Brussels, 20/06/2013 (Agence Europe) - The Irish Presidency of the Council of Ministers has managed to reach an agreement with the Council and European Parliament on the SME competitiveness programme for 2014-2020.
After more than five months of negotiations, an agreement on the COSME programme, proposed at the end of 2011 by the Commission, was finally agreed on Thursday 20 June. COSME will have a €2 billion budget within the EU's general budget, and will replace the IPF to rectify market shortcomings and promote SME access to funding, as well as encourage business start-ups and entrepreneurship.
The COSME programme's number one priority in terms of access to funding (€1.2 billion is being spent on this) will be supporting SMEs on the basis of a venture capital facility for investing in growth phases and direct loans or other risk-sharing mechanisms with financial intermediaries to cover the loans. COSME also intends to provide SMEs with support for accessing internal and third-country markets through the Enterprise Europe Network.
The programme will encourage business start-ups by promoting the development of skill sets and entrepreneurial thinking, particularly among young and women entrepreneurs.
The agreement will be presented to Coreper for final approval by the member states. (EH/transl.fl)