FUNDING: Competitiveness of enterprises and SMEs (COSME) 2014-2020
The new Programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) will run from 2014 to 2020, with a planned budget of €2.5bn (current prices).
The Objectives are:
- Facilitating access to finance for Small and Medium-sized Enterprises (SMEs)
- Creating an environment favourable to business creation and growth
- Encouraging an entrepreneurial culture in Europe
- Increasing the sustainable competitiveness of EU companies
- Helping small businesses operate outside their home countries and improving their access to markets
The Enterprise Europe Network is expected to assist 40,000 companies with partnership agreements, resulting in:
- 1,200 new business products, services or processes annually
- €400mn annually in additional turnover for assisted companies.
It is anticipated that access to finance will be easier for entrepreneurs, in particular those willing to launch cross-border activities, resulting in an expected annual increase of €3.5bn in additional lending and/or investment for EU companies.
The Commission’s proposal will be discussed by the European Parliament and the Council, which must agree to adopt it. COSME should start on 1 January 2014.