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 provides 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 SME initiative is part of a broader ambition 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. Both European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness and Commissioner for Regional Policy Corina Crețu expressed their hope that more Member States will join the initiative soon. A full press release is available online.
