The Commission welcomes the signature of the first three agreements under the Finnish SME Initiative (Small and Medium-sized Enterprises - SMEs) between the European Investment Bank Group and financial intermediaries– Ålandsbanken, OP Corporate Bank and Oma Savings Bank. With a contribution of €20 million from the European Regional Development Fund (ERDF), the Finnish SME initiative boosts the competitiveness of small businesses through better access to finance. These agreements are expected to generate €220 million of investments for local SMEs – already more than half the programme's €400 million target, four months after its launch. Vice-President for Jobs, Growth, Investment and Competitiveness, Jyrki Katainen said: "In line with the objectives of the Investment Plan for Europe, we are encouraging Member States to increase their use of financial instruments when investing Cohesion Policy funds, for the direct benefit of the real economy. The SME initiative in Finland is a real success, enabling Finnish SMEs to innovate and expand their activities. I hope it inspires other countries."Commissioner for Regional Policy Corina Crețu added: "I am glad to see that the programme delivers so fast! SMEs are the engines of growth and job creation in Finland and the SME initiative gives them better access to the funding they need. More Member States should join the SME initiative and start using Cohesion Policy funds in new and creative ways." A press release is available on the European Investment Fund's website.
