees have helped to mobilise loans worth more than € 13 billion, boosting nearly 220 000 small businesses across Europe. A report released today highlights the results of the current funding schemes as well as the new generation of financial instruments for SMEs. Financial resources for SMEs are to be significantly enhanced through a €10 billion increase of capital in the EIB.
As part of the Commission’s continuing efforts to support SMEs, European Commission Vice President Antonio Tajani, responsible for enterprise and industry policy, also launched a new unified online portal encompassing all EU financial instruments for SMEs as well as an information guide on how to promote SME stock listings.
At a meeting of the SME Finance Forum on the eve of an Informal Competitiveness Council on 2 and 3 May in Dublin, Vice President Tajani said: "Access to finance of SMEs remains difficult and is one of the main reasons for the current economic downturn. Therefore we intend to enlarge our loan guarantees to SMEs under the new COSME programme as of 2014. Each euro dedicated to our guarantees has a power to stimulate - on average – 30 Euros in bank loans This is crucial to help Europe's job engine, our small enterprises to run smoothly again. It is them who create 85% of all new jobs."